MSPIX vs. MSTIX
MSPIX (MainStay S&P 500 Index Fund) and MSTIX (MainStay MacKay Short Term Municipal Fund) are both mutual funds - MSPIX is a Large Cap Blend Equities fund managed by New York Life, while MSTIX is a Municipal Bonds fund managed by New York Life. Over the past 10 years, MSPIX returned 15.30%/yr vs 1.66%/yr for MSTIX. At a correlation of -0.04, they often move in opposite directions. MSPIX charges 0.25%/yr vs 0.40%/yr for MSTIX.
Performance
MSPIX vs. MSTIX - Performance Comparison
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Returns By Period
In the year-to-date period, MSPIX achieves a 10.06% return, which is significantly higher than MSTIX's 1.10% return. Over the past 10 years, MSPIX has outperformed MSTIX with an annualized return of 15.30%, while MSTIX has yielded a comparatively lower 1.66% annualized return.
MSPIX
- 1D
- 1.09%
- 1M
- 0.45%
- YTD
- 10.06%
- 6M
- 9.56%
- 1Y
- 26.86%
- 3Y*
- 20.65%
- 5Y*
- 13.81%
- 10Y*
- 15.30%
MSTIX
- 1D
- 0.00%
- 1M
- 0.70%
- YTD
- 1.10%
- 6M
- 1.38%
- 1Y
- 4.00%
- 3Y*
- 3.58%
- 5Y*
- 1.66%
- 10Y*
- 1.66%
MSPIX vs. MSTIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSPIX MainStay S&P 500 Index Fund | 10.06% | 17.55% | 24.31% | 26.29% | -18.33% | 28.46% | 18.14% | 31.02% | -4.47% | 21.38% |
MSTIX MainStay MacKay Short Term Municipal Fund | 1.10% | 4.69% | 2.41% | 3.70% | -3.33% | 0.43% | 2.55% | 2.53% | 1.81% | 1.29% |
Correlation
The correlation between MSPIX and MSTIX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 1990 | -0.04 |
The correlation between MSPIX and MSTIX shifts across timeframes, from -0.04 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MSPIX vs. MSTIX — Risk / Return Rank
MSPIX
MSTIX
MSPIX vs. MSTIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay S&P 500 Index Fund (MSPIX) and MainStay MacKay Short Term Municipal Fund (MSTIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MSPIX | MSTIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 2.00 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 2.92 | +0.08 |
| Martin ratioReturn relative to average drawdown | 13.54 | 9.83 | +3.71 |
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Drawdowns
MSPIX vs. MSTIX - Drawdown Comparison
The maximum MSPIX drawdown since its inception was -55.30%, which is greater than MSTIX's maximum drawdown of -8.99%. Use the drawdown chart below to compare losses from any high point for MSPIX and MSTIX.
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Drawdown Indicators
| MSPIX | MSTIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.30% | -8.99% | -46.31% |
Max Drawdown (1Y)Largest decline over 1 year | -8.93% | -1.38% | -7.55% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -1.83% | -16.93% |
Max Drawdown (5Y)Largest decline over 5 years | -24.64% | -5.62% | -19.02% |
Max Drawdown (10Y)Largest decline over 10 years | -33.78% | -5.62% | -28.16% |
Current DrawdownCurrent decline from peak | -1.36% | -0.26% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -8.69% | -0.54% | -8.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.41% | +1.56% |
Volatility
MSPIX vs. MSTIX - Volatility Comparison
MainStay S&P 500 Index Fund (MSPIX) has a higher volatility of 4.76% compared to MainStay MacKay Short Term Municipal Fund (MSTIX) at 0.49%. This indicates that MSPIX's price experiences larger fluctuations and is considered to be riskier than MSTIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSPIX | MSTIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.76% | 0.49% | +4.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.90% | 1.17% | +8.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.48% | 1.51% | +10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.01% | 1.83% | +15.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.12% | 1.58% | +16.54% |
MSPIX vs. MSTIX - Expense Ratio Comparison
MSPIX has a 0.25% expense ratio, which is lower than MSTIX's 0.40% expense ratio.
Dividends
MSPIX vs. MSTIX - Dividend Comparison
MSPIX's dividend yield for the trailing twelve months is around 1.13%, less than MSTIX's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MSPIX MainStay S&P 500 Index Fund | 1.13% | 1.25% | 5.31% | 4.17% | 10.37% | 4.57% | 8.86% | 17.41% | 14.61% | 15.26% | 9.79% | 5.75% |
MSTIX MainStay MacKay Short Term Municipal Fund | 3.28% | 3.38% | 3.14% | 2.85% | 1.38% | 0.85% | 1.37% | 1.76% | 1.48% | 1.28% | 0.87% | 0.82% |
Frequently Asked Questions
MSPIX and MSTIX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSPIX has higher volatility (4.76%) compared to MSTIX (0.49%). In terms of maximum drawdown, MSPIX dropped -55.30% vs MSTIX's -8.99%.
MSTIX currently has the higher Sharpe Ratio (2.68 vs 2.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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