MSPIX vs. MTMIX

Last updated Jun 24, 2026

MSPIX (MainStay S&P 500 Index Fund) and MTMIX (MainStay MacKay Total Return Bond Fund) are both mutual funds - MSPIX is a Large Cap Blend Equities fund managed by New York Life, while MTMIX is a Intermediate Core-Plus Bond fund managed by New York Life. Over the past 10 years, MSPIX returned 15.51%/yr vs 2.48%/yr for MTMIX. At a correlation of -0.01, they often move in opposite directions. MSPIX charges 0.25%/yr vs 0.45%/yr for MTMIX.

Performance

MSPIX vs. MTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay S&P 500 Index Fund (MSPIX) and MainStay MacKay Total Return Bond Fund (MTMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSPIX achieves a 9.65% return, which is significantly higher than MTMIX's 0.70% return. Over the past 10 years, MSPIX has outperformed MTMIX with an annualized return of 15.51%, while MTMIX has yielded a comparatively lower 2.48% annualized return.

MSPIX

• 1D: -0.37%
• 1M: 0.09%
• YTD: 9.65%
• 6M: 8.66%
• 1Y: 25.19%
• 3Y*: 21.06%
• 5Y*: 13.33%
• 10Y*: 15.51%

MTMIX

• 1D: -0.22%
• 1M: 0.64%
• YTD: 0.70%
• 6M: 0.81%
• 1Y: 4.53%
• 3Y*: 5.98%
• 5Y*: 0.86%
• 10Y*: 2.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSPIX vs. MTMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSPIX MainStay S&P 500 Index Fund	9.65%	17.55%	24.31%	26.29%	-18.33%	28.46%	18.14%	31.02%	-4.47%	21.38%
MTMIX MainStay MacKay Total Return Bond Fund	0.70%	7.83%	4.76%	7.92%	-15.29%	-0.81%	9.72%	9.38%	-1.22%	4.64%

Correlation

The correlation between MSPIX and MTMIX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Dec 31, 1990	-0.01

The correlation between MSPIX and MTMIX shifts across timeframes, from -0.01 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSPIX vs. MTMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSPIX

MSPIX Risk / Return Rank: 64
MSPIX Sharpe Ratio Rank: 62
MSPIX Sortino Ratio Rank: 56
MSPIX Omega Ratio Rank: 58
MSPIX Calmar Ratio Rank: 66
MSPIX Martin Ratio Rank: 76

MTMIX

MTMIX Risk / Return Rank: 23
MTMIX Sharpe Ratio Rank: 23
MTMIX Sortino Ratio Rank: 24
MTMIX Omega Ratio Rank: 22
MTMIX Calmar Ratio Rank: 26
MTMIX Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MSPIX vs. MTMIX - 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 Total Return Bond Fund (MTMIX). 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	MTMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.26	+0.87
Sortino ratio: Return per unit of downside risk	2.89	1.89	+1.00
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	2.98	1.78	+1.21
Martin ratio: Return relative to average drawdown	13.42	5.00	+8.42

MSPIX vs. MTMIX - Sharpe Ratio Comparison

The current MSPIX Sharpe Ratio is 2.13, which is higher than the MTMIX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MSPIX and MTMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSPIX vs. MTMIX - Drawdown Comparison

The maximum MSPIX drawdown since its inception was -55.30%, which is greater than MTMIX's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for MSPIX and MTMIX.

Drawdown Indicators

	MSPIX	MTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.30%	-20.47%	-34.83%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-2.70%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-6.14%	-12.62%
Max Drawdown (5Y) Largest decline over 5 years	-24.64%	-20.47%	-4.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.78%	-20.47%	-13.31%
Current Drawdown Current decline from peak	-1.72%	-1.43%	-0.29%
Average Drawdown Average peak-to-trough decline	-8.69%	-2.28%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	0.95%	+1.03%

Volatility

MSPIX vs. MTMIX - Volatility Comparison

MainStay S&P 500 Index Fund (MSPIX) has a higher volatility of 4.67% compared to MainStay MacKay Total Return Bond Fund (MTMIX) at 1.03%. This indicates that MSPIX's price experiences larger fluctuations and is considered to be riskier than MTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSPIX	MTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	1.03%	+3.64%
Volatility (6M) Calculated over the trailing 6-month period	9.90%	2.75%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	3.80%	+8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	6.06%	+10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	5.01%	+13.12%

MSPIX vs. MTMIX - Expense Ratio Comparison

MSPIX has a 0.25% expense ratio, which is lower than MTMIX's 0.45% expense ratio.

Dividends

MSPIX vs. MTMIX - Dividend Comparison

MSPIX's dividend yield for the trailing twelve months is around 1.14%, less than MTMIX's 4.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSPIX MainStay S&P 500 Index Fund	1.14%	1.25%	5.31%	4.17%	10.37%	4.57%	8.86%	17.41%	14.61%	15.26%	9.79%	5.75%
MTMIX MainStay MacKay Total Return Bond Fund	4.92%	5.01%	5.47%	4.38%	3.89%	5.43%	3.58%	2.84%	2.82%	2.62%	2.98%	3.12%

Frequently Asked Questions

Can I hold both MSPIX and MTMIX in my portfolio?

MSPIX and MTMIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSPIX or MTMIX?

MSPIX has higher volatility (4.67%) compared to MTMIX (1.03%). In terms of maximum drawdown, MSPIX dropped -55.30% vs MTMIX's -20.47%.

Which has better risk-adjusted returns?

MSPIX currently has the higher Sharpe Ratio (2.13 vs 1.26), 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.