MSTIX vs. MKHCX

Last updated Apr 1, 2026

Compare and contrast key facts about MainStay MacKay Short Term Municipal Fund (MSTIX) and MainStay MacKay High Yield Corporate Bond Fund (MKHCX).

MSTIX is managed by New York Life. It was launched on Jan 1, 1991. MKHCX is managed by New York Life. It was launched on May 1, 1986.

Performance

MSTIX vs. MKHCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Short Term Municipal Fund (MSTIX) and MainStay MacKay High Yield Corporate Bond Fund (MKHCX). The values are adjusted to include any dividend payments, if applicable.

MSTIX vs. MKHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSTIX MainStay MacKay Short Term Municipal Fund	-0.03%	4.69%	2.41%	3.70%	-3.33%	0.43%	2.55%	2.53%	1.81%	1.29%
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	1.00%	5.72%	10.54%	-9.09%	4.07%	4.14%	11.68%	-2.55%	5.69%

Returns By Period

MSTIX

• 1D: 0.00%
• 1M: -1.38%
• YTD: -0.03%
• 6M: 0.59%
• 1Y: 3.55%
• 3Y*: 3.14%
• 5Y*: 1.53%
• 10Y*: 1.56%

MKHCX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTIX vs. MKHCX - Expense Ratio Comparison

MSTIX has a 0.40% expense ratio, which is lower than MKHCX's 1.83% expense ratio.

MKHCX

MainStay MacKay High Yield Corporate Bond Fund

MSTIX

MainStay MacKay Short Term Municipal Fund

Return for Risk

MSTIX vs. MKHCX — Risk / Return Rank

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

MSTIX

MSTIX Risk / Return Rank: 91
MSTIX Sharpe Ratio Rank: 92
MSTIX Sortino Ratio Rank: 94
MSTIX Omega Ratio Rank: 97
MSTIX Calmar Ratio Rank: 85
MSTIX Martin Ratio Rank: 85

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.

MSTIX vs. MKHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Term Municipal Fund (MSTIX) and MainStay MacKay High Yield Corporate Bond Fund (MKHCX). 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.

	MSTIX	MKHCX	Difference
Sharpe ratio Return per unit of total volatility	1.97	—	—
Sortino ratio Return per unit of downside risk	2.91	—	—
Omega ratio Gain probability vs. loss probability	1.67	—	—
Calmar ratio Return relative to maximum drawdown	2.18	—	—
Martin ratio Return relative to average drawdown	8.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSTIX	MKHCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	—	—

Correlation

The correlation between MSTIX and MKHCX is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSTIX vs. MKHCX - Dividend Comparison

MSTIX's dividend yield for the trailing twelve months is around 3.07%, while MKHCX has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTIX MainStay MacKay Short Term Municipal Fund	3.07%	3.38%	3.14%	2.85%	1.38%	0.85%	1.37%	1.76%	1.48%	1.28%	0.87%	0.82%
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	0.42%	4.98%	4.69%	4.21%	4.19%	4.72%	4.78%	5.09%	5.39%	5.40%	5.85%

Drawdowns

Drawdown Indicators

	MSTIX	MKHCX	Difference
Max Drawdown Largest peak-to-trough decline	-8.99%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.62%	—	—
Current Drawdown Current decline from peak	-1.38%	—	—
Average Drawdown Average peak-to-trough decline	-0.54%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	—	—

Volatility

Volatility by Period

	MSTIX	MKHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.09%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.55%	—	—