MSTIX vs. MMRIX
MSTIX (MainStay MacKay Short Term Municipal Fund) and MMRIX (MainStay Moderate Allocation Fund) are both mutual funds - MSTIX is a Municipal Bonds fund managed by New York Life, while MMRIX is a Diversified Portfolio fund managed by New York Life. Over the past 10 years, MSTIX returned 1.66%/yr vs 7.29%/yr for MMRIX. At a correlation of -0.02, they often move in opposite directions. MSTIX charges 0.40%/yr vs 0.09%/yr for MMRIX.
Performance
MSTIX vs. MMRIX - Performance Comparison
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Returns By Period
In the year-to-date period, MSTIX achieves a 1.10% return, which is significantly lower than MMRIX's 8.16% return. Over the past 10 years, MSTIX has underperformed MMRIX with an annualized return of 1.66%, while MMRIX has yielded a comparatively higher 7.29% annualized return.
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%
MMRIX
- 1D
- 0.78%
- 1M
- 1.57%
- YTD
- 8.16%
- 6M
- 7.84%
- 1Y
- 17.87%
- 3Y*
- 11.81%
- 5Y*
- 6.21%
- 10Y*
- 7.29%
MSTIX vs. MMRIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
MMRIX MainStay Moderate Allocation Fund | 8.16% | 11.38% | 8.84% | 13.65% | -13.76% | 12.21% | 13.01% | 18.20% | -8.86% | 12.11% |
Correlation
The correlation between MSTIX and MMRIX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2005 | -0.02 |
The correlation between MSTIX and MMRIX shifts across timeframes, from -0.02 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MSTIX vs. MMRIX — Risk / Return Rank
MSTIX
MMRIX
MSTIX vs. MMRIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Short Term Municipal Fund (MSTIX) and MainStay Moderate Allocation Fund (MMRIX). 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.
| MSTIX | MMRIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.10 | ||
| Omega ratioGain probability vs. loss probability | 2.00 | 1.40 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 2.78 | +0.15 |
| Martin ratioReturn relative to average drawdown | 9.83 | 12.14 | -2.31 |
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Drawdowns
MSTIX vs. MMRIX - Drawdown Comparison
The maximum MSTIX drawdown since its inception was -8.99%, smaller than the maximum MMRIX drawdown of -35.91%. Use the drawdown chart below to compare losses from any high point for MSTIX and MMRIX.
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Drawdown Indicators
| MSTIX | MMRIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.99% | -35.91% | +26.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -6.40% | +5.02% |
Max Drawdown (3Y)Largest decline over 3 years | -1.83% | -12.10% | +10.27% |
Max Drawdown (5Y)Largest decline over 5 years | -5.62% | -20.40% | +14.78% |
Max Drawdown (10Y)Largest decline over 10 years | -5.62% | -24.34% | +18.72% |
Current DrawdownCurrent decline from peak | -0.26% | -0.13% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -4.48% | +3.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 1.46% | -1.05% |
Volatility
MSTIX vs. MMRIX - Volatility Comparison
The current volatility for MainStay MacKay Short Term Municipal Fund (MSTIX) is 0.49%, while MainStay Moderate Allocation Fund (MMRIX) has a volatility of 3.31%. This indicates that MSTIX experiences smaller price fluctuations and is considered to be less risky than MMRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTIX | MMRIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 3.31% | -2.82% |
Volatility (6M)Calculated over the trailing 6-month period | 1.17% | 6.93% | -5.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 8.39% | -6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.83% | 10.46% | -8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.58% | 12.23% | -10.65% |
MSTIX vs. MMRIX - Expense Ratio Comparison
MSTIX has a 0.40% expense ratio, which is higher than MMRIX's 0.09% expense ratio.
Dividends
MSTIX vs. MMRIX - Dividend Comparison
MSTIX's dividend yield for the trailing twelve months is around 3.28%, less than MMRIX's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMRIX MainStay Moderate Allocation Fund | 5.10% | 5.51% | 6.88% | 0.60% | 5.92% | 9.74% | 5.89% | 4.16% | 7.98% | 3.23% | 1.73% | 5.26% |
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
MSTIX and MMRIX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMRIX has higher volatility (3.31%) compared to MSTIX (0.49%). In terms of maximum drawdown, MSTIX dropped -8.99% vs MMRIX's -35.91%.
MSTIX currently has the higher Sharpe Ratio (2.68 vs 2.12), 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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