MSXAX vs. MBAIX

Last updated Jun 4, 2026

MSXAX (NYLI S&P 500 Index Class A) and MBAIX (MainStay Balanced Fund) are both mutual funds - MSXAX is a S&P 500 fund tracking the S&P 500 Index, while MBAIX is a Diversified Portfolio fund managed by New York Life. Over the past 10 years, MSXAX returned 15.09%/yr vs 7.45%/yr for MBAIX. Their correlation of 0.90 suggests significant overlap in exposure. MSXAX charges 0.52%/yr vs 0.81%/yr for MBAIX.

Performance

MSXAX vs. MBAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI S&P 500 Index Class A (MSXAX) and MainStay Balanced Fund (MBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSXAX achieves a 11.46% return, which is significantly higher than MBAIX's 4.97% return. Over the past 10 years, MSXAX has outperformed MBAIX with an annualized return of 15.09%, while MBAIX has yielded a comparatively lower 7.45% annualized return.

MSXAX

• 1D: 0.12%
• 1M: 5.75%
• YTD: 11.46%
• 6M: 11.44%
• 1Y: 28.32%
• 3Y*: 22.12%
• 5Y*: 13.71%
• 10Y*: 15.09%

MBAIX

• 1D: 0.15%
• 1M: 1.14%
• YTD: 4.97%
• 6M: 5.53%
• 1Y: 13.99%
• 3Y*: 10.53%
• 5Y*: 5.91%
• 10Y*: 7.45%

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

MSXAX vs. MBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSXAX NYLI S&P 500 Index Class A	11.46%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%
MBAIX MainStay Balanced Fund	4.97%	11.38%	7.59%	7.56%	-5.80%	17.13%	7.73%	19.28%	-7.53%	9.87%

Correlation

The correlation between MSXAX and MBAIX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.90

Over the past year, the correlation between MSXAX and MBAIX has dropped to 0.68 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

Return for Risk

MSXAX vs. MBAIX — Risk / Return Rank

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

MSXAX

MSXAX Risk / Return Rank: 71
MSXAX Sharpe Ratio Rank: 72
MSXAX Sortino Ratio Rank: 65
MSXAX Omega Ratio Rank: 64
MSXAX Calmar Ratio Rank: 71
MSXAX Martin Ratio Rank: 81

MBAIX

MBAIX Risk / Return Rank: 56
MBAIX Sharpe Ratio Rank: 50
MBAIX Sortino Ratio Rank: 52
MBAIX Omega Ratio Rank: 49
MBAIX Calmar Ratio Rank: 63
MBAIX Martin Ratio Rank: 63

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.

MSXAX vs. MBAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI S&P 500 Index Class A (MSXAX) and MainStay Balanced Fund (MBAIX). 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.

	MSXAX	MBAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.09	+0.38
Sortino ratio: Return per unit of downside risk	3.36	3.05	+0.31
Omega ratio: Gain probability vs. loss probability	1.45	1.39	+0.06
Calmar ratio: Return relative to maximum drawdown	3.27	3.07	+0.20
Martin ratio: Return relative to average drawdown	15.18	12.37	+2.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSXAX vs. MBAIX - Sharpe Ratio Comparison

The current MSXAX Sharpe Ratio is 2.47, which is comparable to the MBAIX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of MSXAX and MBAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSXAX	MBAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.09	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.63	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.71	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.80	-0.24

Drawdowns

MSXAX vs. MBAIX - Drawdown Comparison

The maximum MSXAX drawdown since its inception was -55.48%, which is greater than MBAIX's maximum drawdown of -39.74%. Use the drawdown chart below to compare losses from any high point for MSXAX and MBAIX.

Drawdown Indicators

	MSXAX	MBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-39.74%	-15.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-4.69%	-4.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-8.37%	-10.41%
Max Drawdown (5Y) Largest decline over 5 years	-24.78%	-13.19%	-11.59%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-25.87%	-7.92%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.17%	-3.56%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.16%	+0.76%

Volatility

MSXAX vs. MBAIX - Volatility Comparison

NYLI S&P 500 Index Class A (MSXAX) has a higher volatility of 2.83% compared to MainStay Balanced Fund (MBAIX) at 1.59%. This indicates that MSXAX's price experiences larger fluctuations and is considered to be riskier than MBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSXAX	MBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	1.59%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	5.17%	+3.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	6.87%	+5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	9.40%	+7.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	10.61%	+7.46%

MSXAX vs. MBAIX - Expense Ratio Comparison

MSXAX has a 0.52% expense ratio, which is lower than MBAIX's 0.81% expense ratio.

Dividends

MSXAX vs. MBAIX - Dividend Comparison

MSXAX's dividend yield for the trailing twelve months is around 0.95%, less than MBAIX's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBAIX MainStay Balanced Fund	6.63%	6.95%	6.14%	2.27%	1.86%	23.51%	2.24%	6.04%	9.37%	7.05%	2.94%	6.93%
MSXAX NYLI S&P 500 Index Class A	0.95%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Frequently Asked Questions

Can I hold both MSXAX and MBAIX in my portfolio?

MSXAX and MBAIX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSXAX or MBAIX?

MSXAX has higher volatility (2.83%) compared to MBAIX (1.59%). In terms of maximum drawdown, MSXAX dropped -55.48% vs MBAIX's -39.74%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (2.47 vs 2.09), 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.