MSXAX vs. MGDIX

Last updated Jun 4, 2026

MSXAX (NYLI S&P 500 Index Class A) and MGDIX (MainStay Growth Allocation Fund) are both mutual funds - MSXAX is a S&P 500 fund tracking the S&P 500 Index, while MGDIX is a Diversified Portfolio fund managed by New York Life. Over the past 10 years, MSXAX returned 15.09%/yr vs 8.66%/yr for MGDIX. With a 0.95 correlation, they move nearly in lockstep. MSXAX charges 0.52%/yr vs 0.10%/yr for MGDIX.

Performance

MSXAX vs. MGDIX - 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 Growth Allocation Fund (MGDIX). 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 MGDIX's 10.42% return. Over the past 10 years, MSXAX has outperformed MGDIX with an annualized return of 15.09%, while MGDIX has yielded a comparatively lower 8.66% 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%

MGDIX

• 1D: 0.28%
• 1M: 4.38%
• YTD: 10.42%
• 6M: 10.82%
• 1Y: 21.89%
• 3Y*: 14.09%
• 5Y*: 7.29%
• 10Y*: 8.66%

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

MSXAX vs. MGDIX - 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%
MGDIX MainStay Growth Allocation Fund	10.42%	12.70%	9.98%	14.52%	-14.25%	16.64%	13.78%	21.36%	-11.50%	15.15%

Correlation

The correlation between MSXAX and MGDIX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 5, 2005	0.95

The correlation between MSXAX and MGDIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

MSXAX vs. MGDIX — 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

MGDIX

MGDIX Risk / Return Rank: 58
MGDIX Sharpe Ratio Rank: 58
MGDIX Sortino Ratio Rank: 56
MGDIX Omega Ratio Rank: 55
MGDIX Calmar Ratio Rank: 56
MGDIX Martin Ratio Rank: 64

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. MGDIX - 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 Growth Allocation Fund (MGDIX). 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	MGDIX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.25	+0.22
Sortino ratio: Return per unit of downside risk	3.36	3.14	+0.22
Omega ratio: Gain probability vs. loss probability	1.45	1.41	+0.04
Calmar ratio: Return relative to maximum drawdown	3.27	2.87	+0.40
Martin ratio: Return relative to average drawdown	15.18	12.68	+2.50
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. MGDIX - Sharpe Ratio Comparison

The current MSXAX Sharpe Ratio is 2.47, which is comparable to the MGDIX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MSXAX and MGDIX, 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	MGDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.25	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.56	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.62	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.49	+0.07

Drawdowns

MSXAX vs. MGDIX - Drawdown Comparison

The maximum MSXAX drawdown since its inception was -55.48%, which is greater than MGDIX's maximum drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for MSXAX and MGDIX.

Drawdown Indicators

	MSXAX	MGDIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	-46.05%	-9.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-7.84%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	-15.67%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-24.78%	-22.24%	-2.54%
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	-30.13%	-3.66%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.17%	-6.23%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.77%	+0.15%

Volatility

MSXAX vs. MGDIX - Volatility Comparison

NYLI S&P 500 Index Class A (MSXAX) and MainStay Growth Allocation Fund (MGDIX) have volatilities of 2.83% and 2.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSXAX	MGDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.81%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	7.85%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	10.01%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	13.21%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	14.11%	+3.96%

MSXAX vs. MGDIX - Expense Ratio Comparison

MSXAX has a 0.52% expense ratio, which is higher than MGDIX's 0.10% expense ratio.

Dividends

MSXAX vs. MGDIX - Dividend Comparison

MSXAX's dividend yield for the trailing twelve months is around 0.95%, less than MGDIX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MGDIX MainStay Growth Allocation Fund	4.63%	5.11%	8.27%	0.14%	7.62%	11.17%	5.44%	4.58%	11.08%	2.83%	2.25%	5.77%
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 MGDIX in my portfolio?

With a correlation of 0.93, MSXAX and MGDIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSXAX or MGDIX?

MSXAX has higher volatility (2.83%) compared to MGDIX (2.81%). In terms of maximum drawdown, MSXAX dropped -55.48% vs MGDIX's -46.05%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (2.47 vs 2.25), 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.