MSXAX vs. MKHCX

Last updated Jun 4, 2026

MSXAX (NYLI S&P 500 Index Class A) and MKHCX (MainStay MacKay High Yield Corporate Bond Fund) are both mutual funds - MSXAX is a S&P 500 fund tracking the S&P 500 Index, while MKHCX is a High Yield Bonds fund managed by New York Life. At a 0.34 correlation, their price movements are largely independent. MSXAX charges 0.52%/yr vs 1.83%/yr for MKHCX.

Performance

MSXAX vs. MKHCX - 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 MacKay High Yield Corporate Bond Fund (MKHCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

MKHCX

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

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

MSXAX vs. MKHCX - 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%
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%

Correlation

The correlation between MSXAX and MKHCX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 2, 2004	0.34

The correlation between MSXAX and MKHCX shifts across timeframes, from 0.34 (all time) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MSXAX vs. MKHCX — 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

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. MKHCX - 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 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.

	MSXAX	MKHCX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	—	—
Sortino ratio: Return per unit of downside risk	3.36	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.27	—	—
Martin ratio: Return relative to average drawdown	15.18	—	—
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

	MSXAX	MKHCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	—	—

Drawdowns

Drawdown Indicators

	MSXAX	MKHCX	Difference
Max Drawdown Largest peak-to-trough decline	-55.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.78%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.79%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-7.17%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	—	—

Volatility

Volatility by Period

	MSXAX	MKHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	—	—

MSXAX vs. MKHCX - Expense Ratio Comparison

MSXAX has a 0.52% expense ratio, which is lower than MKHCX's 1.83% expense ratio.

Dividends

MSXAX vs. MKHCX - Dividend Comparison

MSXAX's dividend yield for the trailing twelve months is around 0.95%, while MKHCX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 MKHCX in my portfolio?

MSXAX and MKHCX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.