MTFEX vs. MMHVX

Last updated Jun 23, 2026

MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both mutual funds - MTFEX is a Municipal Bonds fund managed by MainStay, while MMHVX is a High Yield Muni fund managed by MainStay. Over the past 5 years, MTFEX returned 1.20%/yr vs 1.08%/yr for MMHVX. Their correlation of 0.85 suggests significant overlap in exposure. MTFEX charges 0.97%/yr vs 0.87%/yr for MMHVX.

Performance

MTFEX vs. MMHVX - Performance Comparison

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

Returns By Period

In the year-to-date period, MTFEX achieves a 1.60% return, which is significantly lower than MMHVX's 3.14% return.

MTFEX

• 1D: 0.10%
• 1M: 1.35%
• YTD: 1.60%
• 6M: 2.00%
• 1Y: 6.54%
• 3Y*: 3.84%
• 5Y*: 1.20%
• 10Y*: —

MMHVX

• 1D: 0.08%
• 1M: 2.32%
• YTD: 3.14%
• 6M: 3.68%
• 1Y: 9.01%
• 3Y*: 5.31%
• 5Y*: 1.08%
• 10Y*: 3.17%

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

MTFEX vs. MMHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MTFEX MainStay MacKay Strategic Municipal Allocation Fund	1.60%	4.65%	2.02%	5.14%	-7.11%	2.07%	4.32%	2.87%
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.14%	4.27%	4.24%	8.60%	-14.42%	6.12%	5.18%	3.32%

Correlation

The correlation between MTFEX and MMHVX is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.85

The correlation between MTFEX and MMHVX has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

MTFEX vs. MMHVX — Risk / Return Rank

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

MTFEX

MTFEX Risk / Return Rank: 73
MTFEX Sharpe Ratio Rank: 93
MTFEX Sortino Ratio Rank: 95
MTFEX Omega Ratio Rank: 96
MTFEX Calmar Ratio Rank: 42
MTFEX Martin Ratio Rank: 39

MMHVX

MMHVX Risk / Return Rank: 76
MMHVX Sharpe Ratio Rank: 85
MMHVX Sortino Ratio Rank: 91
MMHVX Omega Ratio Rank: 90
MMHVX Calmar Ratio Rank: 63
MMHVX Martin Ratio Rank: 53

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.

MTFEX vs. MMHVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX). 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.

	MTFEX	MMHVX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.55	+0.37
Sortino ratio: Return per unit of downside risk	4.66	4.16	+0.50
Omega ratio: Gain probability vs. loss probability	1.81	1.61	+0.19
Calmar ratio: Return relative to maximum drawdown	2.37	2.92	-0.55
Martin ratio: Return relative to average drawdown	7.93	10.25	-2.33

MTFEX vs. MMHVX - Sharpe Ratio Comparison

The current MTFEX Sharpe Ratio is 2.92, which is comparable to the MMHVX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of MTFEX and MMHVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MTFEX vs. MMHVX - Drawdown Comparison

The maximum MTFEX drawdown since its inception was -11.88%, smaller than the maximum MMHVX drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for MTFEX and MMHVX.

Drawdown Indicators

	MTFEX	MMHVX	Difference
Max Drawdown Largest peak-to-trough decline	-11.88%	-20.86%	+8.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-3.11%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-8.16%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-11.88%	-20.86%	+8.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.86%	—
Current Drawdown Current decline from peak	-0.60%	0.00%	-0.60%
Average Drawdown Average peak-to-trough decline	-2.72%	-3.19%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.88%	-0.05%

Volatility

MTFEX vs. MMHVX - Volatility Comparison

The current volatility for MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) is 0.65%, while MainStay MacKay High Yield Municipal Bond Fund (MMHVX) has a volatility of 0.96%. This indicates that MTFEX experiences smaller price fluctuations and is considered to be less risky than MMHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTFEX	MMHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.96%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	2.57%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	3.56%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.13%	5.66%	-2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	5.33%	-1.43%

MTFEX vs. MMHVX - Expense Ratio Comparison

MTFEX has a 0.97% expense ratio, which is higher than MMHVX's 0.87% expense ratio.

Dividends

MTFEX vs. MMHVX - Dividend Comparison

MTFEX's dividend yield for the trailing twelve months is around 3.33%, less than MMHVX's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.96%	5.31%	3.98%	3.28%	3.47%	2.71%	3.32%	3.83%	3.91%	3.92%	4.20%	4.40%
MTFEX MainStay MacKay Strategic Municipal Allocation Fund	3.33%	3.33%	3.48%	2.74%	2.30%	2.36%	1.74%	1.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MTFEX and MMHVX in my portfolio?

MTFEX and MMHVX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTFEX or MMHVX?

MMHVX has higher volatility (0.96%) compared to MTFEX (0.65%). In terms of maximum drawdown, MTFEX dropped -11.88% vs MMHVX's -20.86%.

Which has better risk-adjusted returns?

MTFEX currently has the higher Sharpe Ratio (2.92 vs 2.55), 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.