MTFEX vs. MNOVX
MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) and MNOVX (MainStay MacKay New York Tax Free Opportunities Fund) are both Municipal Bonds funds from MainStay. Over the past 5 years, MTFEX returned 1.20%/yr vs 0.65%/yr for MNOVX. Their correlation of 0.88 suggests significant overlap in exposure. MTFEX charges 0.97%/yr vs 0.76%/yr for MNOVX.
Performance
MTFEX vs. MNOVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MTFEX achieves a 1.60% return, which is significantly lower than MNOVX's 2.75% return.
MTFEX
- 1D
- 0.10%
- 1M
- 1.35%
- YTD
- 1.60%
- 6M
- 2.00%
- 1Y
- 6.54%
- 3Y*
- 3.84%
- 5Y*
- 1.20%
- 10Y*
- —
MNOVX
- 1D
- 0.10%
- 1M
- 2.12%
- YTD
- 2.75%
- 6M
- 3.18%
- 1Y
- 8.82%
- 3Y*
- 4.39%
- 5Y*
- 0.65%
- 10Y*
- 2.17%
MTFEX vs. MNOVX - 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% |
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 2.75% | 4.39% | 2.21% | 6.55% | -12.42% | 3.68% | 5.10% | 2.75% |
Correlation
The correlation between MTFEX and MNOVX is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019 | 0.88 |
The correlation between MTFEX and MNOVX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MTFEX vs. MNOVX — Risk / Return Rank
MTFEX
MNOVX
MTFEX vs. MNOVX - 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 New York Tax Free Opportunities Fund (MNOVX). 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 | MNOVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.81 | 1.69 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.97 | -0.60 |
| Martin ratioReturn relative to average drawdown | 7.93 | 10.68 | -2.75 |
Loading charts...
Drawdowns
MTFEX vs. MNOVX - Drawdown Comparison
The maximum MTFEX drawdown since its inception was -11.88%, smaller than the maximum MNOVX drawdown of -18.57%. Use the drawdown chart below to compare losses from any high point for MTFEX and MNOVX.
Loading charts...
Drawdown Indicators
| MTFEX | MNOVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.88% | -18.57% | +6.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -2.99% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -4.34% | -7.07% | +2.73% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -18.57% | +6.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.57% | — |
Current DrawdownCurrent decline from peak | -0.60% | 0.00% | -0.60% |
Average DrawdownAverage peak-to-trough decline | -2.72% | -3.39% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.83% | 0.00% |
Volatility
MTFEX vs. MNOVX - Volatility Comparison
The current volatility for MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) is 0.65%, while MainStay MacKay New York Tax Free Opportunities Fund (MNOVX) has a volatility of 0.87%. This indicates that MTFEX experiences smaller price fluctuations and is considered to be less risky than MNOVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MTFEX | MNOVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.87% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.77% | 2.42% | -0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.25% | 3.33% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.13% | 4.93% | -1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.90% | 4.79% | -0.89% |
MTFEX vs. MNOVX - Expense Ratio Comparison
MTFEX has a 0.97% expense ratio, which is higher than MNOVX's 0.76% expense ratio.
Dividends
MTFEX vs. MNOVX - Dividend Comparison
MTFEX's dividend yield for the trailing twelve months is around 3.33%, less than MNOVX's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNOVX MainStay MacKay New York Tax Free Opportunities Fund | 3.70% | 4.85% | 3.65% | 2.92% | 2.92% | 2.24% | 2.68% | 3.17% | 3.35% | 3.42% | 3.47% | 3.53% |
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
MTFEX and MNOVX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNOVX has higher volatility (0.87%) compared to MTFEX (0.65%). In terms of maximum drawdown, MTFEX dropped -11.88% vs MNOVX's -18.57%.
MTFEX currently has the higher Sharpe Ratio (2.92 vs 2.67), 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.
Find the right allocation for MTFEX and MNOVX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer