MTFEX vs. SCMTX

Last updated Jun 23, 2026

MTFEX (MainStay MacKay Strategic Municipal Allocation Fund) and SCMTX (DWS Intermediate Tax-Free Fund) are both Municipal Bonds funds. Over the past 5 years, MTFEX returned 1.20%/yr vs 0.78%/yr for SCMTX. Their correlation of 0.80 suggests significant overlap in exposure. MTFEX charges 0.97%/yr vs 0.48%/yr for SCMTX.

Performance

MTFEX vs. SCMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) and DWS Intermediate Tax-Free Fund (SCMTX). 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 higher than SCMTX's 1.20% return.

MTFEX

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

SCMTX

• 1D: 0.09%
• 1M: 1.10%
• YTD: 1.20%
• 6M: 1.59%
• 1Y: 5.79%
• 3Y*: 3.47%
• 5Y*: 0.78%
• 10Y*: 1.97%

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

MTFEX vs. SCMTX - 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%
SCMTX DWS Intermediate Tax-Free Fund	1.20%	4.51%	1.71%	5.08%	-8.21%	1.21%	5.34%	3.03%

Correlation

The correlation between MTFEX and SCMTX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 28, 2019	0.80

The correlation between MTFEX and SCMTX shifts across timeframes, from 0.71 (1 year) to 0.82 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MTFEX vs. SCMTX — 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

SCMTX

SCMTX Risk / Return Rank: 65
SCMTX Sharpe Ratio Rank: 87
SCMTX Sortino Ratio Rank: 89
SCMTX Omega Ratio Rank: 92
SCMTX Calmar Ratio Rank: 32
SCMTX Martin Ratio Rank: 27

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. SCMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) and DWS Intermediate Tax-Free Fund (SCMTX). 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	SCMTX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.62	+0.30
Sortino ratio: Return per unit of downside risk	4.66	3.97	+0.69
Omega ratio: Gain probability vs. loss probability	1.81	1.65	+0.16
Calmar ratio: Return relative to maximum drawdown	2.37	1.99	+0.38
Martin ratio: Return relative to average drawdown	7.93	5.88	+2.05

MTFEX vs. SCMTX - Sharpe Ratio Comparison

The current MTFEX Sharpe Ratio is 2.92, which is comparable to the SCMTX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of MTFEX and SCMTX, 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. SCMTX - Drawdown Comparison

The maximum MTFEX drawdown since its inception was -11.88%, smaller than the maximum SCMTX drawdown of -12.59%. Use the drawdown chart below to compare losses from any high point for MTFEX and SCMTX.

Drawdown Indicators

	MTFEX	SCMTX	Difference
Max Drawdown Largest peak-to-trough decline	-11.88%	-12.59%	+0.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-2.94%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-4.64%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-11.88%	-12.59%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-12.59%	—
Current Drawdown Current decline from peak	-0.60%	-1.07%	+0.47%
Average Drawdown Average peak-to-trough decline	-2.72%	-1.45%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.99%	-0.16%

Volatility

MTFEX vs. SCMTX - Volatility Comparison

MainStay MacKay Strategic Municipal Allocation Fund (MTFEX) has a higher volatility of 0.65% compared to DWS Intermediate Tax-Free Fund (SCMTX) at 0.60%. This indicates that MTFEX's price experiences larger fluctuations and is considered to be riskier than SCMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTFEX	SCMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.60%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	1.77%	1.74%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	2.23%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.13%	3.09%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.90%	3.31%	+0.59%

MTFEX vs. SCMTX - Expense Ratio Comparison

MTFEX has a 0.97% expense ratio, which is higher than SCMTX's 0.48% expense ratio.

Dividends

MTFEX vs. SCMTX - Dividend Comparison

MTFEX's dividend yield for the trailing twelve months is around 3.33%, more than SCMTX's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCMTX DWS Intermediate Tax-Free Fund	2.94%	3.26%	2.90%	2.16%	1.70%	2.22%	3.65%	5.20%	2.95%	2.64%	2.56%	2.53%

Frequently Asked Questions

Can I hold both MTFEX and SCMTX in my portfolio?

MTFEX and SCMTX have a correlation of 0.71, 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 SCMTX?

MTFEX has higher volatility (0.65%) compared to SCMTX (0.60%). In terms of maximum drawdown, MTFEX dropped -11.88% vs SCMTX's -12.59%.

Which has better risk-adjusted returns?

MTFEX currently has the higher Sharpe Ratio (2.92 vs 2.62), 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.