MTMIX vs. MCFIX

Last updated Jun 24, 2026

MTMIX (MainStay MacKay Total Return Bond Fund) and MCFIX (Mercer Core Fixed Income Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, MTMIX returned 0.86%/yr vs -0.22%/yr for MCFIX. Their correlation of 0.91 suggests significant overlap in exposure. MTMIX charges 0.45%/yr vs 0.16%/yr for MCFIX.

Performance

MTMIX vs. MCFIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Total Return Bond Fund (MTMIX) and Mercer Core Fixed Income Fund (MCFIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTMIX achieves a 0.70% return, which is significantly higher than MCFIX's -1.32% return.

MTMIX

• 1D: -0.22%
• 1M: 0.64%
• YTD: 0.70%
• 6M: 0.81%
• 1Y: 4.53%
• 3Y*: 5.98%
• 5Y*: 0.86%
• 10Y*: 2.48%

MCFIX

• 1D: -0.34%
• 1M: 0.23%
• YTD: -1.32%
• 6M: -0.85%
• 1Y: 1.85%
• 3Y*: 3.61%
• 5Y*: -0.22%
• 10Y*: —

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

MTMIX vs. MCFIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MTMIX MainStay MacKay Total Return Bond Fund	0.70%	7.83%	4.76%	7.92%	-15.29%	-0.81%	9.72%	5.98%
MCFIX Mercer Core Fixed Income Fund	-1.32%	6.64%	2.02%	6.47%	-13.69%	-1.05%	4.75%	3.31%

Correlation

The correlation between MTMIX and MCFIX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.91

The correlation between MTMIX and MCFIX shifts across timeframes, from 0.82 (1 year) to 0.94 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MTMIX vs. MCFIX — Risk / Return Rank

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

MTMIX

MTMIX Risk / Return Rank: 23
MTMIX Sharpe Ratio Rank: 23
MTMIX Sortino Ratio Rank: 24
MTMIX Omega Ratio Rank: 22
MTMIX Calmar Ratio Rank: 26
MTMIX Martin Ratio Rank: 22

MCFIX

MCFIX Risk / Return Rank: 7
MCFIX Sharpe Ratio Rank: 8
MCFIX Sortino Ratio Rank: 7
MCFIX Omega Ratio Rank: 7
MCFIX Calmar Ratio Rank: 7
MCFIX Martin Ratio Rank: 7

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.

MTMIX vs. MCFIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Total Return Bond Fund (MTMIX) and Mercer Core Fixed Income Fund (MCFIX). 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.

	MTMIX	MCFIX	Difference
Sharpe ratio: Return per unit of total volatility	1.26	0.61	+0.66
Sortino ratio: Return per unit of downside risk	1.89	0.90	+0.99
Omega ratio: Gain probability vs. loss probability	1.23	1.11	+0.12
Calmar ratio: Return relative to maximum drawdown	1.78	0.65	+1.12
Martin ratio: Return relative to average drawdown	5.00	1.69	+3.31

MTMIX vs. MCFIX - Sharpe Ratio Comparison

The current MTMIX Sharpe Ratio is 1.26, which is higher than the MCFIX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of MTMIX and MCFIX, 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

MTMIX vs. MCFIX - Drawdown Comparison

The maximum MTMIX drawdown since its inception was -20.47%, smaller than the maximum MCFIX drawdown of -21.68%. Use the drawdown chart below to compare losses from any high point for MTMIX and MCFIX.

Drawdown Indicators

	MTMIX	MCFIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-21.68%	+1.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-3.75%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-6.32%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-20.47%	-18.72%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-20.47%	—	—
Current Drawdown Current decline from peak	-1.43%	-6.29%	+4.86%
Average Drawdown Average peak-to-trough decline	-2.28%	-8.52%	+6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.38%	-0.43%

Volatility

MTMIX vs. MCFIX - Volatility Comparison

MainStay MacKay Total Return Bond Fund (MTMIX) and Mercer Core Fixed Income Fund (MCFIX) have volatilities of 1.03% and 1.03%, 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

	MTMIX	MCFIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.03%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	2.78%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	4.05%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.06%	6.04%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	6.10%	-1.09%

MTMIX vs. MCFIX - Expense Ratio Comparison

MTMIX has a 0.45% expense ratio, which is higher than MCFIX's 0.16% expense ratio.

Dividends

MTMIX vs. MCFIX - Dividend Comparison

MTMIX's dividend yield for the trailing twelve months is around 4.92%, more than MCFIX's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MCFIX Mercer Core Fixed Income Fund	4.32%	3.89%	4.54%	3.68%	3.31%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTMIX MainStay MacKay Total Return Bond Fund	4.92%	5.01%	5.47%	4.38%	3.89%	5.43%	3.58%	2.84%	2.82%	2.62%	2.98%	3.12%

Frequently Asked Questions

Can I hold both MTMIX and MCFIX in my portfolio?

MTMIX and MCFIX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTMIX or MCFIX?

MCFIX has higher volatility (1.03%) compared to MTMIX (1.03%). In terms of maximum drawdown, MTMIX dropped -20.47% vs MCFIX's -21.68%.

Which has better risk-adjusted returns?

MTMIX currently has the higher Sharpe Ratio (1.26 vs 0.61), 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.