MTMIX vs. MHCAX
MTMIX (MainStay MacKay Total Return Bond Fund) and MHCAX (MainStay MacKay High Yield Corporate Bond Fund Class A) are both mutual funds - MTMIX is a Intermediate Core-Plus Bond fund managed by New York Life, while MHCAX is a High Yield Bonds fund managed by New York Life. Over the past 10 years, MTMIX returned 2.48%/yr vs 9.79%/yr for MHCAX. At a 0.21 correlation, their price movements are largely independent. MTMIX charges 0.45%/yr vs 0.95%/yr for MHCAX.
Performance
MTMIX vs. MHCAX - Performance Comparison
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Returns By Period
In the year-to-date period, MTMIX achieves a 0.70% return, which is significantly lower than MHCAX's 1.40% return. Over the past 10 years, MTMIX has underperformed MHCAX with an annualized return of 2.48%, while MHCAX has yielded a comparatively higher 9.79% annualized 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%
MHCAX
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.40%
- 6M
- 1.59%
- 1Y
- 5.08%
- 3Y*
- 7.22%
- 5Y*
- 13.19%
- 10Y*
- 9.79%
MTMIX vs. MHCAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MTMIX MainStay MacKay Total Return Bond Fund | 0.70% | 7.83% | 4.76% | 7.92% | -15.29% | -0.81% | 9.72% | 9.38% | -1.22% | 4.64% |
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A | 1.40% | 6.44% | 6.90% | 11.27% | 42.57% | 5.10% | 4.82% | 12.76% | -1.92% | 6.54% |
Correlation
The correlation between MTMIX and MHCAX is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 1994 | 0.21 |
Over the past year, MTMIX and MHCAX have become more correlated (0.46) than their long-term average of 0.21, meaning their price movements have been converging.
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Return for Risk
MTMIX vs. MHCAX — Risk / Return Rank
MTMIX
MHCAX
MTMIX vs. MHCAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Total Return Bond Fund (MTMIX) and MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX). 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 | MHCAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.55 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 3.19 | -1.41 |
| Martin ratioReturn relative to average drawdown | 5.00 | 14.99 | -9.99 |
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Drawdowns
MTMIX vs. MHCAX - Drawdown Comparison
The maximum MTMIX drawdown since its inception was -20.47%, smaller than the maximum MHCAX drawdown of -29.62%. Use the drawdown chart below to compare losses from any high point for MTMIX and MHCAX.
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Drawdown Indicators
| MTMIX | MHCAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.47% | -29.62% | +9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -1.67% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -6.14% | -3.34% | -2.80% |
Max Drawdown (5Y)Largest decline over 5 years | -20.47% | -11.74% | -8.73% |
Max Drawdown (10Y)Largest decline over 10 years | -20.47% | -18.98% | -1.49% |
Current DrawdownCurrent decline from peak | -1.43% | -0.19% | -1.24% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.14% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.35% | +0.60% |
Volatility
MTMIX vs. MHCAX - Volatility Comparison
MainStay MacKay Total Return Bond Fund (MTMIX) has a higher volatility of 1.03% compared to MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) at 0.74%. This indicates that MTMIX's price experiences larger fluctuations and is considered to be riskier than MHCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MTMIX | MHCAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.74% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 1.79% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.80% | 2.35% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.06% | 25.36% | -19.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.01% | 18.24% | -13.23% |
MTMIX vs. MHCAX - Expense Ratio Comparison
MTMIX has a 0.45% expense ratio, which is lower than MHCAX's 0.95% expense ratio.
Dividends
MTMIX vs. MHCAX - Dividend Comparison
MTMIX's dividend yield for the trailing twelve months is around 4.92%, less than MHCAX's 5.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A | 5.98% | 6.06% | 5.90% | 5.56% | 40.91% | 5.00% | 5.52% | 5.58% | 5.94% | 6.20% | 5.69% | 6.72% |
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
MTMIX and MHCAX have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTMIX has higher volatility (1.03%) compared to MHCAX (0.74%). In terms of maximum drawdown, MTMIX dropped -20.47% vs MHCAX's -29.62%.
MHCAX currently has the higher Sharpe Ratio (2.27 vs 1.26), 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.
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