MTMIX vs. SCHZ

Last updated Jun 24, 2026

MTMIX (MainStay MacKay Total Return Bond Fund) and SCHZ (Schwab U.S. Aggregate Bond ETF) are both funds - MTMIX is a Intermediate Core-Plus Bond fund managed by New York Life, while SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Over the past 10 years, MTMIX returned 2.48%/yr vs 1.49%/yr for SCHZ. Their correlation of 0.85 suggests significant overlap in exposure. MTMIX charges 0.45%/yr vs 0.03%/yr for SCHZ.

Performance

MTMIX vs. SCHZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay Total Return Bond Fund (MTMIX) and Schwab U.S. Aggregate Bond ETF (SCHZ). 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 SCHZ's 0.47% return. Over the past 10 years, MTMIX has outperformed SCHZ with an annualized return of 2.48%, while SCHZ has yielded a comparatively lower 1.49% 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%

SCHZ

• 1D: 0.09%
• 1M: 0.70%
• YTD: 0.47%
• 6M: 0.56%
• 1Y: 4.29%
• 3Y*: 3.93%
• 5Y*: 0.03%
• 10Y*: 1.49%

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

MTMIX vs. SCHZ - 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%
SCHZ Schwab U.S. Aggregate Bond ETF	0.47%	7.24%	1.26%	5.60%	-13.17%	-1.72%	7.46%	8.65%	-0.26%	3.50%

Correlation

The correlation between MTMIX and SCHZ is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011	0.85

The correlation between MTMIX and SCHZ shifts across timeframes, from 0.85 (all time) to 0.95 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MTMIX vs. SCHZ — 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

SCHZ

SCHZ Risk / Return Rank: 32
SCHZ Sharpe Ratio Rank: 33
SCHZ Sortino Ratio Rank: 34
SCHZ Omega Ratio Rank: 30
SCHZ Calmar Ratio Rank: 33
SCHZ Martin Ratio Rank: 32

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. SCHZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay Total Return Bond Fund (MTMIX) and Schwab U.S. Aggregate Bond ETF (SCHZ). 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	SCHZ	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.15	+0.11
Sortino ratio: Return per unit of downside risk	1.89	1.72	+0.17
Omega ratio: Gain probability vs. loss probability	1.23	1.20	+0.03
Calmar ratio: Return relative to maximum drawdown	1.78	1.60	+0.18
Martin ratio: Return relative to average drawdown	5.00	4.59	+0.41

MTMIX vs. SCHZ - Sharpe Ratio Comparison

The current MTMIX Sharpe Ratio is 1.26, which is comparable to the SCHZ Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of MTMIX and SCHZ, 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. SCHZ - Drawdown Comparison

The maximum MTMIX drawdown since its inception was -20.47%, which is greater than SCHZ's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for MTMIX and SCHZ.

Drawdown Indicators

	MTMIX	SCHZ	Difference
Max Drawdown Largest peak-to-trough decline	-20.47%	-18.74%	-1.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.70%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-6.14%	-6.18%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.47%	-18.01%	-2.46%
Max Drawdown (10Y) Largest decline over 10 years	-20.47%	-18.74%	-1.73%
Current Drawdown Current decline from peak	-1.43%	-2.30%	+0.87%
Average Drawdown Average peak-to-trough decline	-2.28%	-3.68%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.94%	+0.01%

Volatility

MTMIX vs. SCHZ - Volatility Comparison

The current volatility for MainStay MacKay Total Return Bond Fund (MTMIX) is 1.03%, while Schwab U.S. Aggregate Bond ETF (SCHZ) has a volatility of 1.15%. This indicates that MTMIX experiences smaller price fluctuations and is considered to be less risky than SCHZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTMIX	SCHZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.15%	-0.12%
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%	3.76%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.06%	6.09%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.01%	5.42%	-0.41%

MTMIX vs. SCHZ - Expense Ratio Comparison

MTMIX has a 0.45% expense ratio, which is higher than SCHZ's 0.03% expense ratio.

Dividends

MTMIX vs. SCHZ - Dividend Comparison

MTMIX's dividend yield for the trailing twelve months is around 4.92%, more than SCHZ's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHZ Schwab U.S. Aggregate Bond ETF	4.11%	4.05%	3.96%	3.28%	2.63%	2.16%	2.43%	2.79%	2.56%	2.40%	2.24%	2.11%

Frequently Asked Questions

Can I hold both MTMIX and SCHZ in my portfolio?

With a correlation of 0.95, MTMIX and SCHZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MTMIX or SCHZ?

SCHZ has higher volatility (1.15%) compared to MTMIX (1.03%). In terms of maximum drawdown, MTMIX dropped -20.47% vs SCHZ's -18.74%.

Which has better risk-adjusted returns?

MTMIX currently has the higher Sharpe Ratio (1.26 vs 1.15), 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.