MXFIX vs. FLYRX

Last updated Jun 4, 2026

MXFIX (MainStay Floating Rate Fund) and FLYRX (Pioneer Floating Rate Fund) are both Bank Loan funds. Over the past 10 years, MXFIX returned 4.61%/yr vs 3.95%/yr for FLYRX. A 0.66 correlation means they provide meaningful diversification when combined. MXFIX charges 0.74%/yr vs 0.75%/yr for FLYRX.

Performance

MXFIX vs. FLYRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Floating Rate Fund (MXFIX) and Pioneer Floating Rate Fund (FLYRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MXFIX achieves a 0.99% return, which is significantly lower than FLYRX's 1.75% return. Over the past 10 years, MXFIX has outperformed FLYRX with an annualized return of 4.61%, while FLYRX has yielded a comparatively lower 3.95% annualized return.

MXFIX

• 1D: 0.00%
• 1M: 0.54%
• YTD: 0.99%
• 6M: 1.60%
• 1Y: 4.65%
• 3Y*: 7.11%
• 5Y*: 5.09%
• 10Y*: 4.61%

FLYRX

• 1D: 0.00%
• 1M: 0.39%
• YTD: 1.75%
• 6M: 2.36%
• 1Y: 5.00%
• 3Y*: 6.25%
• 5Y*: 4.00%
• 10Y*: 3.95%

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

MXFIX vs. FLYRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXFIX MainStay Floating Rate Fund	0.99%	5.47%	7.80%	11.43%	-1.27%	3.40%	2.65%	8.46%	-0.41%	4.06%
FLYRX Pioneer Floating Rate Fund	1.75%	4.90%	6.94%	8.31%	-3.26%	4.32%	2.10%	7.57%	0.17%	3.74%

Correlation

The correlation between MXFIX and FLYRX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 15, 2007	0.66

The correlation between MXFIX and FLYRX shifts across timeframes, from 0.54 (3 years) to 0.67 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

MXFIX vs. FLYRX — Risk / Return Rank

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

MXFIX

MXFIX Risk / Return Rank: 61
MXFIX Sharpe Ratio Rank: 43
MXFIX Sortino Ratio Rank: 85
MXFIX Omega Ratio Rank: 89
MXFIX Calmar Ratio Rank: 51
MXFIX Martin Ratio Rank: 40

FLYRX

FLYRX Risk / Return Rank: 82
FLYRX Sharpe Ratio Rank: 48
FLYRX Sortino Ratio Rank: 92
FLYRX Omega Ratio Rank: 93
FLYRX Calmar Ratio Rank: 93
FLYRX Martin Ratio Rank: 84

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.

MXFIX vs. FLYRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Floating Rate Fund (MXFIX) and Pioneer Floating Rate Fund (FLYRX). 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.

	MXFIX	FLYRX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.03	-0.11
Sortino ratio: Return per unit of downside risk	4.07	4.61	-0.54
Omega ratio: Gain probability vs. loss probability	1.63	1.72	-0.09
Calmar ratio: Return relative to maximum drawdown	2.71	5.34	-2.64
Martin ratio: Return relative to average drawdown	8.62	15.78	-7.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXFIX vs. FLYRX - Sharpe Ratio Comparison

The current MXFIX Sharpe Ratio is 1.92, which is comparable to the FLYRX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of MXFIX and FLYRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MXFIX	FLYRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	2.03	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.90	1.50	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.21	1.11	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.05	+0.19

Drawdowns

MXFIX vs. FLYRX - Drawdown Comparison

The maximum MXFIX drawdown since its inception was -25.01%, smaller than the maximum FLYRX drawdown of -30.67%. Use the drawdown chart below to compare losses from any high point for MXFIX and FLYRX.

Drawdown Indicators

	MXFIX	FLYRX	Difference
Max Drawdown Largest peak-to-trough decline	-25.01%	-30.67%	+5.66%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-0.94%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	-2.57%	-2.05%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-6.34%	-6.61%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	-20.09%	-19.05%	-1.04%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.21%	-1.99%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.32%	+0.22%

Volatility

MXFIX vs. FLYRX - Volatility Comparison

The current volatility for MainStay Floating Rate Fund (MXFIX) is 0.59%, while Pioneer Floating Rate Fund (FLYRX) has a volatility of 0.68%. This indicates that MXFIX experiences smaller price fluctuations and is considered to be less risky than FLYRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXFIX	FLYRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.68%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	1.73%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.47%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	2.68%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	3.59%	+0.23%

MXFIX vs. FLYRX - Expense Ratio Comparison

MXFIX has a 0.74% expense ratio, which is lower than FLYRX's 0.75% expense ratio.

Dividends

MXFIX vs. FLYRX - Dividend Comparison

MXFIX's dividend yield for the trailing twelve months is around 7.17%, less than FLYRX's 7.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLYRX Pioneer Floating Rate Fund	7.27%	7.48%	5.87%	6.45%	5.40%	3.46%	3.91%	5.01%	4.70%	4.13%	3.88%	3.85%
MXFIX MainStay Floating Rate Fund	7.17%	7.41%	7.49%	7.50%	4.51%	2.90%	3.46%	4.87%	4.85%	4.09%	3.75%	3.95%

Frequently Asked Questions

Can I hold both MXFIX and FLYRX in my portfolio?

MXFIX and FLYRX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MXFIX or FLYRX?

FLYRX has higher volatility (0.68%) compared to MXFIX (0.59%). In terms of maximum drawdown, MXFIX dropped -25.01% vs FLYRX's -30.67%.

Which has better risk-adjusted returns?

FLYRX currently has the higher Sharpe Ratio (2.03 vs 1.92), 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.