MXFIX vs. MKHCX

Last updated Jun 23, 2026

MXFIX (MainStay Floating Rate Fund) and MKHCX (MainStay MacKay High Yield Corporate Bond Fund) are both mutual funds - MXFIX is a Bank Loan fund managed by New York Life, while MKHCX is a High Yield Bonds fund managed by New York Life. At a 0.41 correlation, their price movements are largely independent. MXFIX charges 0.74%/yr vs 1.83%/yr for MKHCX.

Performance

MXFIX vs. MKHCX - Performance Comparison

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

Returns By Period

MXFIX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 0.87%
• 6M: 1.83%
• 1Y: 4.53%
• 3Y*: 6.78%
• 5Y*: 5.07%
• 10Y*: 4.62%

MKHCX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MXFIX vs. MKHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXFIX MainStay Floating Rate Fund	0.87%	5.47%	7.80%	11.43%	-1.27%	3.40%	2.65%	8.46%	-0.41%	4.06%
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	1.00%	5.72%	10.54%	-9.09%	4.07%	4.14%	11.68%	-2.55%	5.69%

Correlation

The correlation between MXFIX and MKHCX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 30, 2004	0.41

The correlation between MXFIX and MKHCX shifts across timeframes, from 0.21 (3 years) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MXFIX vs. MKHCX — Risk / Return Rank

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

MXFIX

MXFIX Risk / Return Rank: 64
MXFIX Sharpe Ratio Rank: 47
MXFIX Sortino Ratio Rank: 88
MXFIX Omega Ratio Rank: 89
MXFIX Calmar Ratio Rank: 52
MXFIX Martin Ratio Rank: 41

MKHCX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MKHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Floating Rate Fund (MXFIX) and MainStay MacKay High Yield Corporate Bond Fund (MKHCX). 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.

	MXFIX	MKHCX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	—	—
Sortino ratio: Return per unit of downside risk	3.94	—	—
Omega ratio: Gain probability vs. loss probability	1.60	—	—
Calmar ratio: Return relative to maximum drawdown	2.64	—	—
Martin ratio: Return relative to average drawdown	8.38	—	—

Drawdowns

Drawdown Indicators

	MXFIX	MKHCX	Difference
Max Drawdown Largest peak-to-trough decline	-25.01%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.09%	—	—
Current Drawdown Current decline from peak	-0.12%	—	—
Average Drawdown Average peak-to-trough decline	-1.21%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	—	—

Volatility

Volatility by Period

	MXFIX	MKHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	—	—

MXFIX vs. MKHCX - Expense Ratio Comparison

MXFIX has a 0.74% expense ratio, which is lower than MKHCX's 1.83% expense ratio.

Dividends

MXFIX vs. MKHCX - Dividend Comparison

MXFIX's dividend yield for the trailing twelve months is around 7.18%, while MKHCX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	0.42%	4.98%	4.69%	4.21%	4.19%	4.72%	4.78%	5.09%	5.39%	5.40%	5.85%
MXFIX MainStay Floating Rate Fund	7.18%	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 MKHCX in my portfolio?

MXFIX and MKHCX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.