MXFIX vs. MTMIX

Last updated Jun 4, 2026

MXFIX (MainStay Floating Rate Fund) and MTMIX (MainStay MacKay Total Return Bond Fund) are both mutual funds - MXFIX is a Bank Loan fund managed by New York Life, while MTMIX is a Intermediate Core-Plus Bond fund managed by New York Life. Over the past 10 years, MXFIX returned 4.61%/yr vs 2.53%/yr for MTMIX. At a 0.09 correlation, their price movements are largely independent. MXFIX charges 0.74%/yr vs 0.45%/yr for MTMIX.

Performance

MXFIX vs. MTMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay Floating Rate Fund (MXFIX) and MainStay MacKay Total Return Bond Fund (MTMIX). 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 higher than MTMIX's 0.81% return. Over the past 10 years, MXFIX has outperformed MTMIX with an annualized return of 4.61%, while MTMIX has yielded a comparatively lower 2.53% 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%

MTMIX

• 1D: 0.00%
• 1M: 0.42%
• YTD: 0.81%
• 6M: 0.68%
• 1Y: 5.68%
• 3Y*: 6.10%
• 5Y*: 1.03%
• 10Y*: 2.53%

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

MXFIX vs. MTMIX - 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%
MTMIX MainStay MacKay Total Return Bond Fund	0.81%	7.83%	4.76%	7.92%	-15.29%	-0.81%	9.72%	9.38%	-1.22%	4.64%

Correlation

The correlation between MXFIX and MTMIX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 3, 2004	0.09

Return for Risk

MXFIX vs. MTMIX — 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

MTMIX

MTMIX Risk / Return Rank: 28
MTMIX Sharpe Ratio Rank: 26
MTMIX Sortino Ratio Rank: 28
MTMIX Omega Ratio Rank: 27
MTMIX Calmar Ratio Rank: 32
MTMIX Martin Ratio Rank: 26

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. MTMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay Floating Rate Fund (MXFIX) and MainStay MacKay Total Return Bond Fund (MTMIX). 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	MTMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.48	+0.44
Sortino ratio: Return per unit of downside risk	4.07	2.21	+1.86
Omega ratio: Gain probability vs. loss probability	1.63	1.27	+0.36
Calmar ratio: Return relative to maximum drawdown	2.71	2.12	+0.59
Martin ratio: Return relative to average drawdown	8.62	6.35	+2.27
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. MTMIX - Sharpe Ratio Comparison

The current MXFIX Sharpe Ratio is 1.92, which is comparable to the MTMIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of MXFIX and MTMIX, 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	MTMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.48	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.90	0.17	+1.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.21	0.51	+0.70
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.07	+0.17

Drawdowns

MXFIX vs. MTMIX - Drawdown Comparison

The maximum MXFIX drawdown since its inception was -25.01%, which is greater than MTMIX's maximum drawdown of -20.47%. Use the drawdown chart below to compare losses from any high point for MXFIX and MTMIX.

Drawdown Indicators

	MXFIX	MTMIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.01%	-20.47%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.73%	-2.70%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-2.57%	-6.14%	+3.57%
Max Drawdown (5Y) Largest decline over 5 years	-6.34%	-20.47%	+14.13%
Max Drawdown (10Y) Largest decline over 10 years	-20.09%	-20.47%	+0.38%
Current Drawdown Current decline from peak	0.00%	-1.32%	+1.32%
Average Drawdown Average peak-to-trough decline	-1.21%	-2.28%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	0.90%	-0.36%

Volatility

MXFIX vs. MTMIX - Volatility Comparison

The current volatility for MainStay Floating Rate Fund (MXFIX) is 0.59%, while MainStay MacKay Total Return Bond Fund (MTMIX) has a volatility of 1.29%. This indicates that MXFIX experiences smaller price fluctuations and is considered to be less risky than MTMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXFIX	MTMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	1.29%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	2.68%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	3.87%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.69%	6.05%	-3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.82%	5.00%	-1.18%

MXFIX vs. MTMIX - Expense Ratio Comparison

MXFIX has a 0.74% expense ratio, which is higher than MTMIX's 0.45% expense ratio.

Dividends

MXFIX vs. MTMIX - Dividend Comparison

MXFIX's dividend yield for the trailing twelve months is around 7.17%, more than MTMIX's 4.92% 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%
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 MTMIX in my portfolio?

MXFIX and MTMIX have a correlation of 0.14, 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 MTMIX?

MTMIX has higher volatility (1.29%) compared to MXFIX (0.59%). In terms of maximum drawdown, MXFIX dropped -25.01% vs MTMIX's -20.47%.

Which has better risk-adjusted returns?

MXFIX currently has the higher Sharpe Ratio (1.92 vs 1.48), 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.