PAOPX vs. MDHVX
PAOPX (T. Rowe Price Credit Opportunities Fund, Inc.) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, PAOPX returned 5.36%/yr vs 4.39%/yr for MDHVX. Their 0.68 correlation means they have sometimes moved together and sometimes differently. PAOPX charges 0.91%/yr vs 1.10%/yr for MDHVX.
Performance
PAOPX vs. MDHVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAOPX achieves a 0.60% return, which is significantly lower than MDHVX's 1.89% return. Over the past 10 years, PAOPX has outperformed MDHVX with an annualized return of 5.36%, while MDHVX has yielded a comparatively lower 4.39% annualized return.
PAOPX
- 1D
- 0.13%
- 1M
- -0.76%
- 6M
- 0.16%
- YTD
- 0.60%
- 1Y
- 4.06%
- 3Y*
- 7.17%
- 5Y*
- 3.54%
- 10Y*
- 5.36%
- ALL TIME*
- 3.95%
MDHVX
- 1D
- 0.11%
- 1M
- -0.21%
- 6M
- 1.56%
- YTD
- 1.89%
- 1Y
- 3.89%
- 3Y*
- 6.03%
- 5Y*
- 4.24%
- 10Y*
- 4.39%
- ALL TIME*
- 4.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PAOPX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAOPX T. Rowe Price Credit Opportunities Fund, Inc. | 0.60% | 8.65% | 6.89% | 11.99% | -10.61% | 6.24% | 5.48% | 15.69% | -1.68% | 6.70% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.89% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
Correlation
The correlation between PAOPX and MDHVX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 1, 2014 | 0.68 |
The correlation between PAOPX and MDHVX has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAOPX vs. MDHVX — Risk / Return Rank
PAOPX
MDHVX
PAOPX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Credit Opportunities Fund, Inc. (PAOPX) and MainStay MacKay Short Duration High Yield Fund (MDHVX). 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.
| PAOPX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.51 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 3.53 | -1.62 |
| Martin ratioReturn relative to average drawdown | 7.58 | 16.88 | -9.31 |
Loading charts...
Drawdowns
PAOPX vs. MDHVX - Drawdown Comparison
The maximum PAOPX drawdown since its inception was -23.13%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for PAOPX and MDHVX.
Loading charts...
Drawdown Indicators
| PAOPX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.13% | -18.04% | -5.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.00% | -1.06% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -3.86% | -2.65% | -1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -14.41% | -6.26% | -8.15% |
Max Drawdown (10Y)Largest decline over 10 years | -23.13% | -18.04% | -5.09% |
Current DrawdownCurrent decline from peak | -1.06% | -0.32% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -0.77% | -2.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.22% | +0.28% |
Volatility
PAOPX vs. MDHVX - Volatility Comparison
T. Rowe Price Credit Opportunities Fund, Inc. (PAOPX) has a higher volatility of 0.55% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.46%. This indicates that PAOPX's price experiences larger fluctuations and is considered to be riskier than MDHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAOPX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.55% | 0.46% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 1.33% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.03% | 1.80% | +1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 2.59% | +2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.36% | 3.41% | +1.95% |
PAOPX vs. MDHVX - Expense Ratio Comparison
PAOPX has a 0.91% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
PAOPX vs. MDHVX - Dividend Comparison
PAOPX's dividend yield for the trailing twelve months is around 5.70%, more than MDHVX's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.80% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
PAOPX T. Rowe Price Credit Opportunities Fund, Inc. | 5.70% | 6.85% | 6.37% | 5.67% | 4.80% | 5.01% | 5.29% | 6.77% | 5.61% | 4.85% | 5.80% | 7.48% |
Frequently Asked Questions
PAOPX and MDHVX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAOPX has higher volatility (0.55%) compared to MDHVX (0.46%). In terms of maximum drawdown, PAOPX dropped -23.13% vs MDHVX's -18.04%.
MDHVX currently has the higher Sharpe Ratio (2.07 vs 1.27), 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.
Find the right allocation for PAOPX and MDHVX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer