PIAMX vs. MKHCX

Last updated Aug 4, 2026

PIAMX (PIA High Yield (MACS) Fund) and MKHCX (MainStay MacKay High Yield Corporate Bond Fund) are both High Yield Bonds funds. Their 0.63 correlation means they have sometimes moved together and sometimes differently. PIAMX charges 0.20%/yr vs 1.83%/yr for MKHCX.

Performance

PIAMX vs. MKHCX - Performance Comparison

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

Returns By Period

PIAMX

• 1D: 0.00%
• 1M: 0.23%
• 6M: 0.37%
• YTD: 1.27%
• 1Y: 2.29%
• 3Y*: 6.73%
• 5Y*: 3.94%
• 10Y*: —
• ALL TIME*: 5.12%

MKHCX

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

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PIAMX PIA High Yield (MACS) Fund	$0.00	$0.00	$0.00

PIAMX vs. MKHCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIAMX PIA High Yield (MACS) Fund	1.27%	2.34%	11.23%	16.38%	-10.93%	7.82%	9.05%	11.77%	-2.63%
MKHCX MainStay MacKay High Yield Corporate Bond Fund	0.00%	1.00%	5.72%	10.54%	-9.09%	4.07%	4.14%	11.68%	-3.23%

Correlation

The correlation between PIAMX and MKHCX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (All Time) Calculated using the full available price history since Jan 29, 2018	0.63

The correlation between PIAMX and MKHCX shifts across timeframes, from 0.44 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PIAMX vs. MKHCX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIAMX

PIAMX Risk / Return Rank: 12
PIAMX Sharpe Ratio Rank: 14
PIAMX Sortino Ratio Rank: 12
PIAMX Omega Ratio Rank: 15
PIAMX Calmar Ratio Rank: 10
PIAMX Martin Ratio Rank: 11

MKHCX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIAMX vs. MKHCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIA High Yield (MACS) Fund (PIAMX) 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.

	PIAMX	MKHCX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	—	—
Sortino ratio: Return per unit of downside risk	0.82	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.52	—	—
Martin ratio: Return relative to average drawdown	1.54	—	—

Drawdowns

Drawdown Indicators

	PIAMX	MKHCX	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.92%	—	—
Current Drawdown Current decline from peak	-0.27%	—	—
Average Drawdown Average peak-to-trough decline	-2.30%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	—	—

Volatility

Volatility by Period

	PIAMX	MKHCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.18%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.20%	—	—

PIAMX vs. MKHCX - Expense Ratio Comparison

PIAMX has a 0.20% expense ratio, which is lower than MKHCX's 1.83% expense ratio.

Dividends

PIAMX vs. MKHCX - Dividend Comparison

PIAMX's dividend yield for the trailing twelve months is around 7.08%, 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%
PIAMX PIA High Yield (MACS) Fund	7.08%	9.12%	8.49%	8.12%	7.99%	8.64%	6.63%	6.96%	7.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PIAMX and MKHCX in my portfolio?

PIAMX and MKHCX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.