PRVBX vs. MDHVX
PRVBX (Permanent Portfolio Versatile Bond Portfolio) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both mutual funds - PRVBX is a Short-Term Bond fund managed by Permanent Portfolio, while MDHVX is a High Yield Bonds fund managed by MainStay. Over the past 10 years, PRVBX returned 4.31%/yr vs 4.60%/yr for MDHVX. At a 0.33 correlation, their price movements are largely independent. PRVBX charges 0.64%/yr vs 1.10%/yr for MDHVX.
Performance
PRVBX vs. MDHVX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PRVBX achieves a 1.23% return, which is significantly lower than MDHVX's 1.85% return. Over the past 10 years, PRVBX has underperformed MDHVX with an annualized return of 4.31%, while MDHVX has yielded a comparatively higher 4.60% annualized return.
PRVBX
- 1D
- 0.12%
- 1M
- 0.58%
- YTD
- 1.23%
- 6M
- 1.36%
- 1Y
- 4.89%
- 3Y*
- 5.80%
- 5Y*
- 2.68%
- 10Y*
- 4.31%
MDHVX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.85%
- 6M
- 2.07%
- 1Y
- 4.89%
- 3Y*
- 6.41%
- 5Y*
- 4.27%
- 10Y*
- 4.60%
PRVBX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRVBX Permanent Portfolio Versatile Bond Portfolio | 1.23% | 5.66% | 5.78% | 6.91% | -5.91% | 2.93% | 9.88% | 9.29% | 2.01% | 0.69% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.85% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 4.30% |
Correlation
The correlation between PRVBX and MDHVX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.33 |
The correlation between PRVBX and MDHVX shifts across timeframes, from 0.33 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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
PRVBX vs. MDHVX — Risk / Return Rank
PRVBX
MDHVX
PRVBX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Permanent Portfolio Versatile Bond Portfolio (PRVBX) 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.
| PRVBX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.72 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.30 | 4.79 | -1.49 |
| Martin ratioReturn relative to average drawdown | 12.76 | 23.69 | -10.93 |
Loading charts...
Drawdowns
PRVBX vs. MDHVX - Drawdown Comparison
The maximum PRVBX drawdown since its inception was -16.91%, smaller than the maximum MDHVX drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for PRVBX and MDHVX.
Loading charts...
Drawdown Indicators
| PRVBX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.91% | -18.04% | +1.13% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.06% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -2.65% | +1.14% |
Max Drawdown (5Y)Largest decline over 5 years | -8.22% | -6.26% | -1.96% |
Max Drawdown (10Y)Largest decline over 10 years | -16.91% | -18.04% | +1.13% |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -0.77% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.39% | 0.21% | +0.18% |
Volatility
PRVBX vs. MDHVX - Volatility Comparison
Permanent Portfolio Versatile Bond Portfolio (PRVBX) has a higher volatility of 0.65% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.44%. This indicates that PRVBX'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
| PRVBX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.44% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 1.43% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.78% | 1.82% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.36% | 2.58% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.35% | 3.42% | +0.93% |
PRVBX vs. MDHVX - Expense Ratio Comparison
PRVBX has a 0.64% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
PRVBX vs. MDHVX - Dividend Comparison
PRVBX's dividend yield for the trailing twelve months is around 4.13%, less than MDHVX's 5.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 5.33% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
PRVBX Permanent Portfolio Versatile Bond Portfolio | 4.13% | 4.18% | 3.61% | 3.16% | 1.83% | 0.85% | 4.73% | 2.51% | 1.71% | 3.30% | 3.27% | 5.71% |
Frequently Asked Questions
PRVBX and MDHVX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRVBX has higher volatility (0.65%) compared to MDHVX (0.44%). In terms of maximum drawdown, PRVBX dropped -16.91% vs MDHVX's -18.04%.
PRVBX currently has the higher Sharpe Ratio (2.79 vs 2.79), 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 PRVBX 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