PSHNX vs. MDHVX
PSHNX (Penn Capital Short Duration High Income Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 5 years, PSHNX returned 4.81%/yr vs 4.15%/yr for MDHVX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PSHNX charges 1.01%/yr vs 1.10%/yr for MDHVX.
Performance
PSHNX vs. MDHVX - Performance Comparison
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Returns By Period
In the year-to-date period, PSHNX achieves a 2.16% return, which is significantly higher than MDHVX's 1.46% return.
PSHNX
- 1D
- 0.00%
- 1M
- 0.05%
- 6M
- 1.85%
- YTD
- 2.16%
- 1Y
- 5.54%
- 3Y*
- 7.04%
- 5Y*
- 4.81%
- 10Y*
- —
- ALL TIME*
- 3.98%
MDHVX
- 1D
- -0.43%
- 1M
- -0.64%
- 6M
- 1.02%
- YTD
- 1.46%
- 1Y
- 3.44%
- 3Y*
- 5.91%
- 5Y*
- 4.15%
- 10Y*
- 4.34%
- ALL TIME*
- 4.27%
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 |
PSHNX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSHNX Penn Capital Short Duration High Income Fund | 2.16% | 7.72% | 7.19% | 8.72% | -2.26% | 3.43% | 0.88% | 7.40% | 0.61% | 0.65% |
MDHVX MainStay MacKay Short Duration High Yield Fund | 1.46% | 5.38% | 6.51% | 9.86% | -2.81% | 4.38% | 2.92% | 9.00% | -0.13% | 1.48% |
Correlation
The correlation between PSHNX and MDHVX is 0.69, 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. | 0.69 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2017 | 0.74 |
The correlation between PSHNX and MDHVX has been stable across timeframes, ranging from 0.69 to 0.79 - a consistent structural relationship.
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Return for Risk
PSHNX vs. MDHVX — Risk / Return Rank
PSHNX
MDHVX
PSHNX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Penn Capital Short Duration High Income Fund (PSHNX) 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.
| PSHNX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.42 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.67 | 3.09 | +1.57 |
| Martin ratioReturn relative to average drawdown | 23.78 | 14.49 | +9.29 |
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Drawdowns
PSHNX vs. MDHVX - Drawdown Comparison
The maximum PSHNX drawdown since its inception was -14.53%, smaller than the maximum MDHVX drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for PSHNX and MDHVX.
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Drawdown Indicators
| PSHNX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.53% | -18.04% | +3.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.14% | -1.06% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -2.83% | -2.65% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -6.02% | -6.26% | +0.24% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.04% | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.74% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -0.87% | -0.77% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.23% | -0.01% |
Volatility
PSHNX vs. MDHVX - Volatility Comparison
The current volatility for Penn Capital Short Duration High Income Fund (PSHNX) is 0.40%, while MainStay MacKay Short Duration High Yield Fund (MDHVX) has a volatility of 0.62%. This indicates that PSHNX experiences smaller price fluctuations and is considered to be less risky than MDHVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSHNX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.62% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 1.40% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.88% | 1.85% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.65% | 2.59% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.13% | 3.41% | -0.28% |
PSHNX vs. MDHVX - Expense Ratio Comparison
PSHNX has a 1.01% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
PSHNX vs. MDHVX - Dividend Comparison
PSHNX's dividend yield for the trailing twelve months is around 5.97%, more than MDHVX's 4.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MDHVX MainStay MacKay Short Duration High Yield Fund | 4.82% | 5.47% | 6.01% | 5.53% | 4.31% | 3.80% | 4.44% | 4.37% | 4.33% | 4.03% | 4.95% | 4.87% |
PSHNX Penn Capital Short Duration High Income Fund | 5.97% | 6.27% | 6.43% | 4.95% | 3.47% | 3.17% | 3.95% | 3.65% | 3.13% | 1.46% | 0.00% | 0.00% |
Frequently Asked Questions
PSHNX and MDHVX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MDHVX has higher volatility (0.62%) compared to PSHNX (0.40%). In terms of maximum drawdown, PSHNX dropped -14.53% vs MDHVX's -18.04%.
PSHNX currently has the higher Sharpe Ratio (2.85 vs 1.76), 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.
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