SRHMX vs. MMHVX
SRHMX (Columbia High Yield Municipal Fund) and MMHVX (MainStay MacKay High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, SRHMX returned 2.73%/yr vs 3.13%/yr for MMHVX. Their correlation of 0.82 suggests significant overlap in exposure. SRHMX charges 0.65%/yr vs 0.87%/yr for MMHVX.
Performance
SRHMX vs. MMHVX - Performance Comparison
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Returns By Period
In the year-to-date period, SRHMX achieves a 3.38% return, which is significantly higher than MMHVX's 3.05% return. Over the past 10 years, SRHMX has underperformed MMHVX with an annualized return of 2.73%, while MMHVX has yielded a comparatively higher 3.13% annualized return.
SRHMX
- 1D
- 0.11%
- 1M
- 2.22%
- YTD
- 3.38%
- 6M
- 3.99%
- 1Y
- 8.98%
- 3Y*
- 6.27%
- 5Y*
- 0.79%
- 10Y*
- 2.73%
MMHVX
- 1D
- -0.08%
- 1M
- 2.23%
- YTD
- 3.05%
- 6M
- 3.60%
- 1Y
- 8.82%
- 3Y*
- 5.13%
- 5Y*
- 1.08%
- 10Y*
- 3.13%
SRHMX vs. MMHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRHMX Columbia High Yield Municipal Fund | 3.38% | 4.36% | 7.72% | 6.63% | -17.44% | 6.57% | 3.75% | 9.05% | 2.43% | 7.05% |
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.05% | 4.27% | 4.24% | 8.60% | -14.42% | 6.12% | 5.18% | 9.18% | 4.06% | 8.60% |
Correlation
The correlation between SRHMX and MMHVX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2010 | 0.82 |
The correlation between SRHMX and MMHVX has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
SRHMX vs. MMHVX — Risk / Return Rank
SRHMX
MMHVX
SRHMX vs. MMHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia High Yield Municipal Fund (SRHMX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX). 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.
| SRHMX | MMHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.61 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 2.89 | +0.43 |
| Martin ratioReturn relative to average drawdown | 12.06 | 10.15 | +1.92 |
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Drawdowns
SRHMX vs. MMHVX - Drawdown Comparison
The maximum SRHMX drawdown since its inception was -26.04%, which is greater than MMHVX's maximum drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for SRHMX and MMHVX.
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Drawdown Indicators
| SRHMX | MMHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.04% | -20.86% | -5.18% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -3.11% | +0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -8.81% | -8.16% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.59% | -20.86% | -1.73% |
Max Drawdown (10Y)Largest decline over 10 years | -22.59% | -20.86% | -1.73% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -3.19% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.88% | -0.13% |
Volatility
SRHMX vs. MMHVX - Volatility Comparison
Columbia High Yield Municipal Fund (SRHMX) and MainStay MacKay High Yield Municipal Bond Fund (MMHVX) have volatilities of 0.95% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRHMX | MMHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 0.98% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.53% | 2.57% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.44% | 3.57% | -0.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.90% | 5.66% | +0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.61% | 5.33% | +0.28% |
SRHMX vs. MMHVX - Expense Ratio Comparison
SRHMX has a 0.65% expense ratio, which is lower than MMHVX's 0.87% expense ratio.
Dividends
SRHMX vs. MMHVX - Dividend Comparison
SRHMX's dividend yield for the trailing twelve months is around 4.61%, more than MMHVX's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMHVX MainStay MacKay High Yield Municipal Bond Fund | 3.96% | 5.31% | 3.98% | 3.28% | 3.47% | 2.71% | 3.32% | 3.83% | 3.91% | 3.92% | 4.20% | 4.40% |
SRHMX Columbia High Yield Municipal Fund | 4.61% | 5.65% | 4.79% | 4.30% | 4.46% | 3.40% | 3.83% | 4.55% | 5.10% | 4.30% | 4.56% | 4.55% |
Frequently Asked Questions
SRHMX and MMHVX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMHVX has higher volatility (0.98%) compared to SRHMX (0.95%). In terms of maximum drawdown, SRHMX dropped -26.04% vs MMHVX's -20.86%.
SRHMX currently has the higher Sharpe Ratio (2.62 vs 2.52), 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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