TEGAX vs. TMAYX

Last updated Jun 5, 2026

TEGAX (Touchstone Mid Cap Growth Fund) and TMAYX (Touchstone Ares Credit Opportunities Fund Class Y) are both mutual funds - TEGAX is a Mid Cap Growth Equities fund managed by Touchstone, while TMAYX is a High Yield Bonds fund actively managed by Touchstone. Over the past 10 years, TEGAX returned 13.85%/yr vs 4.50%/yr for TMAYX. At a 0.44 correlation, their price movements are largely independent. TEGAX charges 1.21%/yr vs 0.78%/yr for TMAYX.

Performance

TEGAX vs. TMAYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Mid Cap Growth Fund (TEGAX) and Touchstone Ares Credit Opportunities Fund Class Y (TMAYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEGAX achieves a 12.55% return, which is significantly higher than TMAYX's 1.42% return. Over the past 10 years, TEGAX has outperformed TMAYX with an annualized return of 13.85%, while TMAYX has yielded a comparatively lower 4.50% annualized return.

TEGAX

• 1D: -0.90%
• 1M: 4.08%
• YTD: 12.55%
• 6M: 10.53%
• 1Y: 17.77%
• 3Y*: 17.33%
• 5Y*: 7.64%
• 10Y*: 13.85%

TMAYX

• 1D: -0.22%
• 1M: 0.48%
• YTD: 1.42%
• 6M: 1.48%
• 1Y: 5.52%
• 3Y*: 8.37%
• 5Y*: 4.62%
• 10Y*: 4.50%

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

TEGAX vs. TMAYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEGAX Touchstone Mid Cap Growth Fund	12.55%	9.28%	15.99%	24.20%	-26.18%	15.51%	27.10%	53.26%	-3.71%	24.17%
TMAYX Touchstone Ares Credit Opportunities Fund Class Y	1.42%	6.15%	8.27%	13.25%	-8.54%	9.47%	4.72%	12.39%	-2.47%	0.31%

Correlation

The correlation between TEGAX and TMAYX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.44

Return for Risk

TEGAX vs. TMAYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TEGAX

TEGAX Risk / Return Rank: 17
TEGAX Sharpe Ratio Rank: 14
TEGAX Sortino Ratio Rank: 15
TEGAX Omega Ratio Rank: 13
TEGAX Calmar Ratio Rank: 21
TEGAX Martin Ratio Rank: 20

TMAYX

TMAYX Risk / Return Rank: 64
TMAYX Sharpe Ratio Rank: 59
TMAYX Sortino Ratio Rank: 73
TMAYX Omega Ratio Rank: 67
TMAYX Calmar Ratio Rank: 58
TMAYX Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TEGAX vs. TMAYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Touchstone Mid Cap Growth Fund (TEGAX) and Touchstone Ares Credit Opportunities Fund Class Y (TMAYX). 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.

	TEGAX	TMAYX	Difference
Sharpe ratio: Return per unit of total volatility	1.04	2.23	-1.18
Sortino ratio: Return per unit of downside risk	1.60	3.53	-1.94
Omega ratio: Gain probability vs. loss probability	1.18	1.45	-0.27
Calmar ratio: Return relative to maximum drawdown	1.65	2.85	-1.20
Martin ratio: Return relative to average drawdown	5.19	11.96	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEGAX vs. TMAYX - Sharpe Ratio Comparison

The current TEGAX Sharpe Ratio is 1.04, which is lower than the TMAYX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of TEGAX and TMAYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TEGAX	TMAYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	2.23	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.99	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.89	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.86	-0.26

Drawdowns

TEGAX vs. TMAYX - Drawdown Comparison

The maximum TEGAX drawdown since its inception was -53.30%, which is greater than TMAYX's maximum drawdown of -21.44%. Use the drawdown chart below to compare losses from any high point for TEGAX and TMAYX.

Drawdown Indicators

	TEGAX	TMAYX	Difference
Max Drawdown Largest peak-to-trough decline	-53.30%	-21.44%	-31.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-2.02%	-8.87%
Max Drawdown (3Y) Largest decline over 3 years	-27.79%	-4.36%	-23.43%
Max Drawdown (5Y) Largest decline over 5 years	-41.38%	-13.66%	-27.72%
Max Drawdown (10Y) Largest decline over 10 years	-41.38%	-21.44%	-19.94%
Current Drawdown Current decline from peak	-0.90%	-0.22%	-0.68%
Average Drawdown Average peak-to-trough decline	-9.23%	-2.10%	-7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.47%	0.48%	+2.99%

Volatility

TEGAX vs. TMAYX - Volatility Comparison

Touchstone Mid Cap Growth Fund (TEGAX) has a higher volatility of 5.01% compared to Touchstone Ares Credit Opportunities Fund Class Y (TMAYX) at 0.79%. This indicates that TEGAX's price experiences larger fluctuations and is considered to be riskier than TMAYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEGAX	TMAYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	0.79%	+4.22%
Volatility (6M) Calculated over the trailing 6-month period	13.85%	2.05%	+11.80%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	2.60%	+14.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.99%	4.70%	+20.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.20%	5.06%	+18.14%

TEGAX vs. TMAYX - Expense Ratio Comparison

TEGAX has a 1.21% expense ratio, which is higher than TMAYX's 0.78% expense ratio.

Dividends

TEGAX vs. TMAYX - Dividend Comparison

TEGAX's dividend yield for the trailing twelve months is around 10.13%, more than TMAYX's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEGAX Touchstone Mid Cap Growth Fund	10.13%	11.40%	2.97%	0.00%	2.69%	16.97%	6.67%	13.97%	8.53%	10.06%	2.59%	8.72%
TMAYX Touchstone Ares Credit Opportunities Fund Class Y	7.73%	7.25%	7.82%	7.91%	6.25%	6.37%	6.43%	3.81%	2.18%	4.47%	2.86%	1.81%

Frequently Asked Questions

Can I hold both TEGAX and TMAYX in my portfolio?

TEGAX and TMAYX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEGAX or TMAYX?

TEGAX has higher volatility (5.01%) compared to TMAYX (0.79%). In terms of maximum drawdown, TEGAX dropped -53.30% vs TMAYX's -21.44%.

Which has better risk-adjusted returns?

TMAYX currently has the higher Sharpe Ratio (2.23 vs 1.04), 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.