THYUX vs. MDHVX
THYUX (Morgan Stanley Pathway Funds High Yield Fund) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, THYUX returned 4.49%/yr vs 4.60%/yr for MDHVX. A 0.69 correlation means they provide meaningful diversification when combined. THYUX charges 0.76%/yr vs 1.10%/yr for MDHVX.
Performance
THYUX vs. MDHVX - Performance Comparison
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Returns By Period
In the year-to-date period, THYUX achieves a 2.00% return, which is significantly higher than MDHVX's 1.85% return. Both investments have delivered pretty close results over the past 10 years, with THYUX having a 4.49% annualized return and MDHVX not far ahead at 4.60%.
THYUX
- 1D
- 0.00%
- 1M
- 0.84%
- YTD
- 2.00%
- 6M
- 2.26%
- 1Y
- 4.90%
- 3Y*
- 7.24%
- 5Y*
- 3.10%
- 10Y*
- 4.49%
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%
THYUX vs. MDHVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
THYUX Morgan Stanley Pathway Funds High Yield Fund | 2.00% | 4.96% | 7.43% | 12.70% | -12.01% | 4.45% | 2.02% | 14.10% | -2.87% | 7.00% |
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 THYUX and MDHVX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012 | 0.69 |
The correlation between THYUX and MDHVX shifts across timeframes, from 0.51 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
THYUX vs. MDHVX — Risk / Return Rank
THYUX
MDHVX
THYUX vs. MDHVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Pathway Funds High Yield Fund (THYUX) 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.
| THYUX | MDHVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.72 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 4.79 | -2.18 |
| Martin ratioReturn relative to average drawdown | 8.81 | 23.69 | -14.88 |
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Drawdowns
THYUX vs. MDHVX - Drawdown Comparison
The maximum THYUX drawdown since its inception was -35.28%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for THYUX and MDHVX.
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Drawdown Indicators
| THYUX | MDHVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.28% | -18.04% | -17.24% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -1.06% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -2.65% | -2.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -6.26% | -9.23% |
Max Drawdown (10Y)Largest decline over 10 years | -21.20% | -18.04% | -3.16% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.68% | -0.77% | -3.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | 0.21% | +0.39% |
Volatility
THYUX vs. MDHVX - Volatility Comparison
Morgan Stanley Pathway Funds High Yield Fund (THYUX) has a higher volatility of 0.87% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.44%. This indicates that THYUX'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.
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Volatility by Period
| THYUX | MDHVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.44% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 2.51% | 1.43% | +1.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 1.82% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.23% | 2.58% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.48% | 3.42% | +2.06% |
THYUX vs. MDHVX - Expense Ratio Comparison
THYUX has a 0.76% expense ratio, which is lower than MDHVX's 1.10% expense ratio.
Dividends
THYUX vs. MDHVX - Dividend Comparison
THYUX's dividend yield for the trailing twelve months is around 4.80%, 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% |
THYUX Morgan Stanley Pathway Funds High Yield Fund | 4.80% | 4.24% | 7.54% | 6.35% | 6.62% | 4.93% | 4.22% | 5.20% | 6.43% | 6.04% | 6.21% | 7.43% |
Frequently Asked Questions
THYUX and MDHVX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THYUX has higher volatility (0.87%) compared to MDHVX (0.44%). In terms of maximum drawdown, THYUX dropped -35.28% vs MDHVX's -18.04%.
MDHVX currently has the higher Sharpe Ratio (2.79 vs 1.48), 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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