TIPX vs. MHCAX

Last updated Jun 23, 2026

TIPX (SPDR Bloomberg Barclays 1-10 Year TIPS ETF) and MHCAX (MainStay MacKay High Yield Corporate Bond Fund Class A) are both funds - TIPX is a Inflation-Protected Bonds fund tracking the Bloomberg US Govt Inflation-Linked (1-10 Y), while MHCAX is a High Yield Bonds fund managed by New York Life. Over the past 10 years, TIPX returned 2.82%/yr vs 9.77%/yr for MHCAX. At a 0.18 correlation, their price movements are largely independent. TIPX charges 0.15%/yr vs 0.95%/yr for MHCAX.

Performance

TIPX vs. MHCAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) and MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TIPX achieves a 0.86% return, which is significantly lower than MHCAX's 1.40% return. Over the past 10 years, TIPX has underperformed MHCAX with an annualized return of 2.82%, while MHCAX has yielded a comparatively higher 9.77% annualized return.

TIPX

• 1D: -0.32%
• 1M: -0.26%
• YTD: 0.86%
• 6M: 1.02%
• 1Y: 3.61%
• 3Y*: 4.53%
• 5Y*: 2.14%
• 10Y*: 2.82%

MHCAX

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.40%
• 6M: 1.59%
• 1Y: 5.29%
• 3Y*: 7.01%
• 5Y*: 13.23%
• 10Y*: 9.77%

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

TIPX vs. MHCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	0.86%	7.15%	3.08%	4.43%	-7.58%	5.42%	8.51%	6.60%	-0.32%	2.54%
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	1.40%	6.44%	6.90%	11.27%	42.57%	5.10%	4.82%	12.76%	-1.92%	6.54%

Correlation

The correlation between TIPX and MHCAX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 30, 2013	0.18

The correlation between TIPX and MHCAX shifts across timeframes, from 0.18 (all time) to 0.36 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TIPX vs. MHCAX — Risk / Return Rank

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

TIPX

TIPX Risk / Return Rank: 46
TIPX Sharpe Ratio Rank: 39
TIPX Sortino Ratio Rank: 41
TIPX Omega Ratio Rank: 39
TIPX Calmar Ratio Rank: 58
TIPX Martin Ratio Rank: 53

MHCAX

MHCAX Risk / Return Rank: 83
MHCAX Sharpe Ratio Rank: 77
MHCAX Sortino Ratio Rank: 83
MHCAX Omega Ratio Rank: 87
MHCAX Calmar Ratio Rank: 78
MHCAX Martin Ratio Rank: 88

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.

TIPX vs. MHCAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) and MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX). 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.

	TIPX	MHCAX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.35	-0.99
Sortino ratio: Return per unit of downside risk	2.04	3.62	-1.58
Omega ratio: Gain probability vs. loss probability	1.25	1.57	-0.32
Calmar ratio: Return relative to maximum drawdown	2.81	3.31	-0.50
Martin ratio: Return relative to average drawdown	8.88	15.58	-6.69

TIPX vs. MHCAX - Sharpe Ratio Comparison

The current TIPX Sharpe Ratio is 1.36, which is lower than the MHCAX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of TIPX and MHCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TIPX vs. MHCAX - Drawdown Comparison

The maximum TIPX drawdown since its inception was -10.06%, smaller than the maximum MHCAX drawdown of -29.62%. Use the drawdown chart below to compare losses from any high point for TIPX and MHCAX.

Drawdown Indicators

	TIPX	MHCAX	Difference
Max Drawdown Largest peak-to-trough decline	-10.06%	-29.62%	+19.56%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-1.67%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-2.45%	-3.34%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	-10.06%	-11.74%	+1.68%
Max Drawdown (10Y) Largest decline over 10 years	-10.06%	-18.98%	+8.92%
Current Drawdown Current decline from peak	-1.14%	-0.19%	-0.95%
Average Drawdown Average peak-to-trough decline	-2.28%	-2.14%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.35%	+0.06%

Volatility

TIPX vs. MHCAX - Volatility Comparison

SPDR Bloomberg Barclays 1-10 Year TIPS ETF (TIPX) has a higher volatility of 1.02% compared to MainStay MacKay High Yield Corporate Bond Fund Class A (MHCAX) at 0.83%. This indicates that TIPX's price experiences larger fluctuations and is considered to be riskier than MHCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TIPX	MHCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	0.83%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	1.79%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	2.35%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	25.35%	-20.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.37%	18.23%	-13.86%

TIPX vs. MHCAX - Expense Ratio Comparison

TIPX has a 0.15% expense ratio, which is lower than MHCAX's 0.95% expense ratio.

Dividends

TIPX vs. MHCAX - Dividend Comparison

TIPX's dividend yield for the trailing twelve months is around 4.58%, less than MHCAX's 5.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MHCAX MainStay MacKay High Yield Corporate Bond Fund Class A	5.98%	6.06%	5.90%	5.56%	40.91%	5.00%	5.52%	5.58%	5.94%	6.20%	5.69%	6.72%
TIPX SPDR Bloomberg Barclays 1-10 Year TIPS ETF	4.58%	3.78%	3.57%	3.57%	6.08%	4.26%	1.73%	2.53%	1.90%	2.84%	1.04%	0.06%

Frequently Asked Questions

Can I hold both TIPX and MHCAX in my portfolio?

TIPX and MHCAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TIPX or MHCAX?

TIPX has higher volatility (1.02%) compared to MHCAX (0.83%). In terms of maximum drawdown, TIPX dropped -10.06% vs MHCAX's -29.62%.

Which has better risk-adjusted returns?

MHCAX currently has the higher Sharpe Ratio (2.35 vs 1.36), 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.