TMAYX vs. MDHVX

Last updated Aug 5, 2026

TMAYX (Touchstone Ares Credit Opportunities Fund Class Y) and MDHVX (MainStay MacKay Short Duration High Yield Fund) are both High Yield Bonds funds. Over the past 10 years, TMAYX returned 4.53%/yr vs 4.33%/yr for MDHVX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. TMAYX charges 0.78%/yr vs 1.10%/yr for MDHVX.

Performance

TMAYX vs. MDHVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Touchstone Ares Credit Opportunities Fund Class Y (TMAYX) and MainStay MacKay Short Duration High Yield Fund (MDHVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with TMAYX at 1.57% and MDHVX at 1.57%. Both investments have delivered pretty close results over the past 10 years, with TMAYX having a 4.53% annualized return and MDHVX not far behind at 4.33%.

TMAYX

• 1D: 0.23%
• 1M: -0.20%
• 6M: 0.66%
• YTD: 1.57%
• 1Y: 3.29%
• 3Y*: 7.42%
• 5Y*: 4.62%
• 10Y*: 4.53%
• ALL TIME*: 3.95%

MDHVX

• 1D: 0.11%
• 1M: -0.53%
• 6M: 1.13%
• YTD: 1.57%
• 1Y: 3.34%
• 3Y*: 5.99%
• 5Y*: 4.19%
• 10Y*: 4.33%
• ALL TIME*: 4.27%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDHVX MainStay MacKay Short Duration High Yield Fund	$0.00	$0.00	$0.00
TMAYX Touchstone Ares Credit Opportunities Fund Class Y	$0.00	$0.00	$0.00

TMAYX vs. MDHVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TMAYX Touchstone Ares Credit Opportunities Fund Class Y	1.57%	6.15%	8.27%	13.25%	-8.54%	9.47%	4.72%	12.39%	-2.47%	0.31%
MDHVX MainStay MacKay Short Duration High Yield Fund	1.57%	5.38%	6.51%	9.86%	-2.81%	4.38%	2.92%	9.00%	-0.13%	4.30%

Correlation

The correlation between TMAYX and MDHVX is 0.65, 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.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.66
Correlation (All Time) Calculated using the full available price history since Oct 3, 2013	0.57

The correlation between TMAYX and MDHVX shifts across timeframes, from 0.57 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TMAYX vs. MDHVX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMAYX

TMAYX Risk / Return Rank: 41
TMAYX Sharpe Ratio Rank: 38
TMAYX Sortino Ratio Rank: 43
TMAYX Omega Ratio Rank: 40
TMAYX Calmar Ratio Rank: 37
TMAYX Martin Ratio Rank: 44

MDHVX

MDHVX Risk / Return Rank: 86
MDHVX Sharpe Ratio Rank: 78
MDHVX Sortino Ratio Rank: 77
MDHVX Omega Ratio Rank: 91
MDHVX Calmar Ratio Rank: 88
MDHVX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMAYX vs. MDHVX - Risk-Adjusted Trends Comparison

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

	TMAYX	MDHVX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.95	-0.61
Sortino ratio: Return per unit of downside risk	2.08	2.75	-0.68
Omega ratio: Gain probability vs. loss probability	1.26	1.48	-0.22
Calmar ratio: Return relative to maximum drawdown	1.75	3.41	-1.66
Martin ratio: Return relative to average drawdown	7.06	15.71	-8.65

TMAYX vs. MDHVX - Sharpe Ratio Comparison

The current TMAYX Sharpe Ratio is 1.34, which is lower than the MDHVX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of TMAYX and MDHVX, 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

TMAYX vs. MDHVX - Drawdown Comparison

The maximum TMAYX drawdown since its inception was -21.44%, which is greater than MDHVX's maximum drawdown of -18.04%. Use the drawdown chart below to compare losses from any high point for TMAYX and MDHVX.

Drawdown Indicators

	TMAYX	MDHVX	Difference
Max Drawdown Largest peak-to-trough decline	-21.44%	-18.04%	-3.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-1.06%	-0.96%
Max Drawdown (3Y) Largest decline over 3 years	-4.36%	-2.65%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-13.66%	-6.26%	-7.40%
Max Drawdown (10Y) Largest decline over 10 years	-21.44%	-18.04%	-3.40%
Current Drawdown Current decline from peak	-0.31%	-0.64%	+0.33%
Average Drawdown Average peak-to-trough decline	-2.08%	-0.77%	-1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	0.23%	+0.27%

Volatility

TMAYX vs. MDHVX - Volatility Comparison

Touchstone Ares Credit Opportunities Fund Class Y (TMAYX) and MainStay MacKay Short Duration High Yield Fund (MDHVX) have volatilities of 0.63% and 0.62%, 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.

Volatility by Period

	TMAYX	MDHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.62%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	1.40%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	1.85%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	2.59%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	3.41%	+1.65%

TMAYX vs. MDHVX - Expense Ratio Comparison

TMAYX has a 0.78% expense ratio, which is lower than MDHVX's 1.10% expense ratio.

Dividends

TMAYX vs. MDHVX - Dividend Comparison

TMAYX's dividend yield for the trailing twelve months is around 7.72%, 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%
TMAYX Touchstone Ares Credit Opportunities Fund Class Y	7.72%	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 TMAYX and MDHVX in my portfolio?

TMAYX and MDHVX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAYX or MDHVX?

TMAYX has higher volatility (0.63%) compared to MDHVX (0.62%). In terms of maximum drawdown, TMAYX dropped -21.44% vs MDHVX's -18.04%.

Which has better risk-adjusted returns?

MDHVX currently has the higher Sharpe Ratio (1.95 vs 1.34), 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.