TMAYX vs. MDHVX

Last updated Jun 4, 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 4.63%/yr for MDHVX. A 0.57 correlation means they provide meaningful diversification when combined. 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

In the year-to-date period, TMAYX achieves a 1.65% return, which is significantly lower than MDHVX's 1.75% return. Both investments have delivered pretty close results over the past 10 years, with TMAYX having a 4.53% annualized return and MDHVX not far ahead at 4.63%.

TMAYX

• 1D: 0.11%
• 1M: 0.48%
• YTD: 1.65%
• 6M: 1.71%
• 1Y: 5.98%
• 3Y*: 8.45%
• 5Y*: 4.75%
• 10Y*: 4.53%

MDHVX

• 1D: 0.00%
• 1M: 0.48%
• YTD: 1.75%
• 6M: 1.53%
• 1Y: 5.11%
• 3Y*: 6.53%
• 5Y*: 4.31%
• 10Y*: 4.63%

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

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	1.65%	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	1.75%	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 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 4, 2013	0.58

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

TMAYX

TMAYX Risk / Return Rank: 71
TMAYX Sharpe Ratio Rank: 67
TMAYX Sortino Ratio Rank: 81
TMAYX Omega Ratio Rank: 75
TMAYX Calmar Ratio Rank: 64
TMAYX Martin Ratio Rank: 66

MDHVX

MDHVX Risk / Return Rank: 93
MDHVX Sharpe Ratio Rank: 89
MDHVX Sortino Ratio Rank: 90
MDHVX Omega Ratio Rank: 95
MDHVX Calmar Ratio Rank: 92
MDHVX Martin Ratio Rank: 96

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.

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.

	TMAYX	MDHVX	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.95	-0.54
Sortino ratio Return per unit of downside risk	3.85	4.42	-0.58
Omega ratio Gain probability vs. loss probability	1.49	1.78	-0.29
Calmar ratio Return relative to maximum drawdown	3.09	5.01	-1.92
Martin ratio Return relative to average drawdown	12.94	24.92	-11.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMAYX vs. MDHVX - Sharpe Ratio Comparison

The current TMAYX Sharpe Ratio is 2.41, which is comparable to the MDHVX Sharpe Ratio of 2.95. 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.

Sharpe Ratios by Period

	TMAYX	MDHVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.95	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.68	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	1.36	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.37	-0.51

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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.78%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.21%	+0.27%

Volatility

TMAYX vs. MDHVX - Volatility Comparison

Touchstone Ares Credit Opportunities Fund Class Y (TMAYX) has a higher volatility of 0.76% compared to MainStay MacKay Short Duration High Yield Fund (MDHVX) at 0.48%. This indicates that TMAYX'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.

Volatility by Period

	TMAYX	MDHVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.76%	0.48%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.04%	1.42%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	2.59%	1.79%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.70%	2.58%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.06%	3.43%	+1.63%

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 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%
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 (0.76%) compared to MDHVX (0.48%). 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 (2.95 vs 2.41), 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.