Mainstay Epoch Correlations

Mutual Funds . USA . 
Fund . Mainstay Epoch Equity
EPLDX Fund  USD 21.97  0.13  0.59%   
The correlation of Mainstay Epoch is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Mainstay Epoch Correlation With Market

Very weak diversification

The correlation between Mainstay Epoch Equity and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Epoch Equity and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Mainstay Epoch Equity. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Mainstay Mutual Fund

  0.94MLGRX Mainstay Large CapPairCorr
  0.94MLINX Mainstay Large CapPairCorr
  0.78MLRTX Mainstay Large CapPairCorr
  0.74MLRSX Mainstay Large CapPairCorr
  0.92MLRRX Mainstay Large CapPairCorr
  0.86EPLIX Mainstay Epoch EquityPairCorr
  0.81EPSRX Mainstay Epoch GlobalPairCorr
  0.81EPSIX Mainstay Epoch GlobalPairCorr
  0.75MSMIX Mainstay Map EquityPairCorr
  0.77MBINX Mainstay BalancedPairCorr

Moving against Mainstay Mutual Fund

  0.39MSYEX Mainstay Mackay UncoPairCorr
  0.33MKINX Mainstay Tax FreePairCorr
  0.31MSCVX Mainstay California TaxPairCorr
  0.41MTMNX Mainstay Total ReturnPairCorr
  0.4MTRDX Mainstay Total ReturnPairCorr
  0.39MSYDX Mainstay UnconstrainedPairCorr
  0.33ICELX Mainstay Epoch InterPairCorr
  0.32MTFEX Mainstay Mackay StrategicPairCorr
  0.31MTFDX Mainstay Mackay StrategicPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
PHDTX
+ 0.87
NEAIX
FFCGX
+ 0.86
PHDTX
FFCGX
+ 0.83
NEAIX
PKHIX
+ 0.64
PHDTX
PKHIX
+ 0.53
FFCGX
PKHIX
+ 0.42
NEAIX
  
High negative correlations   
PKHIX
- 0.45
DIHRX
DIHRX
- 0.36
PHDTX
DIHRX
- 0.13
NEAIX
DIHRX
- 0.08
FFCGX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Epoch Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Mainstay Epoch's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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