Mainstay Cornerstone Correlations

KLGAX Fund

USD 46.65 0.20 0.43%

The current 90-days correlation between Mainstay Nerstone Growth and Vanguard Financials Index is 0.69 (i.e., Poor diversification). The correlation of Mainstay Cornerstone 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 Cornerstone Correlation With Market

Poor diversification

The correlation between Mainstay Nerstone Growth and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Nerstone Growth and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Mainstay Nerstone Growth. 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 nation.

Moving together with Mainstay Mutual Fund

1.0	MLACX	Mainstay Large Cap	Pair Corr
1.0	MLAAX	Mainstay Large Cap	Pair Corr
1.0	MLAIX	Mainstay Large Cap	Pair Corr
1.0	MLRMX	Mainstay Winslow Large	Pair Corr
0.83	MMRAX	Mainstay Moderate	Pair Corr
0.83	MMRCX	Mainstay Moderate	Pair Corr
0.83	MMRIX	Mainstay Moderate	Pair Corr
0.83	MMRSX	Mainstay Moderate	Pair Corr
0.8	MNERX	Mainstay Conservative Etf	Pair Corr
0.79	MNEVX	Mainstay Conservative Etf	Pair Corr
0.98	APSLX	Mainstay Fiera Smid	Pair Corr
0.78	MNEAX	Mainstay Conservative Etf	Pair Corr
0.98	APSDX	Mainstay Fiera Smid	Pair Corr
0.76	MNELX	Mainstay Conservative Etf	Pair Corr
0.81	MNEKX	Mainstay Conservative Etf	Pair Corr
0.86	FCGYX	Mainstay Pinestone Global	Pair Corr
0.93	MOEAX	Mainstay Growth Etf	Pair Corr
0.94	MOECX	Mainstay Growth Etf	Pair Corr
0.93	MOEIX	Mainstay Growth Etf	Pair Corr
0.93	MOERX	Mainstay Growth Etf	Pair Corr
0.93	MOEVX	Mainstay Growth Etf	Pair Corr
0.79	FCUPX	Mainstay Pinestone Equity	Pair Corr

Moving against Mainstay Mutual Fund

0.59	MSDIX	Mainstay Unconstrained	Pair Corr
0.56	MSICX	Mainstay Unconstrained	Pair Corr
0.55	MASAX	Mainstay Unconstrained	Pair Corr
0.48	VCRAX	Voya Cbre Global	Pair Corr
0.48	VCRIX	Voya Cbre Global	Pair Corr
0.47	VCRCX	Mainstay Cbre Global	Pair Corr

Related Correlations Analysis

	VFAIX	IAAEX	RMBKX	MCBXX	FNPIX	DVFYX	GCFSX
VFAIX		0.17	0.82	0.0	0.91	0.87	0.59	VFAIX
IAAEX	0.17		0.34	0.0	0.32	0.23	0.17	IAAEX
RMBKX	0.82	0.34		0.0	0.74	0.56	0.17	RMBKX
MCBXX	0.0	0.0	0.0		0.0	0.0	0.0	MCBXX
FNPIX	0.91	0.32	0.74	0.0		0.95	0.71	FNPIX
DVFYX	0.87	0.23	0.56	0.0	0.95		0.86	DVFYX
GCFSX	0.59	0.17	0.17	0.0	0.71	0.86		GCFSX
	VFAIX	IAAEX	RMBKX	MCBXX	FNPIX	DVFYX	GCFSX

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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

DVFYX	+ 0.95	FNPIX
FNPIX	+ 0.91	VFAIX
DVFYX	+ 0.87	VFAIX
GCFSX	+ 0.86	DVFYX
RMBKX	+ 0.82	VFAIX
FNPIX	+ 0.74	RMBKX

High negative correlations

GCFSX	- 0.0	MCBXX
DVFYX	- 0.0	MCBXX
FNPIX	- 0.0	MCBXX
MCBXX	- 0.0	RMBKX
MCBXX	- 0.0	IAAEX
MCBXX	- 0.0	VFAIX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Cornerstone 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 Cornerstone'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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VFAIX	0.85	0.01	0.01	0.01	1.27	(0.84)	1.99	(2.51)	6.10
IAAEX	0.81	(0.12)	0.00	1.00	0.00	0.00	1.41	(1.48)	9.17
RMBKX	1.13	(0.15)	0.00	(0.14)	0.00	0.00	2.19	(3.08)	6.79
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FNPIX	1.27	0.01	0.00	(0.10)	1.87	(1.25)	2.66	(3.48)	9.08
DVFYX	0.85	0.03	0.02	(0.33)	1.27	(0.82)	1.65	(2.39)	6.47
GCFSX	0.76	0.06	0.05	(0.50)	1.00	(0.79)	1.80	(2.41)	4.68

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