Mainstay Mackay Correlations

MCAMX Fund

USD 9.57 0.03 0.31%

The current 90-days correlation between Mainstay Mackay Cali and Goldman Sachs Technology is 0.13 (i.e., Average diversification). The correlation of Mainstay Mackay 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 Mackay Correlation With Market

Significant diversification

The correlation between Mainstay Mackay California and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay California 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 Mackay California. 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 population.

Moving together with MainStay Mutual Fund

0.84	MMHAX	Mainstay High Yield	Pair Corr
0.92	MMHDX	Mainstay High Yield	Pair Corr
0.9	MMHIX	Mainstay High Yield	Pair Corr
0.95	MNOCX	Mainstay New York	Pair Corr
0.95	MNOAX	Mainstay New York	Pair Corr
0.95	MNOIX	Mainstay New York	Pair Corr
0.95	MNOLX	Mainstay Mackay New	Pair Corr

Related Correlations Analysis

	GISTX	SBHIX	TEFQX	WFTIX	JGLTX	BGSCX	CONIX
GISTX		-0.06	0.76	0.94	0.98	0.98	0.91	GISTX
SBHIX	-0.06		0.21	0.0	-0.17	-0.21	-0.02	SBHIX
TEFQX	0.76	0.21		0.78	0.68	0.66	0.67	TEFQX
WFTIX	0.94	0.0	0.78		0.9	0.89	0.96	WFTIX
JGLTX	0.98	-0.17	0.68	0.9		0.99	0.9	JGLTX
BGSCX	0.98	-0.21	0.66	0.89	0.99		0.89	BGSCX
CONIX	0.91	-0.02	0.67	0.96	0.9	0.89		CONIX
	GISTX	SBHIX	TEFQX	WFTIX	JGLTX	BGSCX	CONIX

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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

BGSCX	+ 0.99	JGLTX
JGLTX	+ 0.98	GISTX
BGSCX	+ 0.98	GISTX
CONIX	+ 0.96	WFTIX
WFTIX	+ 0.94	GISTX
CONIX	+ 0.91	GISTX

High negative correlations

BGSCX	- 0.21	SBHIX
JGLTX	- 0.17	SBHIX
SBHIX	- 0.06	GISTX
CONIX	- 0.02	SBHIX
WFTIX	- 0.0	SBHIX

Risk-Adjusted Indicators

There is a big difference between MainStay Mutual Fund performing well and Mainstay Mackay 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 Mackay'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
GISTX	1.25	(0.14)	0.00	(0.11)	0.00	0.00	2.16	(3.88)	7.54
SBHIX	0.64	0.01	0.01	0.02	0.76	(0.68)	1.20	(1.17)	3.37
TEFQX	1.72	0.01	0.01	0.01	2.58	(1.52)	3.08	(3.69)	10.40
WFTIX	0.93	(0.10)	0.00	0.56	0.00	0.00	1.80	(2.29)	4.88
JGLTX	1.20	(0.11)	0.00	(0.09)	0.00	0.00	1.98	(3.11)	6.39
BGSCX	1.48	(0.16)	0.00	(0.12)	0.00	0.00	2.37	(3.68)	9.08
CONIX	0.63	(0.07)	0.00	15.30	0.00	0.00	1.19	(1.48)	3.08

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