Mainstay Convertible Correlations

MCNVX Fund

USD 18.72 0.16 0.86%

The current 90-days correlation between Mainstay Convertible and Franklin Vertible Securities is 0.95 (i.e., Almost no diversification). The correlation of Mainstay Convertible 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 Convertible Correlation With Market

Good diversification

The correlation between Mainstay Vertible Fund and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Vertible Fund 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 Vertible Fund. 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 real.

Moving together with Mainstay Mutual Fund

0.95	MLACX	Mainstay Large Cap	Pair Corr
0.95	MLAAX	Mainstay Large Cap	Pair Corr
0.87	MLAIX	Mainstay Large Cap	Pair Corr
0.95	MLRMX	Mainstay Winslow Large	Pair Corr
0.73	MMPDX	Mainstay Wmc Value	Pair Corr
0.76	MMPCX	Mainstay Map Equity	Pair Corr
0.75	MMRAX	Mainstay Moderate	Pair Corr
0.86	MMRCX	Mainstay Moderate	Pair Corr
0.86	MMRIX	Mainstay Moderate	Pair Corr
0.86	MMRSX	Mainstay Moderate	Pair Corr
0.89	MNERX	Mainstay Conservative Etf	Pair Corr
0.73	MNEVX	Mainstay Conservative Etf	Pair Corr
0.95	APSLX	Mainstay Fiera Smid	Pair Corr
0.88	MNEAX	Mainstay Conservative Etf	Pair Corr
0.95	APSDX	Mainstay Fiera Smid	Pair Corr
0.88	MNELX	Mainstay Conservative Etf	Pair Corr
0.79	MNEKX	Mainstay Conservative Etf	Pair Corr
0.91	FCGYX	Mainstay Pinestone Global	Pair Corr
0.94	MOEAX	Mainstay Growth Etf	Pair Corr
0.84	MOECX	Mainstay Growth Etf	Pair Corr
0.94	MOEIX	Mainstay Growth Etf	Pair Corr
0.95	MOERX	Mainstay Growth Etf	Pair Corr
0.95	MOEVX	Mainstay Growth Etf	Pair Corr
0.75	FCUPX	Mainstay Pinestone Equity	Pair Corr

Moving against Mainstay Mutual Fund

0.47	MSDIX	Mainstay Unconstrained	Pair Corr
0.45	MSICX	Mainstay Unconstrained	Pair Corr
0.4	MASAX	Mainstay Unconstrained	Pair Corr
0.33	VCRCX	Mainstay Cbre Global	Pair Corr
0.31	VCRAX	Voya Cbre Global	Pair Corr
0.31	VCRIX	Voya Cbre Global	Pair Corr

Related Correlations Analysis

	FCSZX	MXFIX	CICVX	MMHIX	CPXIX
FCSZX		0.21	0.98	0.12	-0.09	FCSZX
MXFIX	0.21		0.15	0.67	0.54	MXFIX
CICVX	0.98	0.15		0.0	-0.23	CICVX
MMHIX	0.12	0.67	0.0		0.77	MMHIX
CPXIX	-0.09	0.54	-0.23	0.77		CPXIX
	FCSZX	MXFIX	CICVX	MMHIX	CPXIX

Click cells to compare fundamentals

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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

CICVX	+ 0.98	FCSZX
CPXIX	+ 0.77	MMHIX
MMHIX	+ 0.67	MXFIX
CPXIX	+ 0.54	MXFIX
MXFIX	+ 0.21	FCSZX
CICVX	+ 0.15	MXFIX

High negative correlations

CPXIX	- 0.23	CICVX
CPXIX	- 0.09	FCSZX
MMHIX	- 0.0	CICVX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Convertible 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 Convertible'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
FCSZX	0.57	(0.03)	0.00	0.40	0.00	0.00	1.01	(1.27)	2.74
MXFIX	0.07	0.00	0.26	0.07	0.00	(0.29)	0.11	(0.11)	0.91
CICVX	0.67	(0.05)	0.00	1.16	0.00	0.00	1.23	(1.09)	3.48
MMHIX	0.20	0.00	0.10	0.08	0.26	(0.22)	0.43	(0.59)	1.43
CPXIX	0.12	0.02	0.24	0.21	0.00	(0.16)	0.25	(0.25)	0.82

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