Mainstay Candriam Correlations

MCYAX Fund

USD 10.26 0.08 0.77%

The current 90-days correlation between Mainstay Candriam and Health Care Ultrasector is 0.15 (i.e., Average diversification). The correlation of Mainstay Candriam 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 Candriam Correlation With Market

Significant diversification

The correlation between Mainstay Candriam Emerging and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Candriam Emerging 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 Candriam Emerging. 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

0.63	MSYEX	Mainstay Mackay Unco	Pair Corr
0.65	MSYDX	Mainstay Unconstrained	Pair Corr
0.78	ICELX	Mainstay Epoch Inter	Pair Corr
0.68	MTINX	Mainstay Income Builder	Pair Corr
0.69	MTODX	Mainstay Income Builder	Pair Corr

Related Correlations Analysis

	HCPIX	RAGHX	XXGRX	XHQHX	LOGSX	BGHDX	BHSRX
HCPIX		0.82	0.68	0.63	0.62	-0.11	0.87	HCPIX
RAGHX	0.82		0.82	0.77	0.75	0.0	0.82	RAGHX
XXGRX	0.68	0.82		0.61	0.95	0.0	0.87	XXGRX
XHQHX	0.63	0.77	0.61		0.5	0.08	0.57	XHQHX
LOGSX	0.62	0.75	0.95	0.5		0.0	0.84	LOGSX
BGHDX	-0.11	0.0	0.0	0.08	0.0		-0.09	BGHDX
BHSRX	0.87	0.82	0.87	0.57	0.84	-0.09		BHSRX
	HCPIX	RAGHX	XXGRX	XHQHX	LOGSX	BGHDX	BHSRX

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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

LOGSX	+ 0.95	XXGRX
BHSRX	+ 0.87	HCPIX
BHSRX	+ 0.87	XXGRX
BHSRX	+ 0.84	LOGSX
RAGHX	+ 0.82	HCPIX
XXGRX	+ 0.82	RAGHX

High negative correlations

BGHDX	- 0.11	HCPIX
BHSRX	- 0.09	BGHDX
BGHDX	- 0.0	LOGSX
BGHDX	- 0.0	XXGRX
BGHDX	- 0.0	RAGHX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Candriam 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 Candriam'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
HCPIX	0.95	0.09	0.11	0.04	1.01	(1.09)	1.88	(1.86)	4.85
RAGHX	0.65	(0.01)	0.11	(0.05)	0.82	(0.63)	1.23	(1.25)	3.04
XXGRX	0.77	(0.05)	0.00	0.61	0.00	0.00	1.51	(1.62)	4.50
XHQHX	0.83	(0.04)	0.00	0.07	0.00	0.00	1.64	(1.66)	5.93
LOGSX	0.64	(0.06)	0.00	2.41	0.00	0.00	1.18	(1.12)	3.69
BGHDX	0.39	0.03	0.05	(0.27)	0.84	(1.90)	1.22	(0.85)	8.70
BHSRX	0.66	(0.01)	0.00	(0.11)	0.00	0.00	1.32	(1.25)	6.19

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