Mainstay Short Correlations

MDHCX Fund

USD 9.59 0.01 0.10%

The current 90-days correlation between Mainstay Short Duration and T Rowe Price is 0.38 (i.e., Weak diversification). The correlation of Mainstay Short 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 Short Correlation With Market

Modest diversification

The correlation between Mainstay Short Duration and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Short Duration 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 Short Duration. 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 main economic indicators.

Moving together with Mainstay Mutual Fund

0.8	MSTIX	Mainstay Tax Advantaged	Pair Corr
0.78	MXFCX	Mainstay Floating Rate	Pair Corr
0.83	MXFIX	Mainstay Floating Rate	Pair Corr
0.98	MHCAX	Mainstay High Yield	Pair Corr
0.98	MHYIX	Mainstay High Yield	Pair Corr
0.93	VWEAX	Vanguard High Yield	Pair Corr

Moving against Mainstay Mutual Fund

0.5	MMRBX	Mainstay Moderate	Pair Corr
0.7	SMPSX	Semiconductor Ultrasector	Pair Corr
0.68	SMPIX	Semiconductor Ultrasector	Pair Corr
0.4	MGDAX	Mainstay Moderate Growth	Pair Corr
0.33	RGNCX	Victory Global Natural	Pair Corr
0.32	RSNRX	Victory Global Natural	Pair Corr
0.31	RSNYX	Victory Global Natural	Pair Corr

Related Correlations Analysis

	PGTIX	PRGTX	CMTFX	TOWTX	PGKCX	BTEEX
PGTIX		1.0	0.93	0.52	0.67	0.78	PGTIX
PRGTX	1.0		0.93	0.52	0.68	0.78	PRGTX
CMTFX	0.93	0.93		0.5	0.78	0.84	CMTFX
TOWTX	0.52	0.52	0.5		0.26	0.69	TOWTX
PGKCX	0.67	0.68	0.78	0.26		0.44	PGKCX
BTEEX	0.78	0.78	0.84	0.69	0.44		BTEEX
	PGTIX	PRGTX	CMTFX	TOWTX	PGKCX	BTEEX

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Short 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 Short'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
PGTIX	1.13	(0.01)	0.00	(0.04)	0.00	0.00	2.10	(2.62)	7.76
PRGTX	1.13	(0.01)	0.00	(0.04)	0.00	0.00	2.07	(2.59)	7.81
CMTFX	1.13	(0.03)	0.00	(0.07)	0.00	0.00	1.96	(2.75)	7.85
TOWTX	0.63	(0.02)	0.00	(0.08)	0.00	0.00	1.19	(1.75)	4.86
PGKCX	1.34	(0.12)	0.00	(0.19)	0.00	0.00	2.15	(3.17)	9.51
BTEEX	1.18	0.02	0.01	0.00	1.87	(1.10)	2.35	(3.77)	7.75

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