Mainstay Moderate Correlations

MGDNX Fund

USD 15.06 0.17 1.14%

The current 90-days correlation between Mainstay Moderate Growth and Intermediate Term Bond Fund is 0.02 (i.e., Significant diversification). The correlation of Mainstay Moderate 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 Moderate Correlation With Market

Poor diversification

The correlation between Mainstay Moderate Growth and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Moderate 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 Moderate 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 board of governors.

Moving together with Mainstay Mutual Fund

0.77	MLGRX	Mainstay Large Cap	Pair Corr
0.77	MLINX	Mainstay Large Cap	Pair Corr
0.77	MLRTX	Mainstay Large Cap	Pair Corr
0.77	MLRSX	Mainstay Large Cap	Pair Corr
0.77	MLRRX	Mainstay Large Cap	Pair Corr
0.98	MMRDX	Mainstay Moderate	Pair Corr
0.76	MOINX	Mainstay Epoch Small	Pair Corr
0.77	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.7	MCINX	Mainstay Convertible	Pair Corr
0.83	MCKNX	Mainstay Conservative	Pair Corr

Moving against Mainstay Mutual Fund

0.51	MSYEX	Mainstay Mackay Unco	Pair Corr
0.48	MSYDX	Mainstay Unconstrained	Pair Corr
0.44	ICELX	Mainstay Epoch Inter	Pair Corr
0.38	VCRQX	Mainstay Cbre Global	Pair Corr
0.36	VCRVX	Mainstay Cbre Global	Pair Corr
0.45	MTRDX	Mainstay Total Return	Pair Corr
0.44	MTMNX	Mainstay Total Return	Pair Corr
0.39	MXFEX	Mainstay Floating Rate	Pair Corr
0.36	MDHVX	Mainstay Short Duration	Pair Corr
0.33	MXFNX	Mainstay Floating Rate	Pair Corr

Related Correlations Analysis

	UIITX	PRVBX	CBOEX	BMOPX	GANPX
UIITX		0.95	0.98	1.0	0.91	UIITX
PRVBX	0.95		0.97	0.95	0.92	PRVBX
CBOEX	0.98	0.97		0.98	0.9	CBOEX
BMOPX	1.0	0.95	0.98		0.9	BMOPX
GANPX	0.91	0.92	0.9	0.9		GANPX
	UIITX	PRVBX	CBOEX	BMOPX	GANPX

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Moderate 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 Moderate'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
UIITX	0.23	0.01	0.16	0.51	0.21	(0.29)	0.55	(0.43)	1.45
PRVBX	0.10	0.01	0.41	0.26	0.00	(0.13)	0.23	(0.17)	0.53
CBOEX	0.17	0.02	0.23	0.75	0.11	(0.21)	0.33	(0.32)	0.98
BMOPX	0.23	0.01	0.14	0.48	0.24	(0.27)	0.55	(0.44)	1.36
GANPX	0.06	0.00	0.23	(0.02)	0.00	(0.12)	0.10	(0.10)	0.48

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