Mainstay Government Correlations

MGVNX Fund

USD 7.51 0.01 0.13%

The correlation of Mainstay Government 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 Government Correlation With Market

Significant diversification

The correlation between Mainstay Government Fund and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Government 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 Government 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 board of governors.

Moving together with Mainstay Mutual Fund

0.69	MKINX	Mainstay Tax Free	Pair Corr
0.72	MMHEX	Mainstay Mackay High	Pair Corr
0.7	MMHVX	Mainstay High Yield	Pair Corr
0.62	MNODX	Mainstay Mackay New	Pair Corr
0.63	MNOVX	Mainstay New York	Pair Corr
0.71	EPSRX	Mainstay Epoch Global	Pair Corr
0.7	EPSIX	Mainstay Epoch Global	Pair Corr
0.84	VCRVX	Mainstay Cbre Global	Pair Corr
0.84	VCRQX	Mainstay Cbre Global	Pair Corr
0.97	MSYEX	Mainstay Mackay Unco	Pair Corr
0.97	MSYDX	Mainstay Unconstrained	Pair Corr
0.91	ICELX	Mainstay Epoch Inter	Pair Corr
0.7	MTBDX	Mainstay Mackay Tax	Pair Corr
0.8	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.8	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.85	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.78	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.7	MTINX	Mainstay Income Builder	Pair Corr
0.99	MTMNX	Mainstay Total Return	Pair Corr
0.72	MTODX	Mainstay Income Builder	Pair Corr
0.99	MTRDX	Mainstay Total Return	Pair Corr
0.61	MCYAX	Mainstay Candriam	Pair Corr

Moving against Mainstay Mutual Fund

0.6	MLGRX	Mainstay Large Cap	Pair Corr
0.59	MLINX	Mainstay Large Cap	Pair Corr
0.59	MLRTX	Mainstay Large Cap	Pair Corr
0.59	MLRSX	Mainstay Large Cap	Pair Corr
0.59	MLRRX	Mainstay Large Cap	Pair Corr
0.59	MOINX	Mainstay Epoch Small	Pair Corr
0.41	MMRDX	Mainstay Moderate	Pair Corr
0.64	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.48	MGDNX	Mainstay Moderate Growth	Pair Corr
0.44	MCINX	Mainstay Convertible	Pair Corr

Related Correlations Analysis

	CCMSX	DFUKX	LMBMX	ESCIX	OWSMX	TVOYX
CCMSX		0.0	0.0	0.0	0.0	0.0	CCMSX
DFUKX	0.0		-0.2	0.36	0.31	-0.16	DFUKX
LMBMX	0.0	-0.2		0.52	0.74	0.96	LMBMX
ESCIX	0.0	0.36	0.52		0.7	0.54	ESCIX
OWSMX	0.0	0.31	0.74	0.7		0.81	OWSMX
TVOYX	0.0	-0.16	0.96	0.54	0.81		TVOYX
	CCMSX	DFUKX	LMBMX	ESCIX	OWSMX	TVOYX

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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

TVOYX	+ 0.96	LMBMX
TVOYX	+ 0.81	OWSMX
OWSMX	+ 0.74	LMBMX
OWSMX	+ 0.7	ESCIX
TVOYX	+ 0.54	ESCIX
ESCIX	+ 0.52	LMBMX

High negative correlations

LMBMX	- 0.2	DFUKX
TVOYX	- 0.16	DFUKX
TVOYX	- 0.0	CCMSX
OWSMX	- 0.0	CCMSX
ESCIX	- 0.0	CCMSX
LMBMX	- 0.0	CCMSX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Government 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 Government'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CCMSX	0.00	0.00	0.00	0.00	0.00	0.00
DFUKX	0.80	(0.04)	0.12	1.96	(2.04)	6.05
LMBMX	1.08	(0.16)	(0.17)	2.03	(2.70)	5.60
ESCIX	0.75	(0.01)	(0.06)	1.87	(2.03)	4.56
OWSMX	0.69	(0.07)	(0.14)	1.19	(1.37)	3.89
TVOYX	0.88	(0.09)	(0.13)	1.52	(1.95)	4.01

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