Mainstay Equity Correlations

Mutual Funds . USA . 
Fund . Mainstay Equity Allocation
MGXSX Fund  USD 15.96  0.14  0.87%   
The current 90-days correlation between Mainstay Equity Allo and Goldman Sachs Short is -0.16 (i.e., Good diversification). The correlation of Mainstay Equity 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 Equity Correlation With Market

Poor diversification

The correlation between Mainstay Equity Allocation and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Equity Allocation 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 Equity Allocation. 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 state.

Moving together with Mainstay Mutual Fund

  0.84MLACX Mainstay Large CapPairCorr
  0.84MLAAX Mainstay Large CapPairCorr
  0.84MLAIX Mainstay Large CapPairCorr
  0.84MLRMX Mainstay Winslow LargePairCorr
  0.99MMRAX Mainstay ModeratePairCorr
  0.99MMRCX Mainstay ModeratePairCorr
  0.99MMRIX Mainstay ModeratePairCorr
  0.99MMRSX Mainstay ModeratePairCorr
  0.71MNERX Mainstay Conservative EtfPairCorr
  0.7MNEVX Mainstay Conservative EtfPairCorr
  0.79APSLX Mainstay Fiera SmidPairCorr
  0.69MNEAX Mainstay Conservative EtfPairCorr
  0.79APSDX Mainstay Fiera SmidPairCorr
  0.67MNELX Mainstay Conservative EtfPairCorr
  0.72MNEKX Mainstay Conservative EtfPairCorr
  0.75FCGYX Mainstay Pinestone GlobalPairCorr
  0.9MOEAX Mainstay Growth EtfPairCorr
  0.9MOECX Mainstay Growth EtfPairCorr
  0.89MOEIX Mainstay Growth EtfPairCorr
  0.9MOERX Mainstay Growth EtfPairCorr
  0.9MOEVX Mainstay Growth EtfPairCorr

Moving against Mainstay Mutual Fund

  0.52MSDIX Mainstay UnconstrainedPairCorr
  0.49MASAX Mainstay UnconstrainedPairCorr
  0.49MSICX Mainstay UnconstrainedPairCorr
  0.41VCRCX Mainstay Cbre GlobalPairCorr
  0.41VCRAX Voya Cbre GlobalPairCorr
  0.41VCRIX Voya Cbre GlobalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Equity 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 Equity'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.

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