Mainstay Indexed Correlations

MIXAX Fund

USD 9.07 0.02 0.22%

The current 90-days correlation between Mainstay Indexed Bond and Mainstay High Yield is 0.39 (i.e., Weak diversification). The correlation of Mainstay Indexed 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 Indexed Correlation With Market

Modest diversification

The correlation between Mainstay Indexed Bond and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Indexed Bond 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 Indexed Bond. 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

0.66	MKTBX	Mainstay Tax Free	Pair Corr
0.66	MKTRX	Mainstay Income Builder	Pair Corr
0.63	MMHAX	Mainstay High Yield	Pair Corr
0.67	MMHDX	Mainstay High Yield	Pair Corr
0.7	FCICX	Mainstay Pinestone	Pair Corr

Moving against Mainstay Mutual Fund

0.44	MLAIX	Mainstay Large Cap	Pair Corr
0.32	MOPAX	Mainstay Epoch Small	Pair Corr
0.32	MOTBX	Mainstay Epoch Small	Pair Corr
0.31	MOPIX	Mainstay Epoch Small	Pair Corr

Related Correlations Analysis

	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX
MKHCX		0.66	0.6	0.07	0.07	0.18	0.4	0.17	0.67	0.65	MKHCX
MKTBX	0.66		0.66	-0.02	-0.02	-0.03	-0.01	-0.03	0.99	0.99	MKTBX
MKTRX	0.6	0.66		0.38	0.38	0.37	-0.18	0.37	0.68	0.7	MKTRX
MLACX	0.07	-0.02	0.38		1.0	0.97	-0.45	0.98	0.05	0.07	MLACX
MLABX	0.07	-0.02	0.38	1.0		0.97	-0.45	0.98	0.05	0.07	MLABX
MLAAX	0.18	-0.03	0.37	0.97	0.97		-0.23	1.0	0.04	0.05	MLAAX
MLAIX	0.4	-0.01	-0.18	-0.45	-0.45	-0.23		-0.26	-0.03	-0.08	MLAIX
MLRMX	0.17	-0.03	0.37	0.98	0.98	1.0	-0.26		0.05	0.05	MLRMX
MMHAX	0.67	0.99	0.68	0.05	0.05	0.04	-0.03	0.05		1.0	MMHAX
MMHDX	0.65	0.99	0.7	0.07	0.07	0.05	-0.08	0.05	1.0		MMHDX
	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX

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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

MLABX	+ 1.0	MLACX
MLRMX	+ 1.0	MLAAX
MMHDX	+ 1.0	MMHAX
MMHAX	+ 0.99	MKTBX
MMHDX	+ 0.99	MKTBX
MLRMX	+ 0.98	MLACX

High negative correlations

MLAIX	- 0.45	MLABX
MLAIX	- 0.45	MLACX
MLRMX	- 0.26	MLAIX
MLAIX	- 0.23	MLAAX
MLAIX	- 0.18	MKTRX
MMHDX	- 0.08	MLAIX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Indexed 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 Indexed'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
MKHCX	0.13	(0.03)	0.00	(0.21)	0.00	0.00	0.19	(0.38)	0.96
MKTBX	0.19	(0.04)	0.00	1.82	0.00	0.00	0.32	(0.53)	1.50
MKTRX	0.37	(0.08)	0.00	(0.12)	0.00	0.00	0.77	(0.90)	3.39
MLACX	1.39	(0.43)	0.00	(0.30)	0.00	0.00	1.53	(2.32)	35.65
MLABX	1.41	(0.42)	0.00	(0.29)	0.00	0.00	1.52	(2.31)	35.75
MLAAX	1.08	(0.20)	0.00	(0.15)	0.00	0.00	1.51	(2.29)	21.05
MLAIX	0.74	0.08	0.05	0.11	1.12	(0.73)	1.48	(1.42)	6.38
MLRMX	1.11	(0.21)	0.00	(0.16)	0.00	0.00	1.51	(2.25)	22.17
MMHAX	0.23	(0.04)	0.00	0.67	0.00	0.00	0.42	(0.58)	2.02
MMHDX	0.23	(0.04)	0.00	0.70	0.00	0.00	0.42	(0.58)	2.02

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