Mainstay Indexed Correlations

MIXNX Fund

USD 9.16 0.01 0.11%

The current 90-days correlation between Mainstay Indexed Bond and Mainstay Tax Free is 0.34 (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 0.25 (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 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
0.79	MMHVX	Mainstay High Yield	Pair Corr
0.71	MNODX	Mainstay Mackay New	Pair Corr
0.71	MNOVX	Mainstay New York	Pair Corr
0.76	VCRVX	Mainstay Cbre Global	Pair Corr
0.76	VCRQX	Mainstay Cbre Global	Pair Corr
0.69	MSCVX	Mainstay California Tax	Pair Corr
0.94	MSYEX	Mainstay Mackay Unco	Pair Corr
0.93	MSYDX	Mainstay Unconstrained	Pair Corr
0.72	ICELX	Mainstay Epoch Inter	Pair Corr
0.76	MTBDX	Mainstay Mackay Tax	Pair Corr
0.66	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.76	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.76	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.76	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.8	MTINX	Mainstay Income Builder	Pair Corr
0.92	MTMNX	Mainstay Total Return	Pair Corr
0.8	MTODX	Mainstay Income Builder	Pair Corr
0.93	MTRDX	Mainstay Total Return	Pair Corr

Moving against Mainstay Mutual Fund

0.46	MXFNX	Mainstay Floating Rate	Pair Corr
0.44	MXFEX	Mainstay Floating Rate	Pair Corr

Related Correlations Analysis

	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX
MKINX		0.04	0.05	0.05	0.06	0.05	0.99	0.95	0.56	0.98	MKINX
MLGRX	0.04		1.0	1.0	0.98	0.99	0.15	0.29	0.31	0.2	MLGRX
MLINX	0.05	1.0		1.0	0.99	1.0	0.16	0.29	0.33	0.21	MLINX
MLRTX	0.05	1.0	1.0		0.99	1.0	0.16	0.29	0.34	0.21	MLRTX
MLRSX	0.06	0.98	0.99	0.99		1.0	0.17	0.29	0.39	0.22	MLRSX
MLRRX	0.05	0.99	1.0	1.0	1.0		0.16	0.29	0.37	0.22	MLRRX
MMHEX	0.99	0.15	0.16	0.16	0.17	0.16		0.98	0.57	0.99	MMHEX
MMHVX	0.95	0.29	0.29	0.29	0.29	0.29	0.98		0.57	0.98	MMHVX
MMRDX	0.56	0.31	0.33	0.34	0.39	0.37	0.57	0.57		0.6	MMRDX
MNODX	0.98	0.2	0.21	0.21	0.22	0.22	0.99	0.98	0.6		MNODX
	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX

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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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
MKINX	0.19	(0.03)	(0.58)	0.43	(0.42)	1.50
MLGRX	1.20	(0.25)	(1.01)	1.49	(2.21)	24.26
MLINX	1.15	(0.21)	(0.92)	1.58	(2.31)	21.92
MLRTX	1.13	(0.20)	(0.94)	1.45	(2.25)	21.46
MLRSX	1.07	(0.15)	(0.75)	1.52	(2.23)	17.93
MLRRX	1.10	(0.17)	(0.81)	1.49	(2.26)	19.09
MMHEX	0.24	(0.03)	(0.57)	0.50	(0.58)	2.11
MMHVX	0.24	(0.04)	(0.53)	0.42	(0.58)	1.94
MMRDX	0.47	(0.13)	(0.52)	0.62	(0.75)	7.60
MNODX	0.22	(0.03)	(0.60)	0.41	(0.61)	1.77

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