Mainstay Tax Correlations

Mutual Funds . USA . 
Fund . Mainstay Tax Free
MKINX Fund  USD 9.41  0.01  0.11%   
The current 90-days correlation between Mainstay Tax Free and Dws Emerging Markets is 0.34 (i.e., Weak diversification). The correlation of Mainstay Tax 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 Tax Correlation With Market

Average diversification

The correlation between Mainstay Tax Free and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Tax Free 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 Tax Free. 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

  0.94MMHEX Mainstay Mackay HighPairCorr
  0.99MMHVX Mainstay High YieldPairCorr
  0.66MMRDX Mainstay ModeratePairCorr
  0.95MNODX Mainstay Mackay NewPairCorr
  0.95MNOVX Mainstay New YorkPairCorr
  0.62MOINX Mainstay Epoch SmallPairCorr
  0.75VCRVX Mainstay Cbre GlobalPairCorr
  0.75VCRQX Mainstay Cbre GlobalPairCorr
  0.98MSCVX Mainstay California TaxPairCorr
  0.91MSODX Mainstay Mackay CaliPairCorr
  0.64MBERX Mainstay BalancedPairCorr
  0.63MBINX Mainstay BalancedPairCorr
  0.94MTBDX Mainstay Mackay TaxPairCorr
  0.9MTFEX Mainstay Mackay StrategicPairCorr
  0.9MTFDX Mainstay Mackay StrategicPairCorr
  0.94MTFHX Mainstay Mackay StrategicPairCorr
  0.9MTFFX Mainstay Mackay StrategicPairCorr
  0.7MTINX Mainstay Income BuilderPairCorr
  0.8MTMNX Mainstay Total ReturnPairCorr
  0.69MTODX Mainstay Income BuilderPairCorr
  0.76MTRDX Mainstay Total ReturnPairCorr
  0.68MCINX Mainstay VertiblePairCorr
  0.77MCKNX Mainstay ConservativePairCorr
  0.79MCSSX Mainstay Mon StockPairCorr

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 Tax 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 Tax'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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