Mainstay Tax Correlations

Mutual Funds . USA . 
Fund . Mainstay Tax Free
MKINX Fund  USD 9.29  0.01  0.11%   
The current 90-days correlation between Mainstay Tax Free and Aqr Equity Market is -0.06 (i.e., Good 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

Significant diversification

The correlation between Mainstay Tax Free and DJI is 0.09 (i.e., Significant 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

  0.88VWLTX Vanguard Long TermPairCorr
  0.88VWAHX Vanguard High YieldPairCorr
  0.88VWALX Vanguard High YieldPairCorr
  0.99FSMUX Strategic AdvisersPairCorr
  0.89VWLUX Vanguard Long TermPairCorr
  0.89FAFTX Franklin Federal TaxPairCorr
  0.99FFTQX Franklin Federal TaxPairCorr
  0.99FKTIX Franklin Federal TaxPairCorr
  0.99FRFTX Franklin Federal TaxPairCorr
  0.88FFQAX Franklin Federal TaxPairCorr
  0.62ABNOX Ab Bond InflationPairCorr
  0.68DBIWX Dws Global MacroPairCorr
  0.74GIOIX Guggenheim Macro OppPairCorr
  0.65USGDX Morgan Stanley GovernmentPairCorr
  0.7VICSX Vanguard Intermediate-terPairCorr
  0.88TIMUX Transamerica IntermediatePairCorr
  0.63HTD John Hancock TaxPairCorr
  0.69HRBDX Harbor Bond FundPairCorr
  0.66DLDFX Destinations Low DurationPairCorr

Related Correlations Analysis

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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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