Mainstay High Correlations

Mutual Funds . USA . 
Fund . Mainstay High Yield
MMHDX Fund  USD 11.78  0.01  0.09%   
The current 90-days correlation between Mainstay High Yield and Transamerica Bond Class is 0.73 (i.e., Poor diversification). The correlation of Mainstay High 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 High Correlation With Market

Average diversification

The correlation between Mainstay High Yield and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay High Yield 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 High Yield. 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 unemployment.

Moving together with Mainstay Mutual Fund

  0.99MMHAX Mainstay High YieldPairCorr
  0.99MMHIX Mainstay High YieldPairCorr
  0.99MNOCX Mainstay New YorkPairCorr
  0.99MNOAX Mainstay New YorkPairCorr
  0.99MNOIX Mainstay New YorkPairCorr
  0.99MNOLX Mainstay Mackay NewPairCorr
  0.63EPLPX Mainstay Epoch EquityPairCorr
  0.62EPLMX Mainstay Epoch EquityPairCorr
  0.62EPLKX Mainstay Epoch EquityPairCorr
  0.63EPLCX Mainstay Epoch EquityPairCorr
  0.68EPSYX Mainstay Epoch GlobalPairCorr
  0.68EPSPX Mainstay Epoch GlobalPairCorr
  0.68EPSKX Mainstay Epoch GlobalPairCorr
  0.71FCIKX Mainstay PinestonePairCorr
  0.71FCICX Mainstay PinestonePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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