Mainstay New Correlations

MNOIX Fund  USD 9.54  0.07  0.73%   
The current 90-days correlation between Mainstay New York and Angel Oak Ultrashort is 0.1 (i.e., Average diversification). The correlation of Mainstay New 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 New Correlation With Market

MainstayDowDiversified AwayMainstayDowDiversified Away100%

Good diversification

The correlation between Mainstay New York and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay New York 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 New York. 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 gross domestic product.

Moving together with Mainstay Mutual Fund

  0.92MKTBX Mainstay Tax FreePairCorr
  0.91MMHAX Mainstay High YieldPairCorr
  0.91MMHDX Mainstay High YieldPairCorr
  0.91MMHIX Mainstay High YieldPairCorr
  0.68MMRAX Mainstay ModeratePairCorr
  0.67MMRCX Mainstay ModeratePairCorr
  0.67MMRBX Mainstay ModeratePairCorr
  0.68MMRIX Mainstay ModeratePairCorr
  0.67MMRSX Mainstay ModeratePairCorr
  0.72MNERX Mainstay Conservative EtfPairCorr
  0.71MNEVX Mainstay Conservative EtfPairCorr
  0.72MNEAX Mainstay Conservative EtfPairCorr
  0.71MNELX Mainstay Conservative EtfPairCorr
  0.81MNEKX Mainstay Conservative EtfPairCorr
  0.92MNOCX Mainstay New YorkPairCorr
  0.92MNOAX Mainstay New YorkPairCorr
  0.92MNOLX Mainstay Mackay NewPairCorr
  0.69MOEAX Mainstay Growth EtfPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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