Mainstay Mackay Correlations

MSTEX Fund

USD 9.29 0.02 0.22%

The current 90-days correlation between Mainstay Mackay Short and Rational Dividend Capture is -0.16 (i.e., Good diversification). The correlation of Mainstay Mackay 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 Mackay Correlation With Market

Good diversification

The correlation between Mainstay Mackay Short and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay Short 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 Mackay Short. 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 income.

Moving together with Mainstay Mutual Fund

0.67	MKHCX	Mainstay High Yield	Pair Corr
0.62	MKTRX	Mainstay Income Builder	Pair Corr
0.71	MMHAX	Mainstay High Yield	Pair Corr
0.67	MMHDX	Mainstay High Yield	Pair Corr
0.73	MMHIX	Mainstay High Yield	Pair Corr
0.65	MNOCX	Mainstay New York	Pair Corr
0.66	MNOAX	Mainstay New York	Pair Corr
0.64	MNOIX	Mainstay New York	Pair Corr
0.75	FCICX	Mainstay Pinestone	Pair Corr

Related Correlations Analysis

	HDCAX	FZDAQX	FURYAX	FBANJX	FZNOPX	WABMSX	FXYBJX
HDCAX		0.13	0.87	0.7	0.72	0.78	0.88	HDCAX
FZDAQX	0.13		0.38	0.64	0.27	0.59	0.64	FZDAQX
FURYAX	0.87	0.38		0.69	0.91	0.85	0.88	FURYAX
FBANJX	0.7	0.64	0.69		0.45	0.82	0.81	FBANJX
FZNOPX	0.72	0.27	0.91	0.45		0.6	0.72	FZNOPX
WABMSX	0.78	0.59	0.85	0.82	0.6		0.86	WABMSX
FXYBJX	0.88	0.64	0.88	0.81	0.72	0.86		FXYBJX
	HDCAX	FZDAQX	FURYAX	FBANJX	FZNOPX	WABMSX	FXYBJX

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Mackay 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 Mackay'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HDCAX	0.50	0.03	0.10	0.01	0.57	(0.61)	1.01	(0.90)	2.68
FZDAQX	0.11	0.01	0.21	0.06	0.14	(0.15)	0.21	(0.21)	0.93
FURYAX	0.59	0.04	0.08	0.01	0.75	(0.64)	1.18	(1.31)	2.96
FBANJX	0.49	0.00	0.07	(0.03)	0.67	(0.54)	1.03	(1.14)	2.83
FZNOPX	0.72	0.04	0.07	0.01	0.87	(0.77)	1.46	(1.63)	3.75
WABMSX	0.50	0.09	0.17	0.18	0.55	(0.53)	1.11	(1.21)	2.77
FXYBJX	0.35	0.01	0.09	(0.03)	0.48	(0.44)	0.86	(0.85)	2.01

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Mainstay Mackay Correlations

Mainstay Mackay Correlation With Market

Good diversification

Moving together with Mainstay Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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