Mainstay Unconstrained Correlations

MSYDX Fund

USD 8.82 0.01 0.11%

The current 90-days correlation between Mainstay Unconstrained and Tiaa Cref Lifestyle Moderate is 0.55 (i.e., Very weak diversification). The correlation of Mainstay Unconstrained 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 Unconstrained Correlation With Market

Modest diversification

The correlation between Mainstay Unconstrained Bond and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Unconstrained Bond 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 Unconstrained Bond. 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

0.62	MMHEX	Mainstay Mackay High	Pair Corr
1.0	MSYEX	Mainstay Mackay Unco	Pair Corr
0.94	ICELX	Mainstay Epoch Inter	Pair Corr
0.74	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.75	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.76	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.62	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.79	MTINX	Mainstay Income Builder	Pair Corr
0.89	MTMNX	Mainstay Total Return	Pair Corr
0.8	MTODX	Mainstay Income Builder	Pair Corr
0.93	MTRDX	Mainstay Total Return	Pair Corr
0.77	MCYAX	Mainstay Candriam	Pair Corr

Related Correlations Analysis

	TSIMX	MRMAX	QCGLRX	JTSQX	HBAIX
TSIMX		0.9	0.93	0.98	0.98	TSIMX
MRMAX	0.9		0.69	0.89	0.81	MRMAX
QCGLRX	0.93	0.69		0.92	0.96	QCGLRX
JTSQX	0.98	0.89	0.92		0.96	JTSQX
HBAIX	0.98	0.81	0.96	0.96		HBAIX
	TSIMX	MRMAX	QCGLRX	JTSQX	HBAIX

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Unconstrained 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 Unconstrained'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
TSIMX	0.38	0.02	0.05	0.02	0.57	(0.35)	0.67	(0.79)	2.33
MRMAX	0.29	0.01	0.03	0.00	0.53	(0.31)	0.66	(0.54)	3.18
QCGLRX	0.61	0.03	0.04	0.02	0.94	(0.55)	1.06	(1.49)	3.68
JTSQX	0.50	0.00	0.00	(0.02)	0.00	0.00	0.90	(1.20)	3.28
HBAIX	0.37	0.03	0.07	0.05	0.55	(0.36)	0.76	(0.90)	2.53

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Mainstay Unconstrained Correlations

Mainstay Unconstrained Correlation With Market

Modest diversification

Moving together with Mainstay Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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