Mainstay Unconstrained Correlations

MSYDX Fund

USD 8.78 0.01 0.11%

The current 90-days correlation between Mainstay Unconstrained and Mainstay Balanced Fund is 0.36 (i.e., 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

Very good diversification

The correlation between Mainstay Unconstrained Bond and DJI is -0.22 (i.e., Very good 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

0.67	MKINX	Mainstay Tax Free	Pair Corr
0.72	MMHEX	Mainstay Mackay High	Pair Corr
0.71	MMHVX	Mainstay High Yield	Pair Corr
0.61	MNOVX	Mainstay New York	Pair Corr
0.83	EPSRX	Mainstay Epoch Global	Pair Corr
0.82	EPSIX	Mainstay Epoch Global	Pair Corr
0.88	VCRVX	Mainstay Cbre Global	Pair Corr
0.88	VCRQX	Mainstay Cbre Global	Pair Corr
1.0	MSYEX	Mainstay Mackay Unco	Pair Corr
0.96	ICELX	Mainstay Epoch Inter	Pair Corr
0.68	MTBDX	Mainstay Mackay Tax	Pair Corr
0.82	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.81	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.85	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.81	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.81	MTINX	Mainstay Income Builder	Pair Corr
0.99	MTMNX	Mainstay Total Return	Pair Corr
0.82	MTODX	Mainstay Income Builder	Pair Corr
0.99	MTRDX	Mainstay Total Return	Pair Corr
0.71	MCYAX	Mainstay Candriam	Pair Corr

Moving against Mainstay Mutual Fund

0.51	MLGRX	Mainstay Large Cap	Pair Corr
0.51	MLINX	Mainstay Large Cap	Pair Corr
0.51	MLRTX	Mainstay Large Cap	Pair Corr
0.51	MLRRX	Mainstay Large Cap	Pair Corr
0.5	MLRSX	Mainstay Large Cap	Pair Corr
0.5	MOINX	Mainstay Epoch Small	Pair Corr
0.39	MMRDX	Mainstay Moderate	Pair Corr
0.56	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.49	MGDNX	Mainstay Moderate Growth	Pair Corr
0.35	MCINX	Mainstay Convertible	Pair Corr

Related Correlations Analysis

	MBERX	MSYEX	MSYDX	MBINX	ICELX	MKINX	MTBDX	MTFEX	MTFDX
MBERX		0.5	0.53	1.0	0.52	0.45	0.3	0.54	0.41	MBERX
MSYEX	0.5		1.0	0.48	0.96	0.65	0.67	0.81	0.8	MSYEX
MSYDX	0.53	1.0		0.5	0.96	0.67	0.68	0.82	0.81	MSYDX
MBINX	1.0	0.48	0.5		0.5	0.44	0.28	0.52	0.39	MBINX
ICELX	0.52	0.96	0.96	0.5		0.54	0.58	0.71	0.72	ICELX
MKINX	0.45	0.65	0.67	0.44	0.54		0.9	0.96	0.88	MKINX
MTBDX	0.3	0.67	0.68	0.28	0.58	0.9		0.91	0.97	MTBDX
MTFEX	0.54	0.81	0.82	0.52	0.71	0.96	0.91		0.94	MTFEX
MTFDX	0.41	0.8	0.81	0.39	0.72	0.88	0.97	0.94		MTFDX
	MBERX	MSYEX	MSYDX	MBINX	ICELX	MKINX	MTBDX	MTFEX	MTFDX

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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
MBERX	0.42	0.02	0.03	(0.15)	0.51	(0.46)	0.84	(0.77)	2.14
MSYEX	0.14	0.02	0.12	(0.44)	0.00	(0.21)	0.35	(0.23)	0.82
MSYDX	0.14	0.02	0.12	(0.42)	0.00	(0.19)	0.34	(0.23)	0.81
MBINX	0.42	0.01	0.03	(0.13)	0.52	(0.45)	0.85	(0.74)	2.12
ICELX	0.61	0.10	0.13	(0.37)	0.67	(0.65)	1.22	(1.30)	3.27
MKINX	0.18	(0.02)	0.00	0.71	0.00	0.00	0.33	(0.53)	1.07
MTBDX	0.17	(0.02)	0.00	0.59	0.00	0.00	0.33	(0.43)	1.08
MTFEX	0.14	(0.01)	0.00	0.76	0.00	0.00	0.32	(0.32)	0.85
MTFDX	0.14	(0.01)	0.00	0.36	0.00	0.00	0.32	(0.32)	0.85

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