Mainstay Floating Correlations

MXFNX Fund

USD 8.90 0.00 0.00%

The current 90-days correlation between Mainstay Floating Rate and Calamos Dynamic Convertible is 0.03 (i.e., Significant diversification). The correlation of Mainstay Floating 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 Floating Correlation With Market

Significant diversification

The correlation between Mainstay Floating Rate and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Floating Rate 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 Floating Rate. 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 board of governors.

Moving together with Mainstay Mutual Fund

0.86	MLGRX	Mainstay Large Cap	Pair Corr
0.86	MLINX	Mainstay Large Cap	Pair Corr
0.84	MLRTX	Mainstay Large Cap	Pair Corr
0.85	MLRSX	Mainstay Large Cap	Pair Corr
0.86	MLRRX	Mainstay Large Cap	Pair Corr
0.65	MMRDX	Mainstay Moderate	Pair Corr
0.78	EPLIX	Mainstay Epoch Equity	Pair Corr
0.79	EPLDX	Mainstay Epoch Equity	Pair Corr
0.8	MOINX	Mainstay Epoch Small	Pair Corr
0.82	MSMIX	Mainstay Map Equity	Pair Corr
0.75	MBERX	Mainstay Balanced	Pair Corr
0.73	MBINX	Mainstay Balanced	Pair Corr
0.8	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.76	MCINX	Mainstay Convertible	Pair Corr
0.66	MCSSX	Mainstay Mon Stock	Pair Corr

Moving against Mainstay Mutual Fund

0.93	ICELX	Mainstay Epoch Inter	Pair Corr
0.78	MSYEX	Mainstay Mackay Unco	Pair Corr
0.78	MSYDX	Mainstay Unconstrained	Pair Corr
0.32	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.81	MGVNX	Mainstay Government	Pair Corr
0.8	MTMNX	Mainstay Total Return	Pair Corr
0.8	MGVDX	Mainstay Mackay Infr	Pair Corr
0.78	MTRDX	Mainstay Total Return	Pair Corr
0.63	CRVRX	Mainstay Cbre Real	Pair Corr
0.47	MYINX	Mainstay International	Pair Corr
0.34	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.31	MTFDX	Mainstay Mackay Strategic	Pair Corr

Related Correlations Analysis

	CCD	HCHYX	FZNQEX	TPYYX	BBINX	DHGCX	GMOZX	TFBIX
CCD		0.34	0.24	0.54	0.17	0.04	0.38	0.22	CCD
HCHYX	0.34		0.62	0.72	0.72	0.74	0.47	0.67	HCHYX
FZNQEX	0.24	0.62		0.38	0.63	0.86	-0.1	0.42	FZNQEX
TPYYX	0.54	0.72	0.38		0.48	0.34	0.4	0.47	TPYYX
BBINX	0.17	0.72	0.63	0.48		0.82	0.24	0.88	BBINX
DHGCX	0.04	0.74	0.86	0.34	0.82		-0.01	0.69	DHGCX
GMOZX	0.38	0.47	-0.1	0.4	0.24	-0.01		0.37	GMOZX
TFBIX	0.22	0.67	0.42	0.47	0.88	0.69	0.37		TFBIX
	CCD	HCHYX	FZNQEX	TPYYX	BBINX	DHGCX	GMOZX	TFBIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TFBIX	+ 0.88	BBINX
DHGCX	+ 0.86	FZNQEX
DHGCX	+ 0.82	BBINX
DHGCX	+ 0.74	HCHYX
TPYYX	+ 0.72	HCHYX
BBINX	+ 0.72	HCHYX

High negative correlations

GMOZX	- 0.1	FZNQEX
GMOZX	- 0.01	DHGCX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Floating 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 Floating'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
CCD	0.75	0.00	(0.06)	0.10	0.89	(0.82)	1.88	(1.68)	4.88
HCHYX	0.20	0.01	(0.31)	(4.51)	0.21	(0.24)	0.41	(0.41)	1.36
FZNQEX	0.11	(0.01)	(0.94)	0.34	0.11	(0.14)	0.29	(0.17)	0.93
TPYYX	0.70	0.03	(0.08)	(0.29)	0.95	(0.76)	1.40	(1.71)	5.39
BBINX	0.12	0.01	(0.34)	(0.03)	0.14	(0.17)	0.29	(0.29)	1.07
DHGCX	0.16	(0.01)	(0.54)	(0.04)	0.15	(0.19)	0.35	(0.25)	0.96
GMOZX	0.13	0.01	(0.40)	0.19	0.00	(0.17)	0.28	(0.33)	0.72
TFBIX	0.16	0.01	(0.23)	0.28	0.20	(0.22)	0.40	(0.39)	1.58

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