Mainstay Short Correlations

MDHAX Fund

USD 9.55 0.05 0.52%

The current 90-days correlation between Mainstay Short Duration and Mainstay High Yield is -0.05 (i.e., Good diversification). The correlation of Mainstay Short 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 Short Correlation With Market

Significant diversification

The correlation between Mainstay Short Duration and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Short Duration 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 Short Duration. 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 nation.

Moving together with Mainstay Mutual Fund

0.75	MSTIX	Mainstay Tax Advantaged	Pair Corr
0.82	MXFCX	Mainstay Floating Rate	Pair Corr
0.86	MXFIX	Mainstay Floating Rate	Pair Corr
0.94	MHCAX	Mainstay High Yield	Pair Corr
0.96	MHYIX	Mainstay High Yield	Pair Corr
0.9	VWEAX	Vanguard High Yield	Pair Corr

Moving against Mainstay Mutual Fund

0.55	MMRBX	Mainstay Moderate	Pair Corr
0.33	MMRIX	Mainstay Moderate	Pair Corr
0.73	SMPSX	Semiconductor Ultrasector	Pair Corr
0.68	SMPIX	Semiconductor Ultrasector	Pair Corr
0.46	MGDAX	Mainstay Moderate Growth	Pair Corr
0.37	RGNCX	Victory Global Natural	Pair Corr
0.36	RSNRX	Victory Global Natural	Pair Corr
0.35	RSNYX	Victory Global Natural	Pair Corr

Related Correlations Analysis

	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX
MKHCX		0.26	0.71	-0.33	-0.26	-0.28	-0.26	-0.29	0.28	0.21	MKHCX
MKTBX	0.26		0.68	0.05	0.41	0.07	0.07	0.06	0.43	0.3	MKTBX
MKTRX	0.71	0.68		0.04	0.33	0.07	0.08	0.06	0.7	0.62	MKTRX
MLACX	-0.33	0.05	0.04		0.72	0.99	0.98	0.99	0.35	0.45	MLACX
MLABX	-0.26	0.41	0.33	0.72		0.72	0.72	0.72	0.66	0.7	MLABX
MLAAX	-0.28	0.07	0.07	0.99	0.72		1.0	1.0	0.38	0.48	MLAAX
MLAIX	-0.26	0.07	0.08	0.98	0.72	1.0		1.0	0.39	0.49	MLAIX
MLRMX	-0.29	0.06	0.06	0.99	0.72	1.0	1.0		0.38	0.48	MLRMX
MMHAX	0.28	0.43	0.7	0.35	0.66	0.38	0.39	0.38		0.94	MMHAX
MMHDX	0.21	0.3	0.62	0.45	0.7	0.48	0.49	0.48	0.94		MMHDX
	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX

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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

MLAIX	+ 1.0	MLAAX
MLRMX	+ 1.0	MLAAX
MLRMX	+ 1.0	MLAIX
MLAAX	+ 0.99	MLACX
MLRMX	+ 0.99	MLACX
MLAIX	+ 0.98	MLACX

High negative correlations

MLACX	- 0.33	MKHCX
MLRMX	- 0.29	MKHCX
MLAAX	- 0.28	MKHCX
MLAIX	- 0.26	MKHCX
MLABX	- 0.26	MKHCX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Short 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 Short'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
MKHCX	0.11	0.00	0.11	0.00	0.00	(0.21)	0.19	(0.19)	0.77
MKTBX	0.17	(0.01)	0.04	(0.35)	0.23	(0.22)	0.33	(0.43)	1.40
MKTRX	0.40	0.02	0.07	0.51	0.57	(0.43)	0.86	(0.71)	3.17
MLACX	1.48	(0.51)	0.00	(0.63)	0.00	0.00	1.58	(2.45)	34.41
MLABX	1.44	(0.44)	0.00	(1.03)	0.00	0.00	1.62	(2.31)	34.36
MLAAX	1.18	(0.28)	0.00	(0.41)	0.00	0.00	1.57	(2.30)	19.71
MLAIX	1.13	(0.24)	0.00	(0.36)	0.00	0.00	1.55	(2.34)	16.75
MLRMX	1.20	(0.30)	0.00	(0.44)	0.00	0.00	1.63	(2.34)	20.76
MMHAX	0.22	0.00	0.05	(0.02)	0.31	(0.23)	0.50	(0.58)	1.60
MMHDX	0.21	0.00	0.05	(0.01)	0.32	(0.23)	0.43	(0.58)	1.60

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