Mainstay Short Correlations

MDHVX Fund

USD 9.62 0.01 0.10%

The current 90-days correlation between Mainstay Short Duration and Mainstay Tax Free is 0.29 (i.e., Modest 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 0.07 (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 real.

Moving together with Mainstay Mutual Fund

0.73	MSYEX	Mainstay Mackay Unco	Pair Corr
0.67	MSYDX	Mainstay Unconstrained	Pair Corr

Moving against Mainstay Mutual Fund

0.58	MLGRX	Mainstay Large Cap	Pair Corr
0.56	MLINX	Mainstay Large Cap	Pair Corr
0.53	MLRTX	Mainstay Large Cap	Pair Corr
0.53	MLRRX	Mainstay Large Cap	Pair Corr
0.51	MLRSX	Mainstay Large Cap	Pair Corr
0.51	EPSIX	Mainstay Epoch Global	Pair Corr
0.5	EPSRX	Mainstay Epoch Global	Pair Corr
0.47	EPLIX	Mainstay Epoch Equity	Pair Corr
0.46	EPLDX	Mainstay Epoch Equity	Pair Corr
0.42	MCYCX	Mainstay Candriam	Pair Corr
0.4	MCYVX	Mainstay Candriam	Pair Corr
0.39	MCYAX	Mainstay Candriam	Pair Corr
0.39	MCYSX	Mainstay Candriam	Pair Corr
0.38	MCYIX	Mainstay Candriam	Pair Corr

Related Correlations Analysis

	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX
MKINX		0.09	0.1	0.19	0.15	0.13	0.93	0.96	0.61	0.93	MKINX
MLGRX	0.09		1.0	0.95	0.99	1.0	0.04	0.31	0.59	0.16	MLGRX
MLINX	0.1	1.0		0.95	1.0	1.0	0.06	0.33	0.6	0.18	MLINX
MLRTX	0.19	0.95	0.95		0.94	0.95	0.14	0.4	0.63	0.26	MLRTX
MLRSX	0.15	0.99	1.0	0.94		1.0	0.1	0.36	0.64	0.22	MLRSX
MLRRX	0.13	1.0	1.0	0.95	1.0		0.08	0.35	0.63	0.2	MLRRX
MMHEX	0.93	0.04	0.06	0.14	0.1	0.08		0.89	0.58	0.99	MMHEX
MMHVX	0.96	0.31	0.33	0.4	0.36	0.35	0.89		0.7	0.92	MMHVX
MMRDX	0.61	0.59	0.6	0.63	0.64	0.63	0.58	0.7		0.67	MMRDX
MNODX	0.93	0.16	0.18	0.26	0.22	0.2	0.99	0.92	0.67		MNODX
	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX

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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
MKINX	0.20	0.00	(0.19)	0.12	0.26	(0.25)	0.43	(0.42)	1.50
MLGRX	1.29	(0.27)	0.00	(0.41)	0.00	0.00	1.63	(2.92)	24.26
MLINX	1.24	(0.23)	0.00	(0.35)	0.00	0.00	1.61	(2.85)	21.92
MLRTX	1.23	(0.19)	0.00	(0.96)	0.00	0.00	1.67	(2.96)	21.46
MLRSX	1.17	(0.16)	0.00	(0.25)	0.00	0.00	1.69	(2.91)	17.93
MLRRX	1.19	(0.18)	0.00	(0.28)	0.00	0.00	1.68	(2.85)	19.09
MMHEX	0.25	0.01	(0.17)	0.51	0.35	(0.29)	0.51	(0.58)	2.03
MMHVX	0.24	0.00	(0.18)	0.04	0.36	(0.26)	0.51	(0.51)	1.95
MMRDX	0.44	(0.06)	0.00	(0.07)	0.00	0.00	0.72	(0.93)	4.56
MNODX	0.21	0.00	(0.17)	0.13	0.30	(0.30)	0.53	(0.52)	1.78

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