Mainstay Mackay Correlations

MGVDX Fund

USD 7.52 0.01 0.13%

The current 90-days correlation between Mainstay Mackay Infr and Mainstay Tax Free is 0.61 (i.e., Poor diversification). The correlation of Mainstay Mackay 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 Mackay Correlation With Market

Very good diversification

The correlation between Mainstay Mackay Infrastructure and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay Infrastructure 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 Mackay Infrastructure. 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

0.76	MKINX	Mainstay Tax Free	Pair Corr
0.63	MMHVX	Mainstay High Yield	Pair Corr
0.63	MNODX	Mainstay Mackay New	Pair Corr
0.64	MNOVX	Mainstay New York	Pair Corr
0.98	MSYEX	Mainstay Mackay Unco	Pair Corr
0.99	MSYDX	Mainstay Unconstrained	Pair Corr
0.79	ICELX	Mainstay Epoch Inter	Pair Corr
0.68	MTBDX	Mainstay Mackay Tax	Pair Corr
0.69	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.69	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.69	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.77	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.99	MTMNX	Mainstay Total Return	Pair Corr
0.96	MTRDX	Mainstay Total Return	Pair Corr

Moving against Mainstay Mutual Fund

0.76	MLGRX	Mainstay Large Cap	Pair Corr
0.76	MLINX	Mainstay Large Cap	Pair Corr
0.76	MLRTX	Mainstay Large Cap	Pair Corr
0.76	MLRSX	Mainstay Large Cap	Pair Corr
0.76	MLRRX	Mainstay Large Cap	Pair Corr
0.7	MSMIX	Mainstay Map Equity	Pair Corr
0.67	MOINX	Mainstay Epoch Small	Pair Corr
0.61	EPLDX	Mainstay Epoch Equity	Pair Corr
0.6	EPLIX	Mainstay Epoch Equity	Pair Corr
0.55	MBERX	Mainstay Balanced	Pair Corr
0.53	MBINX	Mainstay Balanced	Pair Corr
0.38	MMRDX	Mainstay Moderate	Pair Corr
0.7	MXFEX	Mainstay Floating Rate	Pair Corr
0.7	MXFNX	Mainstay Floating Rate	Pair Corr
0.68	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.59	MCINX	Mainstay Convertible	Pair Corr
0.57	MDHVX	Mainstay Short Duration	Pair Corr
0.55	MGDNX	Mainstay Moderate Growth	Pair Corr
0.42	MCSSX	Mainstay Mon Stock	Pair Corr
0.38	MECVX	Mainstay Epoch Capital	Pair Corr

Related Correlations Analysis

	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX
MKINX		-0.36	-0.36	-0.36	-0.37	-0.37	0.96	0.97	0.03	0.98	MKINX
MLGRX	-0.36		1.0	1.0	1.0	1.0	-0.15	-0.2	0.85	-0.21	MLGRX
MLINX	-0.36	1.0		1.0	1.0	1.0	-0.15	-0.2	0.85	-0.21	MLINX
MLRTX	-0.36	1.0	1.0		1.0	1.0	-0.15	-0.2	0.85	-0.21	MLRTX
MLRSX	-0.37	1.0	1.0	1.0		1.0	-0.15	-0.2	0.85	-0.21	MLRSX
MLRRX	-0.37	1.0	1.0	1.0	1.0		-0.15	-0.2	0.85	-0.21	MLRRX
MMHEX	0.96	-0.15	-0.15	-0.15	-0.15	-0.15		1.0	0.21	0.98	MMHEX
MMHVX	0.97	-0.2	-0.2	-0.2	-0.2	-0.2	1.0		0.18	0.99	MMHVX
MMRDX	0.03	0.85	0.85	0.85	0.85	0.85	0.21	0.18		0.14	MMRDX
MNODX	0.98	-0.21	-0.21	-0.21	-0.21	-0.21	0.98	0.99	0.14		MNODX
	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX

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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

MLINX	+ 1.0	MLGRX
MLRTX	+ 1.0	MLGRX
MLRSX	+ 1.0	MLGRX
MLRRX	+ 1.0	MLGRX
MLRTX	+ 1.0	MLINX
MLRSX	+ 1.0	MLINX

High negative correlations

MLRRX	- 0.37	MKINX
MLRSX	- 0.37	MKINX
MLRTX	- 0.36	MKINX
MLINX	- 0.36	MKINX
MLGRX	- 0.36	MKINX
MNODX	- 0.21	MLRRX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Mackay 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 Mackay'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	0.14	0.01	(0.31)	0.04	0.22	(0.23)	0.32	(0.42)	1.49
MLGRX	0.79	0.00	0.00	0.12	1.16	(0.81)	1.72	(2.21)	5.55
MLINX	0.80	0.00	0.00	0.12	1.14	(0.84)	1.72	(2.31)	5.58
MLRTX	0.79	0.00	0.00	0.12	1.18	(0.79)	1.77	(2.25)	5.52
MLRSX	0.79	0.00	0.00	0.12	1.16	(0.82)	1.72	(2.23)	5.49
MLRRX	0.80	0.00	0.00	0.12	1.18	(0.82)	1.70	(2.26)	5.46
MMHEX	0.17	0.02	(0.25)	0.00	0.29	(0.24)	0.41	(0.41)	1.92
MMHVX	0.18	0.02	(0.26)	0.00	0.30	(0.21)	0.41	(0.41)	1.76
MMRDX	0.37	(0.02)	(0.15)	0.09	0.42	(0.37)	0.69	(0.75)	2.37
MNODX	0.16	0.02	(0.27)	0.00	0.25	(0.22)	0.41	(0.41)	1.76

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