Mainstay High Correlations

MHYRX Fund

USD 5.26 0.01 0.19%

The current 90-days correlation between Mainstay High Yield and Alphacentric Lifesci Healthcare is 0.46 (i.e., Very weak diversification). The correlation of Mainstay High 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 High Correlation With Market

Weak diversification

The correlation between Mainstay High Yield and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay High Yield 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 High Yield. 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 metropolitan statistical area.

Moving together with Mainstay Mutual Fund

0.81	MLGRX	Mainstay Large Cap	Pair Corr
0.81	MLINX	Mainstay Large Cap	Pair Corr
0.77	MLRTX	Mainstay Large Cap	Pair Corr
0.81	MLRSX	Mainstay Large Cap	Pair Corr
0.81	MLRRX	Mainstay Large Cap	Pair Corr
0.9	MMRDX	Mainstay Moderate	Pair Corr
0.85	EPLIX	Mainstay Epoch Equity	Pair Corr
0.85	EPLDX	Mainstay Epoch Equity	Pair Corr
0.65	MOINX	Mainstay Epoch Small	Pair Corr
0.73	VCRVX	Mainstay Cbre Global	Pair Corr
0.76	VCRQX	Mainstay Cbre Global	Pair Corr
0.81	MSMIX	Mainstay Map Equity	Pair Corr
0.86	MBERX	Mainstay Balanced	Pair Corr
0.85	MBINX	Mainstay Balanced	Pair Corr
0.61	MTODX	Mainstay Income Builder	Pair Corr
0.83	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.87	MCINX	Mainstay Convertible	Pair Corr
0.87	MCKNX	Mainstay Conservative	Pair Corr
0.8	MCSSX	Mainstay Mon Stock	Pair Corr

Moving against Mainstay Mutual Fund

0.57	ICELX	Mainstay Epoch Inter	Pair Corr
0.32	MTMNX	Mainstay Total Return	Pair Corr
0.39	MGVNX	Mainstay Government	Pair Corr

Related Correlations Analysis

	LYFAX	LOGSX	ETAHX	HHCZX	AHSCX	FHCCX
LYFAX		0.79	0.84	-0.36	0.83	0.67	LYFAX
LOGSX	0.79		0.56	-0.57	0.77	0.75	LOGSX
ETAHX	0.84	0.56		-0.05	0.74	0.74	ETAHX
HHCZX	-0.36	-0.57	-0.05		-0.24	-0.38	HHCZX
AHSCX	0.83	0.77	0.74	-0.24		0.67	AHSCX
FHCCX	0.67	0.75	0.74	-0.38	0.67		FHCCX
	LYFAX	LOGSX	ETAHX	HHCZX	AHSCX	FHCCX

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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

ETAHX	+ 0.84	LYFAX
AHSCX	+ 0.83	LYFAX
LOGSX	+ 0.79	LYFAX
AHSCX	+ 0.77	LOGSX
FHCCX	+ 0.75	LOGSX
AHSCX	+ 0.74	ETAHX

High negative correlations

HHCZX	- 0.57	LOGSX
FHCCX	- 0.38	HHCZX
HHCZX	- 0.36	LYFAX
AHSCX	- 0.24	HHCZX
HHCZX	- 0.05	ETAHX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay High 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 High'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LYFAX	0.64	(0.13)	0.00	(0.09)	0.00	1.10	(1.65)	3.82
LOGSX	0.61	(0.13)	0.00	(0.11)	0.00	1.02	(1.16)	3.97
ETAHX	1.01	(0.18)	0.00	(0.04)	0.00	2.27	(2.32)	7.54
HHCZX	0.16	0.00	(0.44)	0.13	(0.20)	0.37	(0.31)	1.14
AHSCX	0.56	(0.08)	0.00	(0.05)	0.00	0.82	(1.25)	4.55
FHCCX	0.70	(0.10)	0.00	(0.02)	0.00	1.05	(1.31)	4.04

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