Mainstay Large Correlations

MLACX Fund

USD 6.41 0.01 0.16%

The current 90-days correlation between Mainstay Large Cap and Mainstay High Yield is 0.26 (i.e., Modest diversification). The correlation of Mainstay Large 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 Large Correlation With Market

Poor diversification

The correlation between Mainstay Large Cap and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Large Cap 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 Large Cap. 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 main economic indicators.

Moving together with Mainstay Mutual Fund

0.72	MKHCX	Mainstay High Yield	Pair Corr
1.0	MLABX	Mainstay Large Cap	Pair Corr
1.0	MLAAX	Mainstay Large Cap	Pair Corr
1.0	MLAIX	Mainstay Large Cap	Pair Corr
1.0	MLRMX	Mainstay Winslow Large	Pair Corr
0.93	MMPCX	Mainstay Map Equity	Pair Corr
0.86	MMRAX	Mainstay Moderate	Pair Corr
0.83	MMRCX	Mainstay Moderate	Pair Corr
0.83	MMRBX	Mainstay Moderate	Pair Corr
0.86	MMRIX	Mainstay Moderate	Pair Corr
0.85	MMRSX	Mainstay Moderate	Pair Corr
0.78	MNERX	Mainstay Conservative Etf	Pair Corr
0.78	MNEAX	Mainstay Conservative Etf	Pair Corr
0.92	APSDX	Mainstay Fiera Smid	Pair Corr
0.8	MNELX	Mainstay Conservative Etf	Pair Corr
0.76	MNEKX	Mainstay Conservative Etf	Pair Corr
0.89	EPLPX	Mainstay Epoch Equity	Pair Corr
0.89	EPLMX	Mainstay Epoch Equity	Pair Corr
0.89	EPLKX	Mainstay Epoch Equity	Pair Corr
0.89	EPLCX	Mainstay Epoch Equity	Pair Corr
0.88	EPLBX	Mainstay Epoch Equity	Pair Corr
0.94	MOEAX	Mainstay Growth Etf	Pair Corr
0.94	MOECX	Mainstay Growth Etf	Pair Corr
0.94	MOEIX	Mainstay Growth Etf	Pair Corr
0.94	MOERX	Mainstay Growth Etf	Pair Corr
0.94	MOEVX	Mainstay Growth Etf	Pair Corr
0.76	FCUPX	Mainstay Pinestone Equity	Pair Corr

Moving against Mainstay Mutual Fund

0.37	MKTBX	Mainstay Tax Free	Pair Corr
0.58	FCICX	Mainstay Pinestone	Pair Corr

Related Correlations Analysis

	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MMHAX	MMHDX
MKHCX		0.22	0.57	0.72	0.72	0.72	0.37	0.3	MKHCX
MKTBX	0.22		0.39	-0.37	-0.37	-0.37	0.97	0.98	MKTBX
MKTRX	0.57	0.39		0.28	0.28	0.28	0.46	0.46	MKTRX
MLACX	0.72	-0.37	0.28		1.0	1.0	-0.19	-0.27	MLACX
MLABX	0.72	-0.37	0.28	1.0		1.0	-0.2	-0.27	MLABX
MLAAX	0.72	-0.37	0.28	1.0	1.0		-0.19	-0.27	MLAAX
MMHAX	0.37	0.97	0.46	-0.19	-0.2	-0.19		1.0	MMHAX
MMHDX	0.3	0.98	0.46	-0.27	-0.27	-0.27	1.0		MMHDX
	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	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

MLABX	+ 1.0	MLACX
MLAAX	+ 1.0	MLACX
MLAAX	+ 1.0	MLABX
MMHDX	+ 1.0	MMHAX
MMHDX	+ 0.98	MKTBX
MMHAX	+ 0.97	MKTBX

High negative correlations

MLAAX	- 0.37	MKTBX
MLABX	- 0.37	MKTBX
MLACX	- 0.37	MKTBX
MMHDX	- 0.27	MLAAX
MMHDX	- 0.27	MLABX
MMHDX	- 0.27	MLACX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Large 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 Large'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	(0.50)	0.12	0.00	(0.19)	0.19	(0.19)	0.58
MKTBX	0.14	0.01	(0.36)	0.05	0.21	(0.21)	0.32	(0.32)	1.28
MKTRX	0.38	(0.04)	(0.21)	0.04	0.42	(0.43)	0.77	(0.94)	2.17
MLACX	0.78	0.00	0.00	0.12	1.20	(0.80)	1.66	(2.32)	5.43
MLABX	0.79	0.00	0.00	0.12	1.17	(0.83)	1.65	(2.31)	5.41
MLAAX	0.79	0.00	0.00	0.12	1.18	(0.81)	1.74	(2.29)	5.42
MMHAX	0.18	0.02	(0.28)	0.00	0.30	(0.24)	0.42	(0.41)	1.92
MMHDX	0.18	0.01	(0.29)	0.02	0.29	(0.24)	0.34	(0.41)	1.93

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