Mainstay Large Correlations

MLAIX Fund

USD 13.97 0.05 0.36%

The current 90-days correlation between Mainstay Large Cap and Oppenheimer International Diversified is 0.59 (i.e., Very weak 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 0.69 (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 gross domestic product.

Moving together with Mainstay Mutual Fund

0.65	MKHCX	Mainstay High Yield	Pair Corr
0.94	MLACX	Mainstay Large Cap	Pair Corr
1.0	MLABX	Mainstay Large Cap	Pair Corr
0.95	MLAAX	Mainstay Large Cap	Pair Corr
0.95	MLRMX	Mainstay Winslow Large	Pair Corr
0.87	MMPDX	Mainstay Wmc Value	Pair Corr
0.92	MMPCX	Mainstay Map Equity	Pair Corr
0.79	MMRAX	Mainstay Moderate	Pair Corr
0.76	MMRCX	Mainstay Moderate	Pair Corr
0.81	MMRBX	Mainstay Moderate	Pair Corr
0.8	MMRIX	Mainstay Moderate	Pair Corr
0.79	MMRSX	Mainstay Moderate	Pair Corr
0.74	MNERX	Mainstay Conservative Etf	Pair Corr
0.75	MNEVX	Mainstay Conservative Etf	Pair Corr
0.92	APSLX	Mainstay Fiera Smid	Pair Corr
0.75	MNEAX	Mainstay Conservative Etf	Pair Corr
0.93	APSDX	Mainstay Fiera Smid	Pair Corr
0.76	MNELX	Mainstay Conservative Etf	Pair Corr
0.73	MNEKX	Mainstay Conservative Etf	Pair Corr
0.82	EPLPX	Mainstay Epoch Equity	Pair Corr
0.82	EPLMX	Mainstay Epoch Equity	Pair Corr
0.85	EPLKX	Mainstay Epoch Equity	Pair Corr
0.86	EPLCX	Mainstay Epoch Equity	Pair Corr
0.85	EPLBX	Mainstay Epoch Equity	Pair Corr
0.89	MOEAX	Mainstay Growth Etf	Pair Corr

Moving against Mainstay Mutual Fund

0.32	MKTBX	Mainstay Tax Free	Pair Corr
0.64	MSDIX	Mainstay Unconstrained	Pair Corr
0.55	FCICX	Mainstay Pinestone	Pair Corr
0.42	CLARX	Voya Real Estate	Pair Corr

Related Correlations Analysis

	OIDAX	JDJRX	PGFCX	MDBLX	FPTPX	PQCNX	BICPX	CFAIX
OIDAX		0.75	0.32	0.62	0.22	0.7	0.67	0.7	OIDAX
JDJRX	0.75		0.51	0.45	0.43	0.5	0.67	0.58	JDJRX
PGFCX	0.32	0.51		0.48	0.9	0.28	0.78	0.71	PGFCX
MDBLX	0.62	0.45	0.48		0.15	0.96	0.83	0.78	MDBLX
FPTPX	0.22	0.43	0.9	0.15		-0.04	0.57	0.51	FPTPX
PQCNX	0.7	0.5	0.28	0.96	-0.04		0.75	0.7	PQCNX
BICPX	0.67	0.67	0.78	0.83	0.57	0.75		0.89	BICPX
CFAIX	0.7	0.58	0.71	0.78	0.51	0.7	0.89		CFAIX
	OIDAX	JDJRX	PGFCX	MDBLX	FPTPX	PQCNX	BICPX	CFAIX

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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

PQCNX	+ 0.96	MDBLX
FPTPX	+ 0.9	PGFCX
CFAIX	+ 0.89	BICPX
BICPX	+ 0.83	MDBLX
BICPX	+ 0.78	PGFCX
CFAIX	+ 0.78	MDBLX

High negative correlations

PQCNX

- 0.04

FPTPX

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
OIDAX	0.66	(0.14)	0.00	(0.16)	0.00	0.00	1.40	(1.50)	4.20
JDJRX	0.42	(0.02)	0.00	0.36	0.00	0.00	1.00	(0.89)	2.54
PGFCX	0.23	0.02	(0.21)	0.87	0.21	(0.28)	0.48	(0.48)	1.43
MDBLX	0.22	(0.01)	0.00	(0.39)	0.00	0.00	0.37	(0.60)	1.35
FPTPX	0.25	0.01	(0.23)	2.60	0.26	(0.29)	0.52	(0.52)	1.42
PQCNX	0.23	(0.04)	0.00	(0.59)	0.00	0.00	0.46	(0.69)	1.40
BICPX	0.19	(0.01)	0.00	(0.55)	0.00	0.00	0.44	(0.43)	1.21
CFAIX	0.25	(0.03)	(0.29)	(0.03)	0.29	(0.27)	0.44	(0.50)	1.43

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