Mainstay California Correlations

Mutual Funds . USA . 
Fund . Mainstay California Tax
MSCVX Fund  USD 9.84  0.02  0.20%   
The current 90-days correlation between Mainstay California Tax and Pimco Diversified Income is 0.53 (i.e., Very weak diversification). The correlation of Mainstay California 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 California Correlation With Market

Very good diversification

The correlation between Mainstay California Tax and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay California Tax 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 California Tax. 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

  0.95MKINX Mainstay Tax FreePairCorr
  0.99MMHEX Mainstay Mackay HighPairCorr
  0.98MMHVX Mainstay High YieldPairCorr
  0.88MNODX Mainstay Mackay NewPairCorr
  0.99MNOVX Mainstay New YorkPairCorr
  1.0MSODX Mainstay Mackay CaliPairCorr
  0.87MTBDX Mainstay Mackay TaxPairCorr
  0.86MTFEX Mainstay Mackay StrategicPairCorr
  0.95MTFDX Mainstay Mackay StrategicPairCorr
  0.97MTFHX Mainstay Mackay StrategicPairCorr
  0.94MTFFX Mainstay Mackay StrategicPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay California 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 California'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.

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