Mainstay Mackay Correlations

MSTEX Fund

USD 9.28 0.01 0.11%

The current 90-days correlation between Mainstay Mackay Short and Sterling Capital Short is 0.32 (i.e., Weak 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

Significant diversification

The correlation between Mainstay Mackay Short and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay Short 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 Short. 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 income.

Moving together with Mainstay Mutual Fund

0.65	VMLTX	Vanguard Limited Term	Pair Corr
0.65	VMLUX	Vanguard Limited Term	Pair Corr
0.81	GDUSX	Goldman Sachs Short	Pair Corr
0.66	GANPX	Goldman Sachs Short	Pair Corr
0.79	SNDPX	Diversified Municipal	Pair Corr
0.78	AIDYX	Diversified Municipal	Pair Corr
0.78	AIDZX	Diversified Municipal	Pair Corr
0.68	MGGAX	Mirova Global Green	Pair Corr
0.62	BXECX	Barings Emerging Markets	Pair Corr
0.67	BXEIX	Barings Emerging Markets	Pair Corr
0.67	BXEAX	Barings Emerging Markets	Pair Corr
0.63	HLDIX	Hartford Emerging	Pair Corr
0.63	HLDRX	Hartford Emerging	Pair Corr
0.63	HLDAX	Hartford Emerging	Pair Corr
0.63	HLDCX	Hartford Emerging	Pair Corr
0.67	HLDTX	Hartford Emerging	Pair Corr

Moving against Mainstay Mutual Fund

0.41	FSRBX	Banking Portfolio Banking	Pair Corr
0.34	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.34	KMKNX	Kinetics Market Oppo Steady Growth	Pair Corr
0.33	WCEYX	Ivy E Equity	Pair Corr
0.32	AMEIX	Equity Growth	Pair Corr

Related Correlations Analysis

	BSGAX	MDMTX	PACEX	MGGNX	BXDYX	ABIMX	TFBIX	RGHYX
BSGAX		0.22	0.67	0.65	0.84	0.64	0.66	0.61	BSGAX
MDMTX	0.22		0.01	0.56	-0.2	0.8	0.73	-0.25	MDMTX
PACEX	0.67	0.01		0.44	0.78	0.34	0.42	0.71	PACEX
MGGNX	0.65	0.56	0.44		0.46	0.76	0.74	0.41	MGGNX
BXDYX	0.84	-0.2	0.78	0.46		0.31	0.39	0.88	BXDYX
ABIMX	0.64	0.8	0.34	0.76	0.31		0.97	0.2	ABIMX
TFBIX	0.66	0.73	0.42	0.74	0.39	0.97		0.3	TFBIX
RGHYX	0.61	-0.25	0.71	0.41	0.88	0.2	0.3		RGHYX
	BSGAX	MDMTX	PACEX	MGGNX	BXDYX	ABIMX	TFBIX	RGHYX

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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

TFBIX	+ 0.97	ABIMX
RGHYX	+ 0.88	BXDYX
BXDYX	+ 0.84	BSGAX
ABIMX	+ 0.8	MDMTX
BXDYX	+ 0.78	PACEX
ABIMX	+ 0.76	MGGNX

High negative correlations

RGHYX	- 0.25	MDMTX
BXDYX	- 0.2	MDMTX

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
BSGAX	0.09	0.00	(0.76)	(0.12)	0.00	(0.16)	0.24	(0.12)	0.72
MDMTX	0.16	(0.01)	(0.33)	(0.23)	0.25	(0.23)	0.38	(0.56)	1.33
PACEX	0.12	0.00	(0.72)	0.33	0.00	(0.22)	0.32	(0.22)	0.97
MGGNX	0.19	0.00	(0.43)	(1.05)	0.18	(0.25)	0.34	(0.34)	1.13
BXDYX	0.10	0.01	(0.77)	(0.47)	0.00	(0.16)	0.33	(0.11)	0.66
ABIMX	0.18	0.02	(0.25)	(0.05)	0.27	(0.24)	0.40	(0.50)	1.73
TFBIX	0.16	0.02	(0.29)	(0.07)	0.20	(0.23)	0.40	(0.39)	1.58
RGHYX	0.09	0.02	(0.65)	0.95	0.00	(0.14)	0.20	(0.20)	0.51

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