Mainstay Unconstrained Correlations

MSYDX Fund

USD 8.75 0.02 0.23%

The current 90-days correlation between Mainstay Unconstrained and Intermediate Government Bond is 0.14 (i.e., Average diversification). The correlation of Mainstay Unconstrained 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 Unconstrained Correlation With Market

Significant diversification

The correlation between Mainstay Unconstrained Bond and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Unconstrained Bond 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 Unconstrained Bond. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Mainstay Mutual Fund

0.94	PONAX	Pimco Income	Pair Corr
0.94	PONCX	Pimco Income	Pair Corr
0.95	PIPNX	Pimco Income	Pair Corr
0.94	PONRX	Pimco Income	Pair Corr
0.95	PONPX	Pimco Incme Fund	Pair Corr
0.95	PIINX	Pimco Income	Pair Corr
0.95	PIMIX	Pimco Income	Pair Corr
0.92	LBNDX	Lord Abbett Bond	Pair Corr
0.83	FSTAX	Fidelity Advisor Str	Pair Corr
0.85	FSRIX	Fidelity Advisor Str	Pair Corr

Related Correlations Analysis

	DPIGX	SMAAX	DNCGX	RYAQX	SWGXX	FITSX	PYUSX
DPIGX		0.36	0.24	0.23	0.55	0.18	0.92	DPIGX
SMAAX	0.36		0.88	-0.69	-0.33	0.86	0.56	SMAAX
DNCGX	0.24	0.88		-0.77	-0.45	0.97	0.47	DNCGX
RYAQX	0.23	-0.69	-0.77		0.76	-0.8	-0.06	RYAQX
SWGXX	0.55	-0.33	-0.45	0.76		-0.46	0.35	SWGXX
FITSX	0.18	0.86	0.97	-0.8	-0.46		0.42	FITSX
PYUSX	0.92	0.56	0.47	-0.06	0.35	0.42		PYUSX
	DPIGX	SMAAX	DNCGX	RYAQX	SWGXX	FITSX	PYUSX

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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

FITSX	+ 0.97	DNCGX
PYUSX	+ 0.92	DPIGX
DNCGX	+ 0.88	SMAAX
FITSX	+ 0.86	SMAAX
SWGXX	+ 0.76	RYAQX
PYUSX	+ 0.56	SMAAX

High negative correlations

FITSX	- 0.8	RYAQX
RYAQX	- 0.77	DNCGX
RYAQX	- 0.69	SMAAX
FITSX	- 0.46	SWGXX
SWGXX	- 0.45	DNCGX
SWGXX	- 0.33	SMAAX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Unconstrained 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 Unconstrained'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
DPIGX	0.05	0.00	(0.69)	0.68	0.00	(0.15)	0.21	(0.11)	0.42
SMAAX	0.15	0.00	(0.27)	0.05	0.22	(0.18)	0.30	(0.30)	1.40
DNCGX	0.20	(0.01)	(0.36)	(0.10)	0.22	(0.24)	0.40	(0.48)	1.20
RYAQX	0.64	0.10	0.00	(0.64)	0.72	(0.73)	1.44	(1.32)	5.22
SWGXX	0.03	0.01	0.00	(0.12)	0.00	0.00	0.00	0.00	1.01
FITSX	0.26	(0.01)	(0.26)	(0.13)	0.31	(0.32)	0.57	(0.57)	1.83
PYUSX	0.11	0.00	(0.54)	(0.04)	0.06	(0.18)	0.32	(0.21)	0.75

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