Mainstay Mackay Correlations

MTFDX Fund

USD 9.56 0.01 0.10%

The current 90-days correlation between Mainstay Mackay Strategic and Dreyfusstandish Global Fixed is 0.5 (i.e., Very 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

Very good diversification

The correlation between Mainstay Mackay Strategic and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay Strategic 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 Strategic. 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 unemployment.

Moving together with Mainstay Mutual Fund

0.99	MKINX	Mainstay Tax Free	Pair Corr
0.96	MMHEX	Mainstay Mackay High	Pair Corr
0.97	MMHVX	Mainstay High Yield	Pair Corr
0.88	MNODX	Mainstay Mackay New	Pair Corr
0.97	MNOVX	Mainstay New York	Pair Corr
0.95	MSCVX	Mainstay California Tax	Pair Corr
0.95	MSODX	Mainstay Mackay Cali	Pair Corr
0.77	MSYEX	Mainstay Mackay Unco	Pair Corr
0.77	MSYDX	Mainstay Unconstrained	Pair Corr
0.92	MTBDX	Mainstay Mackay Tax	Pair Corr
0.92	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.99	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.99	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.75	MTMNX	Mainstay Total Return	Pair Corr
0.76	MTRDX	Mainstay Total Return	Pair Corr

Moving against Mainstay Mutual Fund

0.32	MLGRX	Mainstay Large Cap	Pair Corr
0.32	MLINX	Mainstay Large Cap	Pair Corr
0.32	MLRTX	Mainstay Large Cap	Pair Corr
0.32	MLRSX	Mainstay Large Cap	Pair Corr
0.32	MLRRX	Mainstay Large Cap	Pair Corr

Related Correlations Analysis

	DSDYX	DODFX	GMADX	RGELX	LEQCX	CGEOX	TOIIX	VEIPX
DSDYX		0.2	0.17	-0.45	-0.54	-0.38	0.08	-0.53	DSDYX
DODFX	0.2		0.78	0.15	-0.21	0.27	0.89	0.09	DODFX
GMADX	0.17	0.78		0.32	0.1	0.46	0.83	0.3	GMADX
RGELX	-0.45	0.15	0.32		0.85	0.93	0.03	0.95	RGELX
LEQCX	-0.54	-0.21	0.1	0.85		0.75	-0.24	0.89	LEQCX
CGEOX	-0.38	0.27	0.46	0.93	0.75		0.18	0.89	CGEOX
TOIIX	0.08	0.89	0.83	0.03	-0.24	0.18		0.03	TOIIX
VEIPX	-0.53	0.09	0.3	0.95	0.89	0.89	0.03		VEIPX
	DSDYX	DODFX	GMADX	RGELX	LEQCX	CGEOX	TOIIX	VEIPX

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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

VEIPX	+ 0.95	RGELX
CGEOX	+ 0.93	RGELX
TOIIX	+ 0.89	DODFX
VEIPX	+ 0.89	LEQCX
VEIPX	+ 0.89	CGEOX
LEQCX	+ 0.85	RGELX

High negative correlations

LEQCX	- 0.54	DSDYX
VEIPX	- 0.53	DSDYX
RGELX	- 0.45	DSDYX
CGEOX	- 0.38	DSDYX
TOIIX	- 0.24	LEQCX
LEQCX	- 0.21	DODFX

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
DSDYX	0.16	(0.01)	(0.67)	0.97	0.18	(0.18)	0.34	(0.24)	0.92
DODFX	0.63	(0.09)	0.00	(0.08)	0.00	0.00	1.18	(1.56)	4.42
GMADX	0.55	0.01	(0.14)	1.83	0.72	(0.56)	1.18	(1.20)	3.39
RGELX	0.57	0.00	(0.05)	0.12	0.62	(0.65)	1.31	(1.29)	3.60
LEQCX	0.40	0.11	(0.04)	(5.03)	0.24	(0.49)	0.95	(0.73)	2.38
CGEOX	0.65	(0.06)	(0.08)	0.05	0.88	(0.70)	1.45	(1.59)	4.11
TOIIX	0.61	(0.05)	0.00	1.10	0.00	0.00	1.29	(1.59)	4.09
VEIPX	0.49	(0.01)	(0.06)	0.11	0.38	(0.56)	1.03	(0.82)	3.73

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