Mainstay Mackay Correlations

Mutual Funds . USA . 
Fund . Mainstay Mackay Strategic
MTFEX Fund  USD 9.41  0.02  0.21%   
The current 90-days correlation between Mainstay Mackay Strategic and Mainstay Tax Free is 0.98 (i.e., Almost no 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

Average diversification

The correlation between Mainstay Mackay Strategic and DJI is 0.17 (i.e., Average 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 income.

Moving together with Mainstay Mutual Fund

  0.99MKINX Mainstay Tax FreePairCorr
  0.91MMHEX Mainstay Mackay HighPairCorr
  0.91MMHVX Mainstay High YieldPairCorr
  0.9MNODX Mainstay Mackay NewPairCorr
  0.95MNOVX Mainstay New YorkPairCorr
  0.65MOINX Mainstay Epoch SmallPairCorr
  0.97MSCVX Mainstay California TaxPairCorr
  0.97MSODX Mainstay Mackay CaliPairCorr
  0.77MSYEX Mainstay Mackay UncoPairCorr
  0.82MSYDX Mainstay UnconstrainedPairCorr
  0.91MTBDX Mainstay Mackay TaxPairCorr
  0.97MTFDX Mainstay Mackay StrategicPairCorr
  0.98MTFHX Mainstay Mackay StrategicPairCorr
  0.97MTFFX Mainstay Mackay StrategicPairCorr
  0.7MTMNX Mainstay Total ReturnPairCorr
  0.7MTRDX Mainstay Total ReturnPairCorr
  0.71MCINX Mainstay ConvertiblePairCorr
  0.64MCKNX Mainstay ConservativePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MKINX  0.21 (0.02) 0.00 (0.32) 0.00 
 0.00 
 0.43 
(0.53)
 1.50 
MLGRX  1.23 (0.26) 0.00 (0.57) 0.00 
 0.00 
 1.55 
(2.21)
 24.26 
MLINX  1.19 (0.23) 0.00 (0.51) 0.00 
 0.00 
 1.58 
(2.31)
 21.92 
MLRTX  1.17 (0.22) 0.00 (1.47) 0.00 
 0.00 
 1.50 
(2.25)
 21.46 
MLRSX  1.11 (0.16) 0.00 (0.39) 0.00 
 0.00 
 1.52 
(2.23)
 17.93 
MLRRX  1.14 (0.18) 0.00 (0.42) 0.00 
 0.00 
 1.55 
(2.26)
 19.09 
MMHEX  0.26 (0.03) 0.00 (0.97) 0.00 
 0.00 
 0.51 
(0.59)
 2.03 
MMHVX  0.26 (0.03) 0.00 (0.32) 0.00 
 0.00 
 0.51 
(0.58)
 1.95 
MMRDX  0.44 (0.07) 0.00 (0.20) 0.00 
 0.00 
 0.70 
(0.93)
 4.56 
MNODX  0.22 (0.03) 0.00 (0.77) 0.00 
 0.00 
 0.53 
(0.62)
 1.78 

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