Mainstay Equity Correlations

Mutual Funds USA . 
Fund . Mainstay Equity Etf
MWFIX Fund  USD 15.66  0.12  0.77%   
The current 90-days correlation between Mainstay Equity Etf and Multisector Bond Sma is 0.7 (i.e., Poor diversification). The correlation of Mainstay Equity 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 Equity Correlation With Market

Weak diversification

The correlation between Mainstay Equity Etf and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Equity Etf 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 Equity Etf. 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 gross domestic product.

Moving together with Mainstay Mutual Fund

  0.75MKTBX Mainstay Tax FreePairCorr
  0.82MKTRX Mainstay Income BuilderPairCorr
  0.7MMHAX Mainstay High YieldPairCorr
  0.74MMHDX Mainstay High YieldPairCorr
  0.7MMHIX Mainstay High YieldPairCorr
  0.68MMPDX Mainstay Wmc ValuePairCorr
  0.62MMPCX Mainstay Map EquityPairCorr
  0.94MMRAX Mainstay ModeratePairCorr
  0.93MMRCX Mainstay ModeratePairCorr
  0.93MMRBX Mainstay ModeratePairCorr
  0.94MMRIX Mainstay ModeratePairCorr
  0.94MMRSX Mainstay ModeratePairCorr
  0.97MNERX Mainstay Conservative EtfPairCorr
  0.97MNEVX Mainstay Conservative EtfPairCorr
  0.86APSLX Mainstay Fiera SmidPairCorr
  0.97MNEAX Mainstay Conservative EtfPairCorr
  0.85APSDX Mainstay Fiera SmidPairCorr
  0.97MNELX Mainstay Conservative EtfPairCorr
  0.97MNEKX Mainstay Conservative EtfPairCorr
  0.75MNOCX Mainstay New YorkPairCorr
  0.75MNOAX Mainstay New YorkPairCorr
  0.75MNOIX Mainstay New YorkPairCorr
  0.76MNOLX Mainstay Mackay NewPairCorr
  1.0MOEAX Mainstay Growth EtfPairCorr

Related Correlations Analysis

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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   
GHVIX
+ 0.9
MBSAX
PRVBX
+ 0.84
TTRBX
MDMTX
+ 0.83
MBSAX
MDMTX
+ 0.83
TTRBX
TTRBX
+ 0.73
MBSAX
MDMTX
+ 0.73
GHVIX
  
High negative correlations   
LCCMX
- 0.02
PRVBX

Risk-Adjusted Indicators

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