Mainstay Convertible Correlations

Mutual Funds . USA . 
Fund . Mainstay Vertible Fund
MCOAX Fund  USD 20.07  0.02  0.1%   
The current 90-days correlation between Mainstay Convertible and Franklin Gold Precious is 0.35 (i.e., Weak diversification). The correlation of Mainstay Convertible 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 Convertible Correlation With Market

Poor diversification

The correlation between Mainstay Vertible Fund and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Vertible Fund 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 Vertible Fund. 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 nation.

Moving together with Mainstay Mutual Fund

  0.84MKHCX Mainstay High YieldPairCorr
  0.91MLACX Mainstay Large CapPairCorr
  0.91MLABX Mainstay Large CapPairCorr
  0.91MLAAX Mainstay Large CapPairCorr
  0.91MLAIX Mainstay Large CapPairCorr
  0.91MLRMX Mainstay Winslow LargePairCorr
  0.95MMPDX Mainstay Wmc ValuePairCorr
  0.95MMPCX Mainstay Map EquityPairCorr
  0.95MMRAX Mainstay ModeratePairCorr
  0.94MMRCX Mainstay ModeratePairCorr
  0.94MMRBX Mainstay ModeratePairCorr
  0.95MMRIX Mainstay ModeratePairCorr
  0.95MMRSX Mainstay ModeratePairCorr
  0.9MNERX Mainstay Conservative EtfPairCorr
  0.91MNEVX Mainstay Conservative EtfPairCorr
  0.9APSLX Mainstay Fiera SmidPairCorr
  0.9MNEAX Mainstay Conservative EtfPairCorr
  0.9APSDX Mainstay Fiera SmidPairCorr
  0.91MNELX Mainstay Conservative EtfPairCorr
  0.89MNEKX Mainstay Conservative EtfPairCorr
  0.96EPLPX Mainstay Epoch EquityPairCorr
  0.96EPLMX Mainstay Epoch EquityPairCorr
  0.96EPLKX Mainstay Epoch EquityPairCorr
  0.96EPLCX Mainstay Epoch EquityPairCorr
  0.96EPLBX Mainstay Epoch EquityPairCorr
  0.65EPSYX Mainstay Epoch GlobalPairCorr
  0.64EPSPX Mainstay Epoch GlobalPairCorr
  0.97MOEAX Mainstay Growth EtfPairCorr

Moving against Mainstay Mutual Fund

  0.49MSDIX Mainstay UnconstrainedPairCorr
  0.45FCICX Mainstay PinestonePairCorr

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 Convertible 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 Convertible'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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