Mainstay Definedterm Correlations

MMD Fund

USD 15.69 0.21 1.32%

The current 90-days correlation between Mainstay Definedterm and Eaton Vance Municipal is 0.36 (i.e., Weak diversification). The correlation of Mainstay Definedterm 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.

Mainstay Definedterm Correlation With Market

Average diversification

The correlation between Mainstay Definedterm Muncipal and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Definedterm Muncipal 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 Definedterm Muncipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving against Mainstay Fund

0.86	BTCVX	Cboe Vest Bitcoin	Pair Corr
0.73	FZROX	Fidelity Zero Total	Pair Corr
0.71	FIVUX	First Investors Oppo	Pair Corr
0.71	VFINX	Vanguard 500 Index	Pair Corr
0.67	HIX	Western Asset High	Pair Corr
0.67	GVCAX	Gabelli Value	Pair Corr
0.65	ELFNX	Elfun Trusts Elfun	Pair Corr
0.6	FSUTX	Utilities Portfolio	Pair Corr
0.44	IVHIX	Ivy High Income	Pair Corr
0.43	RGGEX	American Funds Global	Pair Corr
0.41	WHIYX	Ivy High Income	Pair Corr
0.41	ACP	Aberdeen Income Credit	Pair Corr
0.4	AMECX	Income Fund	Pair Corr
0.37	WRHIX	Ivy High Income	Pair Corr
0.35	IHIFX	Ivy High Income	Pair Corr
0.34	RA	Brookfield Real Assets	Pair Corr
0.31	AHYDX	High Yield Fund	Pair Corr

Related Correlations Analysis

	CXH	EVN	DTF	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3
CXH		0.42	0.5	0.0	0.26	0.54	0.31	0.54	0.5	-0.02	CXH
EVN	0.42		-0.09	0.0	-0.08	-0.09	-0.48	0.09	-0.37	-0.79	EVN
DTF	0.5	-0.09		0.0	-0.01	0.39	0.52	0.31	0.49	0.45	DTF
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
MSTSX	0.26	-0.08	-0.01	0.0		0.65	0.08	0.76	0.19	0.2	MSTSX
LBHIX	0.54	-0.09	0.39	0.0	0.65		0.5	0.83	0.56	0.41	LBHIX
VIASP	0.31	-0.48	0.52	0.0	0.08	0.5		0.35	0.87	0.71	VIASP
RRTLX	0.54	0.09	0.31	0.0	0.76	0.83	0.35		0.45	0.24	RRTLX
OSHDF	0.5	-0.37	0.49	0.0	0.19	0.56	0.87	0.45		0.64	OSHDF
70082LAB3	-0.02	-0.79	0.45	0.0	0.2	0.41	0.71	0.24	0.64		70082LAB3
	CXH	EVN	DTF	AQUI	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3

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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

OSHDF	+ 0.87	VIASP
RRTLX	+ 0.83	LBHIX
RRTLX	+ 0.76	MSTSX
70082LAB3	+ 0.71	VIASP
LBHIX	+ 0.65	MSTSX
70082LAB3	+ 0.64	OSHDF

High negative correlations

70082LAB3	- 0.79	EVN
VIASP	- 0.48	EVN
OSHDF	- 0.37	EVN
LBHIX	- 0.09	EVN
DTF	- 0.09	EVN
MSTSX	- 0.08	EVN

Risk-Adjusted Indicators

There is a big difference between Mainstay Fund performing well and Mainstay Definedterm 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 Definedterm'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
CXH	0.33	0.04	(0.18)	(0.11)	0.42	(0.36)	0.62	(0.74)	2.10
EVN	0.49	(0.04)	0.00	(3.51)	0.00	0.00	1.02	(1.12)	2.92
DTF	0.23	0.02	(0.33)	(0.33)	0.21	(0.29)	0.53	(0.36)	1.96
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.45	0.00	(0.10)	0.11	0.39	(0.58)	1.21	(0.84)	2.80
LBHIX	0.10	0.01	(0.41)	0.24	0.00	(0.25)	0.24	(0.24)	0.71
VIASP	0.76	0.12	0.00	(1.56)	1.12	(0.82)	2.28	(1.20)	7.18
RRTLX	0.22	0.02	(0.29)	0.47	0.16	(0.25)	0.48	(0.47)	1.36
OSHDF	39.65	22.79	0.00	(0.86)	0.00	0.00	0.00	0.00	1,329
70082LAB3	0.70	0.07	(0.03)	1.15	0.99	(0.84)	1.75	(1.19)	6.86

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