Mainstay High Correlations

MMHAX Fund

USD 12.10 0.03 0.25%

The current 90-days correlation between Mainstay High Yield and Mainstay Sp 500 is -0.28 (i.e., Very good diversification). The correlation of Mainstay High 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 High Correlation With Market

Very good diversification

The correlation between Mainstay High Yield and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay High Yield 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 High Yield. 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

0.97	MKTBX	Mainstay Tax Free	Pair Corr
1.0	MMHIX	Mainstay High Yield	Pair Corr
0.98	MNOCX	Mainstay New York	Pair Corr
0.99	MNOIX	Mainstay New York	Pair Corr

Related Correlations Analysis

	MSPIX	MBACX	MBAIX	MSTAX	MSTEX	MSTIX	MSTUX	MSXAX	MSXMX
MSPIX		0.91	0.88	-0.22	-0.23	-0.16	-0.21	1.0	1.0	MSPIX
MBACX	0.91		0.91	-0.04	-0.03	0.0	-0.04	0.91	0.91	MBACX
MBAIX	0.88	0.91		-0.08	-0.02	-0.04	-0.08	0.88	0.88	MBAIX
MSTAX	-0.22	-0.04	-0.08		0.89	0.99	0.99	-0.22	-0.22	MSTAX
MSTEX	-0.23	-0.03	-0.02	0.89		0.89	0.89	-0.22	-0.22	MSTEX
MSTIX	-0.16	0.0	-0.04	0.99	0.89		0.98	-0.16	-0.15	MSTIX
MSTUX	-0.21	-0.04	-0.08	0.99	0.89	0.98		-0.21	-0.21	MSTUX
MSXAX	1.0	0.91	0.88	-0.22	-0.22	-0.16	-0.21		1.0	MSXAX
MSXMX	1.0	0.91	0.88	-0.22	-0.22	-0.15	-0.21	1.0		MSXMX
	MSPIX	MBACX	MBAIX	MSTAX	MSTEX	MSTIX	MSTUX	MSXAX	MSXMX

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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

MSXAX	+ 1.0	MSPIX
MSXMX	+ 1.0	MSPIX
MSXMX	+ 1.0	MSXAX
MSTIX	+ 0.99	MSTAX
MSTUX	+ 0.99	MSTAX
MSTUX	+ 0.98	MSTIX

High negative correlations

MSTEX	- 0.23	MSPIX
MSXMX	- 0.22	MSTEX
MSXAX	- 0.22	MSTEX
MSXMX	- 0.22	MSTAX
MSXAX	- 0.22	MSTAX
MSTAX	- 0.22	MSPIX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay High 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 High'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
MSPIX	0.55	0.00	(0.03)	0.11	0.66	(0.57)	1.17	(1.29)	3.82
MBACX	0.32	(0.02)	(0.20)	0.08	0.24	(0.38)	0.63	(0.63)	2.47
MBAIX	0.32	0.05	(0.19)	(3.00)	0.22	(0.39)	0.65	(0.62)	2.43
MSTAX	0.06	(0.01)	(0.62)	(0.23)	0.04	(0.14)	0.21	(0.11)	0.54
MSTEX	0.08	0.00	(0.64)	0.03	0.04	(0.15)	0.22	(0.11)	0.86
MSTIX	0.06	(0.01)	(0.61)	(0.15)	0.00	(0.14)	0.11	(0.11)	0.65
MSTUX	0.07	(0.01)	(0.69)	(0.23)	0.05	(0.14)	0.21	(0.11)	0.65
MSXAX	0.55	0.00	(0.03)	0.11	0.66	(0.59)	1.16	(1.30)	3.82
MSXMX	0.55	0.00	(0.03)	0.11	0.66	(0.57)	1.17	(1.32)	3.85

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