Mainstay Floating Correlations

MXFIX Fund

USD 8.88 0.01 0.11%

The current 90-days correlation between Mainstay Floating Rate and Mainstay High Yield is 0.18 (i.e., Average diversification). The correlation of Mainstay Floating 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 Floating Correlation With Market

Good diversification

The correlation between Mainstay Floating Rate and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Floating Rate 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 Floating Rate. 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

0.83	MLAIX	Mainstay Large Cap	Pair Corr
0.72	APSLX	Mainstay Fiera Smid	Pair Corr
0.73	APSDX	Mainstay Fiera Smid	Pair Corr

Moving against Mainstay Mutual Fund

0.39	MKTRX	Mainstay Income Builder	Pair Corr
0.35	MLACX	Mainstay Large Cap	Pair Corr
0.35	MLABX	Mainstay Large Cap	Pair Corr
0.81	FCICX	Mainstay Pinestone	Pair Corr
0.67	MSDIX	Mainstay Unconstrained	Pair Corr
0.57	CLARX	Voya Real Estate	Pair Corr
0.55	FCGYX	Mainstay Pinestone Global	Pair Corr
0.54	EPSKX	Mainstay Epoch Global	Pair Corr
0.53	EPSYX	Mainstay Epoch Global	Pair Corr
0.53	EPSPX	Mainstay Epoch Global	Pair Corr
0.4	VCRCX	Mainstay Cbre Global	Pair Corr
0.37	VCRAX	Voya Cbre Global	Pair Corr
0.36	VCRIX	Voya Cbre Global	Pair Corr

Related Correlations Analysis

	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX
MKHCX		0.73	0.71	0.3	0.3	0.37	0.18	0.36	0.73	0.73	MKHCX
MKTBX	0.73		0.71	0.16	0.16	0.15	-0.08	0.15	0.99	0.99	MKTBX
MKTRX	0.71	0.71		0.51	0.51	0.51	-0.25	0.51	0.68	0.76	MKTRX
MLACX	0.3	0.16	0.51		1.0	0.98	-0.52	0.98	0.1	0.25	MLACX
MLABX	0.3	0.16	0.51	1.0		0.98	-0.52	0.98	0.1	0.25	MLABX
MLAAX	0.37	0.15	0.51	0.98	0.98		-0.34	1.0	0.11	0.24	MLAAX
MLAIX	0.18	-0.08	-0.25	-0.52	-0.52	-0.34		-0.36	0.0	-0.17	MLAIX
MLRMX	0.36	0.15	0.51	0.98	0.98	1.0	-0.36		0.11	0.24	MLRMX
MMHAX	0.73	0.99	0.68	0.1	0.1	0.11	0.0	0.11		0.98	MMHAX
MMHDX	0.73	0.99	0.76	0.25	0.25	0.24	-0.17	0.24	0.98		MMHDX
	MKHCX	MKTBX	MKTRX	MLACX	MLABX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX

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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

MLABX	+ 1.0	MLACX
MLRMX	+ 1.0	MLAAX
MMHAX	+ 0.99	MKTBX
MMHDX	+ 0.99	MKTBX
MLAAX	+ 0.98	MLACX
MLRMX	+ 0.98	MLACX

High negative correlations

MLAIX	- 0.52	MLABX
MLAIX	- 0.52	MLACX
MLRMX	- 0.36	MLAIX
MLAIX	- 0.34	MLAAX
MLAIX	- 0.25	MKTRX
MMHDX	- 0.17	MLAIX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Floating 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 Floating'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
MKHCX	0.13	(0.02)	0.00	(2.49)	0.00	0.00	0.19	(0.38)	0.96
MKTBX	0.19	(0.04)	0.00	(0.63)	0.00	0.00	0.32	(0.53)	1.50
MKTRX	0.38	(0.06)	0.00	(0.53)	0.00	0.00	0.77	(0.90)	3.39
MLACX	1.42	(0.41)	0.00	(1.35)	0.00	0.00	1.53	(2.32)	35.65
MLABX	1.44	(0.41)	0.00	(1.27)	0.00	0.00	1.52	(2.31)	35.75
MLAAX	1.12	(0.18)	0.00	(0.86)	0.00	0.00	1.51	(2.29)	21.05
MLAIX	0.78	0.09	0.05	1.40	1.13	(0.78)	1.48	(1.42)	6.38
MLRMX	1.14	(0.20)	0.00	(0.91)	0.00	0.00	1.51	(2.25)	22.17
MMHAX	0.24	(0.04)	0.00	(0.53)	0.00	0.00	0.50	(0.58)	2.02
MMHDX	0.23	(0.05)	0.00	(0.62)	0.00	0.00	0.42	(0.58)	2.02

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