Mainstay Convertible Correlations

Mutual Funds . USA . 
Fund . Mainstay Vertible Fund
MCINX Fund  USD 19.96  0.11  0.55%   
The current 90-days correlation between Mainstay Convertible and Mainstay High Yield is 0.65 (i.e., Poor 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

Good diversification

The correlation between Mainstay Vertible Fund and DJI is -0.15 (i.e., Good 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 board of governors.

Moving together with Mainstay Mutual Fund

  0.74MKINX Mainstay Tax FreePairCorr
  0.98MLGRX Mainstay Large CapPairCorr
  0.99MLINX Mainstay Large CapPairCorr
  0.99MLRTX Mainstay Large CapPairCorr
  0.98MLRSX Mainstay Large CapPairCorr
  0.98MLRRX Mainstay Large CapPairCorr
  0.98MMRDX Mainstay ModeratePairCorr
  0.99EPLIX Mainstay Epoch EquityPairCorr
  0.98EPLDX Mainstay Epoch EquityPairCorr
  0.98EPSRX Mainstay Epoch GlobalPairCorr
  0.86VCRVX Mainstay Cbre GlobalPairCorr
  0.86VCRQX Mainstay Cbre GlobalPairCorr
  0.65MSCVX Mainstay California TaxPairCorr
  0.98MSMIX Mainstay Map EquityPairCorr
  0.66MSODX Mainstay Mackay CaliPairCorr
  0.96MBERX Mainstay BalancedPairCorr
  0.89MSYEX Mainstay Mackay UncoPairCorr
  0.88MSYDX Mainstay UnconstrainedPairCorr
  0.96MBINX Mainstay BalancedPairCorr
  0.93ICELX Mainstay Epoch InterPairCorr
  0.71MTBDX Mainstay Mackay TaxPairCorr
  0.92MTFEX Mainstay Mackay StrategicPairCorr
  0.92MTFDX Mainstay Mackay StrategicPairCorr
  0.92MTFHX Mainstay Mackay StrategicPairCorr
  0.91MTFFX Mainstay Mackay StrategicPairCorr
  0.98MTINX Mainstay Income BuilderPairCorr
  0.72MTMNX Mainstay Total ReturnPairCorr
  0.72MTRDX Mainstay Total ReturnPairCorr
  0.99MCKNX Mainstay ConservativePairCorr
  0.98MCYAX Mainstay CandriamPairCorr
  0.98MCYCX Mainstay CandriamPairCorr
  0.98MCYIX Mainstay CandriamPairCorr
  0.98MCYSX Mainstay CandriamPairCorr
  0.98MCYVX Mainstay CandriamPairCorr
  0.97MDHVX Mainstay Short DurationPairCorr

Related Correlations Analysis

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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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