Mainstay Conservative Correlations

MCKIX Fund

USD 12.28 0.02 0.16%

The current 90-days correlation between Mainstay Conservative and Mainstay Large Cap is 0.06 (i.e., Significant diversification). The correlation of Mainstay Conservative 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 Conservative Correlation With Market

Good diversification

The correlation between Mainstay Servative Allocation and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Servative Allocation 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 Servative Allocation. 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

0.62	MLAIX	Mainstay Large Cap	Pair Corr
1.0	MMRCX	Mainstay Moderate	Pair Corr
1.0	MNERX	Mainstay Conservative Etf	Pair Corr
1.0	MNEVX	Mainstay Conservative Etf	Pair Corr
0.97	APSDX	Mainstay Fiera Smid	Pair Corr
1.0	MNELX	Mainstay Conservative Etf	Pair Corr
1.0	MNEKX	Mainstay Conservative Etf	Pair Corr
0.99	EPLPX	Mainstay Epoch Equity	Pair Corr
0.99	EPLKX	Mainstay Epoch Equity	Pair Corr
0.99	EPLCX	Mainstay Epoch Equity	Pair Corr
0.97	FCGYX	Mainstay Pinestone Global	Pair Corr
0.99	EPSYX	Mainstay Epoch Global	Pair Corr
0.99	EPSPX	Mainstay Epoch Global	Pair Corr
0.99	EPSKX	Mainstay Epoch Global	Pair Corr
0.95	FCUPX	Mainstay Pinestone Equity	Pair Corr
0.95	FCUDX	Mainstay Pinestone Equity	Pair Corr
0.67	MSCAX	Mainstay California Tax	Pair Corr
0.98	MAPAX	Mainstay Map Equity	Pair Corr
0.69	MSPIX	Mainstay Sp 500	Pair Corr
0.96	MSTIX	Mainstay Tax Advantaged	Pair Corr
0.99	MSXAX	Mainstay Sp 500	Pair Corr
0.96	ICEVX	Mainstay Epoch Inter	Pair Corr
0.97	ICEUX	Mainstay Epoch Inter	Pair Corr
0.75	MTBIX	Mainstay Tax Free	Pair Corr
1.0	MTISX	Mainstay Income Builder	Pair Corr
0.74	MTMCX	Mainstay Total Return	Pair Corr
0.8	MTMIX	Mainstay Total Return	Pair Corr

Related Correlations Analysis

	MLACX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX	MMHIX	MMPDX	MMPCX	MMRAX
MLACX		1.0	0.87	1.0	0.0	-0.08	-0.18	0.54	0.84	0.99	MLACX
MLAAX	1.0		0.87	1.0	0.0	-0.08	-0.18	0.54	0.84	0.99	MLAAX
MLAIX	0.87	0.87		0.87	0.1	0.03	-0.04	0.66	0.97	0.86	MLAIX
MLRMX	1.0	1.0	0.87		0.0	-0.08	-0.18	0.54	0.84	0.99	MLRMX
MMHAX	0.0	0.0	0.1	0.0		0.86	0.88	0.39	0.17	0.03	MMHAX
MMHDX	-0.08	-0.08	0.03	-0.08	0.86		0.75	0.28	0.1	-0.06	MMHDX
MMHIX	-0.18	-0.18	-0.04	-0.18	0.88	0.75		0.23	0.03	-0.15	MMHIX
MMPDX	0.54	0.54	0.66	0.54	0.39	0.28	0.23		0.68	0.54	MMPDX
MMPCX	0.84	0.84	0.97	0.84	0.17	0.1	0.03	0.68		0.85	MMPCX
MMRAX	0.99	0.99	0.86	0.99	0.03	-0.06	-0.15	0.54	0.85		MMRAX
	MLACX	MLAAX	MLAIX	MLRMX	MMHAX	MMHDX	MMHIX	MMPDX	MMPCX	MMRAX

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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

MLAAX	+ 1.0	MLACX
MLRMX	+ 1.0	MLACX
MLRMX	+ 1.0	MLAAX
MMRAX	+ 0.99	MLACX
MMRAX	+ 0.99	MLAAX
MMRAX	+ 0.99	MLRMX

High negative correlations

MMHIX	- 0.18	MLRMX
MMHIX	- 0.18	MLAAX
MMHIX	- 0.18	MLACX
MMRAX	- 0.15	MMHIX
MMHDX	- 0.08	MLRMX
MMHDX	- 0.08	MLAAX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Conservative 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 Conservative'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
MLACX	0.69	0.28	0.26	0.63	0.00	(0.92)	1.97	(0.97)	5.67
MLAAX	0.71	0.27	0.28	0.60	0.00	(0.94)	2.09	(1.08)	5.62
MLAIX	0.72	0.35	0.29	9.89	0.00	(0.90)	2.22	(1.05)	5.64
MLRMX	0.71	0.27	0.28	0.60	0.00	(0.91)	2.13	(1.05)	5.68
MMHAX	0.16	(0.03)	0.00	(0.21)	0.00	0.00	0.44	(0.44)	1.42
MMHDX	0.20	(0.02)	0.00	0.71	0.00	0.00	0.36	(0.44)	1.33
MMHIX	0.17	(0.01)	(0.56)	(1.52)	0.20	(0.23)	0.36	(0.36)	1.42
MMPDX	0.61	0.13	(0.03)	(0.80)	0.61	(0.66)	1.62	(0.98)	4.45
MMPCX	0.55	0.12	(0.04)	(1.84)	0.51	(0.63)	1.35	(0.96)	4.45
MMRAX	0.31	0.08	(0.02)	0.39	0.14	(0.37)	0.98	(0.63)	2.51

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