Mainstay Convertible Correlations

Mutual Funds . USA . 
Fund . Mainstay Vertible Fund
MCOAX Fund  USD 19.84  0.09  0.46%   
The current 90-days correlation between Mainstay Convertible and Calamos Global Vertible is -0.23 (i.e., Very good 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

Poor diversification

The correlation between Mainstay Vertible Fund and DJI is 0.73 (i.e., Poor 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 nation.

Moving together with MAINSTAY Mutual Fund

  0.71MNELX Mainstay Conservative EtfPairCorr
  0.94MSTAX Mainstay Tax AdvantagedPairCorr
  0.75MCCVX Mainstay ConvertiblePairCorr
  0.73MCKSX Mainstay ConservativePairCorr
  0.71FCSZX Franklin VertiblePairCorr
  0.71FCSKX Franklin ConvertiblePairCorr
  1.0FISCX Franklin ConvertiblePairCorr
  1.0FROTX Franklin ConvertiblePairCorr
  0.86ANZCX Allianzgi ConvertiblePairCorr
  1.0ANZAX Allianzgi ConvertiblePairCorr
  1.0ANNPX Allianzgi ConvertiblePairCorr
  0.74VAADX Virtus ConvertiblePairCorr
  0.85FCVSX Fidelity VertiblePairCorr
  0.7CISGX Touchstone Sands CapitalPairCorr
  0.66MLPTX Oppenheimer Steelpath MlpPairCorr
  0.99CMVYX Columbia Mid CapPairCorr
  0.99FLTNX Franklin Lifesmart 2055PairCorr
  0.94RMBTX Rmb InternationalPairCorr
  0.99LGRRX Loomis Sayles GrowthPairCorr
  0.75SABTX Sa ValuePairCorr
  0.9QSPRX Aqr Style PremiaPairCorr
  0.71VFIAX Vanguard 500 IndexPairCorr
  0.81MSUMX Managed Account SeriesPairCorr
  0.95RYBIX Basic MaterialsPairCorr
  0.99GCSUX Goldman Sachs SmallPairCorr
  0.7JMVPX Jpmorgan Mid CapPairCorr
  0.67VGSLX Vanguard Reit IndexPairCorr
  0.72CRDOX Six Circles CreditPairCorr
  0.81RRTRX T Rowe PricePairCorr
  0.93BSICX Blackrock Strategic OppsPairCorr
  0.84FHKAX Fidelity China RegionPairCorr
  0.79IEYYX Ivy Energy FundPairCorr
  0.98HWLIX Hotchkis Wiley LargePairCorr

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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