Mainstay Moderate Correlations

MGDNX Fund

USD 15.91 0.01 0.06%

The current 90-days correlation between Mainstay Moderate Growth and Mainstay Tax Free is 0.21 (i.e., Modest diversification). The correlation of Mainstay Moderate 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 Moderate Correlation With Market

Good diversification

The correlation between Mainstay Moderate Growth and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Moderate Growth 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 Moderate Growth. 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

0.7	MKINX	Mainstay Tax Free	Pair Corr
0.98	MLGRX	Mainstay Large Cap	Pair Corr
0.99	MLINX	Mainstay Large Cap	Pair Corr
0.99	MLRTX	Mainstay Large Cap	Pair Corr
0.98	MLRRX	Mainstay Large Cap	Pair Corr
0.99	EPSRX	Mainstay Epoch Global	Pair Corr
0.99	EPSIX	Mainstay Epoch Global	Pair Corr
0.95	MOINX	Mainstay Epoch Small	Pair Corr
0.89	VCRVX	Mainstay Cbre Global	Pair Corr
0.89	VCRQX	Mainstay Cbre Global	Pair Corr
0.99	MSMIX	Mainstay Map Equity	Pair Corr
0.68	MSODX	Mainstay Mackay Cali	Pair Corr
0.89	MSYEX	Mainstay Mackay Unco	Pair Corr
0.88	MSYDX	Mainstay Unconstrained	Pair Corr
0.96	ICELX	Mainstay Epoch Inter	Pair Corr
0.65	MTFEX	Mainstay Mackay Strategic	Pair Corr
0.92	MTFDX	Mainstay Mackay Strategic	Pair Corr
0.92	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.91	MTFFX	Mainstay Mackay Strategic	Pair Corr
0.99	MTINX	Mainstay Income Builder	Pair Corr
0.7	MTMNX	Mainstay Total Return	Pair Corr
0.99	MTODX	Mainstay Income Builder	Pair Corr
0.73	MTRDX	Mainstay Total Return	Pair Corr
0.99	KLGNX	Mainstay Nerstone Growth	Pair Corr
0.99	MCINX	Mainstay Convertible	Pair Corr
0.99	MCKNX	Mainstay Conservative	Pair Corr
0.64	MCSSX	Mainstay Mon Stock	Pair Corr
0.97	MCYAX	Mainstay Candriam	Pair Corr

Related Correlations Analysis

	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX
MKINX		0.66	0.67	0.67	0.28	0.66	0.88	0.87	0.3	0.85	MKINX
MLGRX	0.66		0.99	0.99	0.53	1.0	0.4	0.35	0.51	0.25	MLGRX
MLINX	0.67	0.99		1.0	0.56	0.99	0.41	0.36	0.54	0.26	MLINX
MLRTX	0.67	0.99	1.0		0.56	0.99	0.41	0.36	0.54	0.26	MLRTX
MLRSX	0.28	0.53	0.56	0.56		0.53	0.03	0.01	0.99	-0.09	MLRSX
MLRRX	0.66	1.0	0.99	0.99	0.53		0.4	0.35	0.51	0.25	MLRRX
MMHEX	0.88	0.4	0.41	0.41	0.03	0.4		1.0	0.04	0.95	MMHEX
MMHVX	0.87	0.35	0.36	0.36	0.01	0.35	1.0		0.03	0.96	MMHVX
MMRDX	0.3	0.51	0.54	0.54	0.99	0.51	0.04	0.03		-0.06	MMRDX
MNODX	0.85	0.25	0.26	0.26	-0.09	0.25	0.95	0.96	-0.06		MNODX
	MKINX	MLGRX	MLINX	MLRTX	MLRSX	MLRRX	MMHEX	MMHVX	MMRDX	MNODX

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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

MLRRX	+ 1.0	MLGRX
MLRTX	+ 1.0	MLINX
MMHVX	+ 1.0	MMHEX
MLINX	+ 0.99	MLGRX
MLRTX	+ 0.99	MLGRX
MLRRX	+ 0.99	MLINX

High negative correlations

MNODX	- 0.09	MLRSX
MNODX	- 0.06	MMRDX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Moderate 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 Moderate'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
MKINX	0.14	0.00	(0.51)	0.05	0.15	(0.20)	0.34	(0.33)	1.00
MLGRX	0.82	0.19	0.17	0.32	0.65	(0.96)	2.52	(1.40)	5.74
MLINX	0.83	0.34	0.18	(5.85)	0.60	(0.99)	2.55	(1.30)	5.60
MLRTX	0.83	0.34	0.18	(6.03)	0.61	(1.06)	2.59	(1.26)	5.53
MLRSX	0.72	0.27	0.30	0.55	0.00	(0.92)	2.18	(1.03)	5.60
MLRRX	0.83	0.19	0.18	0.32	0.61	(0.99)	2.61	(1.39)	5.60
MMHEX	0.19	(0.01)	0.00	0.59	0.00	0.00	0.45	(0.45)	1.51
MMHVX	0.19	(0.02)	0.00	0.64	0.00	0.00	0.45	(0.44)	1.51
MMRDX	0.31	0.08	(0.02)	0.37	0.14	(0.35)	1.01	(0.56)	2.50
MNODX	0.17	(0.01)	0.00	0.48	0.00	0.00	0.44	(0.33)	1.20

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