Mainstay High Correlations

Mutual Funds . USA . 
Fund . Mainstay High Yield
MHHIX Fund  USD 5.27  0.01  0.19%   
The current 90-days correlation between Mainstay High Yield and Morningstar Aggressive Growth is 0.59 (i.e., Very weak diversification). The correlation of Mainstay High 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 High Correlation With Market

Very weak diversification

The correlation between Mainstay High Yield and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay High Yield 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 High Yield. 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

  0.68MKINX Mainstay Tax FreePairCorr
  0.98MLGRX Mainstay Large CapPairCorr
  0.98MLINX Mainstay Large CapPairCorr
  0.98MLRTX Mainstay Large CapPairCorr
  0.98MLRSX Mainstay Large CapPairCorr
  0.98MLRRX Mainstay Large CapPairCorr
  0.98MMRDX Mainstay ModeratePairCorr
  0.98EPLIX Mainstay Epoch EquityPairCorr
  0.98EPLDX Mainstay Epoch EquityPairCorr
  0.99EPSRX Mainstay Epoch GlobalPairCorr
  0.99EPSIX Mainstay Epoch GlobalPairCorr
  0.94MOINX Mainstay Epoch SmallPairCorr
  0.85VCRVX Mainstay Cbre GlobalPairCorr
  0.85VCRQX Mainstay Cbre GlobalPairCorr
  0.96MSMIX Mainstay Map EquityPairCorr
  0.63MSODX Mainstay Mackay CaliPairCorr
  0.98MBERX Mainstay BalancedPairCorr
  0.96MSYEX Mainstay Mackay UncoPairCorr
  0.97MBINX Mainstay BalancedPairCorr
  0.71MTBDX Mainstay Mackay TaxPairCorr
  0.9MTFEX Mainstay Mackay StrategicPairCorr
  0.91MTFDX Mainstay Mackay StrategicPairCorr
  0.92MTFFX Mainstay Mackay StrategicPairCorr
  0.99MTINX Mainstay Income BuilderPairCorr
  0.99MTODX Mainstay Income BuilderPairCorr
  0.82MTRDX Mainstay Total ReturnPairCorr
  0.97KLGNX Mainstay Nerstone GrowthPairCorr
  0.98MCINX Mainstay ConvertiblePairCorr
  0.98MCKNX Mainstay ConservativePairCorr
  0.98MCYAX Mainstay CandriamPairCorr
  0.98MCYIX Mainstay CandriamPairCorr
  0.98MCYVX Mainstay CandriamPairCorr
  1.0MDHVX Mainstay Short DurationPairCorr
  0.98MXFEX Mainstay Floating RatePairCorr
  0.97MGDNX Mainstay Moderate GrowthPairCorr
  0.98MGHHX Mainstay Emerging MarketsPairCorr
  0.79MGVDX Mainstay Mackay InfrPairCorr
  0.97MGXNX Mainstay Growth AlloPairCorr

Moving against Mainstay Mutual Fund

  0.95USPSX Profunds UltrashortPairCorr
  0.81TCTGX Transamerica CleartrackPairCorr
  0.8TDKTX Cleartrack 2015 ClassPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay High 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 High'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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