Mainstay High Correlations

Mutual Funds . USA . 
Fund . Mainstay High Yield
MHYIX Fund  USD 5.23  0.01  0.19%   
The current 90-days correlation between Mainstay High Yield and Voya Solution Conservative is 0.66 (i.e., Poor 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 good diversification

The correlation between Mainstay High Yield and DJI is -0.22 (i.e., Very good 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

  0.97MLACX Mainstay Large CapPairCorr
  0.97MLAAX Mainstay Large CapPairCorr
  0.97MLAIX Mainstay Large CapPairCorr
  0.96MLRMX Mainstay Winslow LargePairCorr
  0.95MMPDX Mainstay Wmc ValuePairCorr
  0.96MMPCX Mainstay Map EquityPairCorr
  0.98MMRAX Mainstay ModeratePairCorr
  0.98MMRCX Mainstay ModeratePairCorr
  0.98MMRIX Mainstay ModeratePairCorr
  0.98MMRSX Mainstay ModeratePairCorr
  0.99MNERX Mainstay Conservative EtfPairCorr
  0.98MNEVX Mainstay Conservative EtfPairCorr
  0.92APSLX Mainstay Fiera SmidPairCorr
  0.99MNEAX Mainstay Conservative EtfPairCorr
  0.92APSDX Mainstay Fiera SmidPairCorr
  0.98MNELX Mainstay Conservative EtfPairCorr
  0.99MNEKX Mainstay Conservative EtfPairCorr
  0.98EPLPX Mainstay Epoch EquityPairCorr
  0.97EPLMX Mainstay Epoch EquityPairCorr
  0.97EPLKX Mainstay Epoch EquityPairCorr
  0.97EPLCX Mainstay Epoch EquityPairCorr
  0.93FCGYX Mainstay Pinestone GlobalPairCorr
  0.98EPSYX Mainstay Epoch GlobalPairCorr
  0.98EPSPX Mainstay Epoch GlobalPairCorr
  0.98EPSKX Mainstay Epoch GlobalPairCorr
  0.84FCIKX Mainstay PinestonePairCorr
  0.82FCICX Mainstay PinestonePairCorr
  0.98MOEAX Mainstay Growth EtfPairCorr
  0.97MOECX Mainstay Growth EtfPairCorr
  0.97MOEIX Mainstay Growth EtfPairCorr
  0.97MOERX Mainstay Growth EtfPairCorr
  0.97MOEVX Mainstay Growth EtfPairCorr
  0.92FCUPX Mainstay Pinestone EquityPairCorr

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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