Mainstay Tax Correlations

Mutual Funds . USA . 
Fund . Mainstay Tax Free
MTBAX Fund  USD 8.98  0.02  0.22%   
The current 90-days correlation between Mainstay Tax Free and Jpmorgan High Yield is 0.05 (i.e., Significant diversification). The correlation of Mainstay Tax 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 Tax Correlation With Market

Average diversification

The correlation between Mainstay Tax Free and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Tax Free 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 Tax Free. 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

  0.63MLACX Mainstay Large CapPairCorr
  0.64MLAAX Mainstay Large CapPairCorr
  0.63MLAIX Mainstay Large CapPairCorr
  0.63MLRMX Mainstay Winslow LargePairCorr
  0.86MMHAX Mainstay High YieldPairCorr
  0.77MMHDX Mainstay High YieldPairCorr
  0.84MMHIX Mainstay High YieldPairCorr
  0.67MMPDX Mainstay Wmc ValuePairCorr
  0.68MMPCX Mainstay Map EquityPairCorr
  0.67MMRAX Mainstay ModeratePairCorr
  0.68MMRCX Mainstay ModeratePairCorr
  0.66MMRSX Mainstay ModeratePairCorr
  0.68MNERX Mainstay Conservative EtfPairCorr
  0.68MNEVX Mainstay Conservative EtfPairCorr
  0.68MNEAX Mainstay Conservative EtfPairCorr
  0.63MNELX Mainstay Conservative EtfPairCorr
  0.68MNEKX Mainstay Conservative EtfPairCorr
  0.76MNOCX Mainstay New YorkPairCorr
  0.67MNOLX Mainstay Mackay NewPairCorr
  0.68EPLPX Mainstay Epoch EquityPairCorr
  0.66EPLMX Mainstay Epoch EquityPairCorr
  0.68EPLKX Mainstay Epoch EquityPairCorr
  0.67EPLCX Mainstay Epoch EquityPairCorr
  0.68FCGYX Mainstay Pinestone GlobalPairCorr
  0.62EPSYX Mainstay Epoch GlobalPairCorr
  0.61EPSPX Mainstay Epoch GlobalPairCorr
  0.65EPSKX Mainstay Epoch GlobalPairCorr
  0.64MOEAX Mainstay Growth EtfPairCorr
  0.62MOECX Mainstay Growth EtfPairCorr
  0.63MOEIX Mainstay Growth EtfPairCorr
  0.62MOEVX Mainstay Growth EtfPairCorr
  0.69FCUPX Mainstay Pinestone EquityPairCorr
  0.68FCUDX Mainstay Pinestone EquityPairCorr
  0.67MOPCX Mainstay Epoch SmallPairCorr
  0.66MOPAX Mainstay Epoch SmallPairCorr
  0.66MOPIX Mainstay Epoch SmallPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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