Mainstay Tax Correlations

Mutual Funds . USA . 
Fund . Mainstay Tax Free
MTBIX Fund  USD 8.99  0.02  0.22%   
The current 90-days correlation between Mainstay Tax Free and Mainstay Large Cap is 0.24 (i.e., Modest 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

Good diversification

The correlation between Mainstay Tax Free and DJI is -0.08 (i.e., Good 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 gross domestic product.

Moving together with Mainstay Mutual Fund

  0.67MLACX Mainstay Large CapPairCorr
  0.67MLAAX Mainstay Large CapPairCorr
  0.66MLAIX Mainstay Large CapPairCorr
  0.66MLRMX Mainstay Winslow LargePairCorr
  0.85MMHAX Mainstay High YieldPairCorr
  0.77MMHDX Mainstay High YieldPairCorr
  0.85MMHIX Mainstay High YieldPairCorr
  0.7MMPDX Mainstay Wmc ValuePairCorr
  0.68MMPCX Mainstay Map EquityPairCorr
  0.7MMRAX Mainstay ModeratePairCorr
  0.68MMRCX Mainstay ModeratePairCorr
  0.68MMRIX Mainstay ModeratePairCorr
  0.68MMRSX Mainstay ModeratePairCorr
  0.66MNERX Mainstay Conservative EtfPairCorr
  0.67MNEVX Mainstay Conservative EtfPairCorr
  0.62APSLX Mainstay Fiera SmidPairCorr
  0.7MNEAX Mainstay Conservative EtfPairCorr
  0.64APSDX Mainstay Fiera SmidPairCorr
  0.66MNELX Mainstay Conservative EtfPairCorr
  0.7MNEKX Mainstay Conservative EtfPairCorr
  0.76MNOCX Mainstay New YorkPairCorr
  0.82MNOAX Mainstay New YorkPairCorr
  0.82MNOIX Mainstay New YorkPairCorr
  0.77MNOLX Mainstay Mackay NewPairCorr
  0.69EPLPX Mainstay Epoch EquityPairCorr
  0.67EPLMX Mainstay Epoch EquityPairCorr
  0.69EPLKX Mainstay Epoch EquityPairCorr
  0.67EPLCX Mainstay Epoch EquityPairCorr
  0.71FCGYX Mainstay Pinestone GlobalPairCorr
  0.66EPSYX Mainstay Epoch GlobalPairCorr
  0.65EPSPX Mainstay Epoch GlobalPairCorr
  0.66EPSKX Mainstay Epoch GlobalPairCorr
  0.65FCIKX Mainstay PinestonePairCorr
  0.65FCICX Mainstay PinestonePairCorr
  0.67MOEAX Mainstay Growth EtfPairCorr
  0.66MOECX Mainstay Growth EtfPairCorr
  0.67MOEIX Mainstay Growth EtfPairCorr
  0.66MOERX Mainstay Growth EtfPairCorr
  0.66MOEVX Mainstay Growth EtfPairCorr
  0.71FCUPX Mainstay Pinestone EquityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MLACX  0.81  0.34  0.13 (6.78) 0.59 
(1.01)
 2.62 
(1.48)
 5.67 
MLAAX  0.83  0.34  0.14 (3.98) 0.62 
(1.03)
 2.65 
(1.33)
 5.62 
MLAIX  0.81  0.19  0.20  0.36  0.42 
(0.99)
 2.62 
(1.27)
 5.64 
MLRMX  0.81  0.19  0.19  0.36  0.42 
(1.01)
 2.58 
(1.16)
 5.68 
MMHAX  0.19 (0.01) 0.00  0.38  0.00 
 0.00 
 0.45 
(0.44)
 1.42 
MMHDX  0.20 (0.01) 0.00  0.74  0.00 
 0.00 
 0.44 
(0.44)
 1.33 
MMHIX  0.20 (0.01) 0.00  0.64  0.00 
 0.00 
 0.45 
(0.44)
 1.42 
MMPDX  0.61  0.14 (0.08)(0.67) 0.65 
(0.66)
 1.62 
(0.98)
 4.45 
MMPCX  0.61 (0.01)(0.05) 0.15  0.61 
(0.69)
 1.61 
(0.97)
 4.45 
MMRAX  0.35  0.14 (0.07)(1.90) 0.25 
(0.40)
 1.11 
(0.78)
 2.51 

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