Mainstay Tax Correlations

Mutual Funds . USA . 
Fund . Mainstay Tax Free
MTFCX Fund  USD 8.97  0.02  0.22%   
The current 90-days correlation between Mainstay Tax Free and Iaadx is 0.09 (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 0.17 (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 main economic indicators.

Moving together with Mainstay Mutual Fund

  0.65MLACX Mainstay Large CapPairCorr
  0.65MLAAX Mainstay Large CapPairCorr
  0.65MLAIX Mainstay Large CapPairCorr
  0.65MLRMX Mainstay Winslow LargePairCorr
  0.86MMHAX Mainstay High YieldPairCorr
  0.83MMHDX Mainstay High YieldPairCorr
  0.89MMHIX Mainstay High YieldPairCorr
  0.68MMPDX Mainstay Wmc ValuePairCorr
  0.68MMPCX Mainstay Map EquityPairCorr
  0.69MMRAX Mainstay ModeratePairCorr
  0.69MMRCX Mainstay ModeratePairCorr
  0.69MMRIX Mainstay ModeratePairCorr
  0.69MMRSX Mainstay ModeratePairCorr
  0.7MNERX Mainstay Conservative EtfPairCorr
  0.69MNEVX Mainstay Conservative EtfPairCorr
  0.63APSLX Mainstay Fiera SmidPairCorr
  0.7MNEAX Mainstay Conservative EtfPairCorr
  0.63APSDX Mainstay Fiera SmidPairCorr
  0.68MNELX Mainstay Conservative EtfPairCorr
  0.7MNEKX Mainstay Conservative EtfPairCorr
  0.83MNOCX Mainstay New YorkPairCorr
  0.84MNOAX Mainstay New YorkPairCorr
  0.88MNOIX Mainstay New YorkPairCorr
  0.8MNOLX Mainstay Mackay NewPairCorr
  0.67EPLPX Mainstay Epoch EquityPairCorr
  0.67EPLMX Mainstay Epoch EquityPairCorr
  0.67EPLKX Mainstay Epoch EquityPairCorr
  0.67EPLCX Mainstay Epoch EquityPairCorr
  0.69FCGYX Mainstay Pinestone GlobalPairCorr
  0.65EPSYX Mainstay Epoch GlobalPairCorr
  0.65EPSPX Mainstay Epoch GlobalPairCorr
  0.65EPSKX Mainstay Epoch GlobalPairCorr
  0.64FCIKX Mainstay PinestonePairCorr
  0.65FCICX Mainstay PinestonePairCorr
  0.66MOEAX Mainstay Growth EtfPairCorr
  0.66MOECX Mainstay Growth EtfPairCorr
  0.66MOEIX Mainstay Growth EtfPairCorr
  0.66MOERX Mainstay Growth EtfPairCorr
  0.66MOEVX Mainstay Growth EtfPairCorr
  0.7FCUPX 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 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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