Mainstay Short Correlations

Mutual Funds . USA . 
Fund . Mainstay Short Duration
MDHCX Fund  USD 9.53  0.01  0.11%   
The current 90-days correlation between Mainstay Short Duration and Mainstay Large Cap is 0.72 (i.e., Poor diversification). The correlation of Mainstay Short 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 Short Correlation With Market

Good diversification

The correlation between Mainstay Short Duration and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Short Duration 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 Short Duration. 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

  0.97MLACX Mainstay Large CapPairCorr
  0.97MLAAX Mainstay Large CapPairCorr
  0.97MLAIX Mainstay Large CapPairCorr
  0.97MLRMX Mainstay Winslow LargePairCorr
  0.97MMPDX Mainstay Wmc ValuePairCorr
  0.95MMPCX Mainstay Map EquityPairCorr
  0.98MMRAX Mainstay ModeratePairCorr
  0.97MMRCX Mainstay ModeratePairCorr
  0.97MMRIX Mainstay ModeratePairCorr
  0.97MMRSX Mainstay ModeratePairCorr
  0.98MNERX Mainstay Conservative EtfPairCorr
  0.98MNEVX Mainstay Conservative EtfPairCorr
  0.91APSLX Mainstay Fiera SmidPairCorr
  0.99MNEAX Mainstay Conservative EtfPairCorr
  0.92APSDX Mainstay Fiera SmidPairCorr
  0.98MNELX Mainstay Conservative EtfPairCorr
  0.98MNEKX Mainstay Conservative EtfPairCorr
  0.98EPLPX Mainstay Epoch EquityPairCorr
  0.98EPLMX Mainstay Epoch EquityPairCorr
  0.98EPLKX Mainstay Epoch EquityPairCorr
  0.98EPLCX Mainstay Epoch EquityPairCorr
  0.93FCGYX Mainstay Pinestone GlobalPairCorr
  0.98EPSYX Mainstay Epoch GlobalPairCorr
  0.98EPSPX Mainstay Epoch GlobalPairCorr
  0.98EPSKX Mainstay Epoch GlobalPairCorr
  0.79FCIKX Mainstay PinestonePairCorr
  0.78FCICX 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
  0.93FCUPX 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 Short 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 Short'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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