Mainstay Short Correlations

MDHIX Fund

USD 9.48 0.01 0.11%

The current 90-days correlation between Mainstay Short Duration and Calvert Moderate Allocation is 0.65 (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

Modest diversification

The correlation between Mainstay Short Duration and DJI is 0.29 (i.e., Modest 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 various price indices.

Moving together with Mainstay Mutual Fund

0.97	VWEAX	Vanguard High Yield	Pair Corr
0.95	VWEHX	Vanguard High Yield	Pair Corr
0.96	BHYCX	Blackrock Hi Yld	Pair Corr
0.96	BHYIX	Blackrock High Yield	Pair Corr
0.96	BHYSX	Blackrock Hi Yld	Pair Corr
0.97	BHYAX	Blackrock High Yield	Pair Corr
0.95	FAHHX	American Funds American	Pair Corr
0.95	FTAHX	American Funds American	Pair Corr
0.89	AHTFX	American High Income	Pair Corr
0.88	AHTCX	American High Income	Pair Corr
0.69	NHS	Neuberger Berman High	Pair Corr
0.71	CAT	Caterpillar	Pair Corr
0.79	BAC	Bank of America	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.86	GE	GE Aerospace	Pair Corr
0.79	AXP	American Express	Pair Corr
0.71	JPM	JPMorgan Chase	Pair Corr
0.71	AA	Alcoa Corp	Pair Corr

Moving against Mainstay Mutual Fund

0.63	BA	Boeing	Pair Corr
0.6	VZ	Verizon Communications	Pair Corr
0.54	T	ATT Inc	Pair Corr
0.31	KO	Coca Cola	Pair Corr

Related Correlations Analysis

	CMACX	DHGCX	DBIWX	GMLVX	GBAYX	DODWX
CMACX		0.88	0.89	0.88	0.99	0.81	CMACX
DHGCX	0.88		0.93	0.88	0.91	0.8	DHGCX
DBIWX	0.89	0.93		0.94	0.91	0.88	DBIWX
GMLVX	0.88	0.88	0.94		0.9	0.87	GMLVX
GBAYX	0.99	0.91	0.91	0.9		0.81	GBAYX
DODWX	0.81	0.8	0.88	0.87	0.81		DODWX
	CMACX	DHGCX	DBIWX	GMLVX	GBAYX	DODWX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CMACX	0.32	0.06	(0.10)	(0.40)	0.32	(0.35)	0.73	(0.55)	2.64
DHGCX	0.13	0.01	(0.50)	0.23	0.04	(0.15)	0.26	(0.21)	0.77
DBIWX	0.26	0.02	(0.11)	0.17	0.15	(0.31)	0.54	(0.45)	1.61
GMLVX	0.62	0.05	0.03	0.16	0.70	(0.71)	1.29	(0.83)	4.57
GBAYX	0.25	0.05	(0.12)	(0.53)	0.22	(0.30)	0.62	(0.46)	2.14
DODWX	0.44	0.00	(0.03)	0.09	0.51	(0.51)	0.99	(0.89)	3.73

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