Mainstay Definedterm Correlations

MMD Fund

USD 14.95 0.07 0.47%

The current 90-days correlation between Mainstay Definedterm and Nuveen California Municipal is 0.06 (i.e., Significant diversification). The correlation of Mainstay Definedterm 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.

Mainstay Definedterm Correlation With Market

Average diversification

The correlation between Mainstay Definedterm Muncipal 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 Definedterm Muncipal 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 Definedterm Muncipal. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Mainstay Fund

0.77	LIIAX	Columbia Porate Income	Pair Corr
0.78	SRINX	Columbia Porate Income	Pair Corr
0.62	FAGAX	Fidelity Advisor Growth	Pair Corr
0.61	VDAFX	Dynamic Allocation Potential Growth	Pair Corr
0.62	IVSIX	Ivy Global Bond	Pair Corr
0.66	TLTPX	Tiaa Cref Lifecycle	Pair Corr
0.65	WILTX	Westcore Flexible Income	Pair Corr
0.64	PFPRX	Parnassus Fund Inst	Pair Corr
0.64	VMMSX	Vanguard Emerging Markets	Pair Corr
0.77	FTRRX	Franklin Total Return	Pair Corr
0.62	HERCX	Hartford Emerging Markets	Pair Corr
0.65	VEMAX	Vanguard Emerging Markets	Pair Corr
0.7	CWBFX	Capital World Bond	Pair Corr
0.73	PCGTX	Pace Mortgage Backed	Pair Corr
0.73	ANAZX	Ab Global Bond	Pair Corr

Related Correlations Analysis

	NCA	TDF	DSM	JOF	FSCCX	DBL	MHN	MXF	CAF	SAISX
NCA		0.34	0.81	-0.31	-0.65	0.58	0.8	0.74	0.59	0.21	NCA
TDF	0.34		0.45	0.16	0.09	0.35	0.45	0.54	0.87	0.64	TDF
DSM	0.81	0.45		-0.19	-0.43	0.6	0.96	0.74	0.62	0.52	DSM
JOF	-0.31	0.16	-0.19		0.53	-0.09	-0.26	-0.1	-0.16	0.33	JOF
FSCCX	-0.65	0.09	-0.43	0.53		-0.14	-0.44	-0.41	-0.2	0.31	FSCCX
DBL	0.58	0.35	0.6	-0.09	-0.14		0.58	0.34	0.45	0.37	DBL
MHN	0.8	0.45	0.96	-0.26	-0.44	0.58		0.65	0.62	0.53	MHN
MXF	0.74	0.54	0.74	-0.1	-0.41	0.34	0.65		0.67	0.36	MXF
CAF	0.59	0.87	0.62	-0.16	-0.2	0.45	0.62	0.67		0.51	CAF
SAISX	0.21	0.64	0.52	0.33	0.31	0.37	0.53	0.36	0.51		SAISX
	NCA	TDF	DSM	JOF	FSCCX	DBL	MHN	MXF	CAF	SAISX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MHN	+ 0.96	DSM
CAF	+ 0.87	TDF
DSM	+ 0.81	NCA
MHN	+ 0.8	NCA
MXF	+ 0.74	NCA
MXF	+ 0.74	DSM

High negative correlations

FSCCX	- 0.65	NCA
MHN	- 0.44	FSCCX
FSCCX	- 0.43	DSM
MXF	- 0.41	FSCCX
JOF	- 0.31	NCA
MHN	- 0.26	JOF

Risk-Adjusted Indicators

There is a big difference between Mainstay Fund performing well and Mainstay Definedterm 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 Definedterm'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
NCA	0.40	0.13	0.18	2.84	0.19	(0.51)	1.14	(0.68)	3.52
TDF	0.92	0.05	0.03	0.09	1.26	(0.96)	1.72	(2.07)	8.89
DSM	0.44	0.09	0.12	0.48	0.30	(0.59)	1.38	(0.68)	2.61
JOF	0.74	0.00	(0.03)	0.01	1.23	(0.70)	1.53	(1.24)	7.50
FSCCX	0.81	(0.06)	0.00	3.64	0.00	0.00	1.94	(2.14)	7.01
DBL	0.32	0.01	(0.06)	0.07	0.33	(0.39)	0.79	(0.52)	1.83
MHN	0.49	0.11	0.13	(1.98)	0.36	(0.54)	1.17	(0.78)	3.60
MXF	0.91	0.07	0.05	0.18	0.94	(1.03)	1.92	(1.85)	4.57
CAF	1.01	0.10	0.07	0.16	1.26	(1.06)	2.33	(2.07)	7.42
SAISX	0.55	(0.04)	0.00	0.94	0.00	0.00	1.02	(1.13)	2.84

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