Mainstay Unconstrained Correlations

MSYDX Fund

USD 8.95 0.01 0.11%

The current 90-days correlation between Mainstay Unconstrained and Thrivent Natural Resources is -0.06 (i.e., Good diversification). The correlation of Mainstay Unconstrained 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 Unconstrained Correlation With Market

Significant diversification

The correlation between Mainstay Unconstrained Bond and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Unconstrained Bond 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 Unconstrained Bond. 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 national income and product accounts.

Moving together with Mainstay Mutual Fund

0.76	MLINX	Mainstay Large Cap	Pair Corr
0.75	MLRTX	Mainstay Large Cap	Pair Corr
0.92	MMRDX	Mainstay Moderate	Pair Corr
0.86	EPSRX	Mainstay Epoch Global	Pair Corr
0.77	VCRVX	Mainstay Cbre Global	Pair Corr
0.66	MSCVX	Mainstay California Tax	Pair Corr
0.98	MSYEX	Mainstay Mackay Unco	Pair Corr
0.92	MBINX	Mainstay Balanced	Pair Corr
0.91	MTFHX	Mainstay Mackay Strategic	Pair Corr
0.91	MTINX	Mainstay Income Builder	Pair Corr
0.98	MTMNX	Mainstay Total Return	Pair Corr
0.91	MTODX	Mainstay Income Builder	Pair Corr
0.95	MTRDX	Mainstay Total Return	Pair Corr
0.89	MCINX	Mainstay Convertible	Pair Corr
0.95	MCKNX	Mainstay Conservative	Pair Corr
0.92	MCYAX	Mainstay Candriam	Pair Corr
0.93	MCYCX	Mainstay Candriam	Pair Corr
0.93	MCYIX	Mainstay Candriam	Pair Corr

Related Correlations Analysis

	TREIX	PNRCX	SEPIX	XGNTX	ICBAX	BACCX	IGNAX	FIKAX
TREIX		0.73	0.54	0.26	0.87	0.36	0.31	0.53	TREIX
PNRCX	0.73		0.74	0.45	0.75	0.67	0.45	0.79	PNRCX
SEPIX	0.54	0.74		0.31	0.75	0.86	0.34	0.87	SEPIX
XGNTX	0.26	0.45	0.31		0.41	0.17	0.95	0.31	XGNTX
ICBAX	0.87	0.75	0.75	0.41		0.48	0.51	0.65	ICBAX
BACCX	0.36	0.67	0.86	0.17	0.48		0.15	0.95	BACCX
IGNAX	0.31	0.45	0.34	0.95	0.51	0.15		0.31	IGNAX
FIKAX	0.53	0.79	0.87	0.31	0.65	0.95	0.31		FIKAX
	TREIX	PNRCX	SEPIX	XGNTX	ICBAX	BACCX	IGNAX	FIKAX

Risk-Adjusted Indicators

There is a big difference between Mainstay Mutual Fund performing well and Mainstay Unconstrained 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 Unconstrained'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
TREIX	0.06	0.01	(0.59)	2.26	0.00	(0.11)	0.10	(0.10)	0.41
PNRCX	0.60	0.12	0.10	0.46	0.40	(0.73)	1.45	(1.00)	4.02
SEPIX	0.68	0.06	0.01	0.20	0.70	(0.79)	1.41	(1.43)	4.00
XGNTX	0.52	0.07	(0.02)	1.15	0.55	(0.61)	1.15	(1.12)	3.43
ICBAX	0.97	0.20	0.11	(6.66)	0.82	(1.14)	2.10	(1.67)	4.81
BACCX	0.73	0.08	0.01	1.05	0.75	(0.78)	1.61	(1.37)	3.87
IGNAX	0.69	0.15	0.09	5.63	0.51	(0.81)	1.77	(1.09)	3.34
FIKAX	0.86	0.13	0.06	0.86	0.85	(1.02)	1.84	(1.75)	4.20

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Mainstay Unconstrained Correlations

Mainstay Unconstrained Correlation With Market

Significant diversification

Moving together with Mainstay Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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