Mainstay High Yield Fund Market Value
| MHCAX Fund | USD 5.11 0.01 0.20% |
| Symbol | Mainstay |
Mainstay High 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Mainstay High's mutual fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Mainstay High.
| 03/20/2024 |
| 04/19/2024 |
If you would invest 0.00 in Mainstay High on March 20, 2024 and sell it all today you would earn a total of 0.00 from holding Mainstay High Yield or generate 0.0% return on investment in Mainstay High over 30 days. Mainstay High is related to or competes with Mainstay Tax, Mainstay Income, Mainstay Large, Mainstay Large, Mainstay Large, Mainstay Large, and Mainstay Winslow. The fund, under normal circumstances, invests at least 80 percent of its assets in high-yield corporate debt securities,... More
Mainstay High Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Mainstay High's mutual fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Mainstay High Yield upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.2484 | |||
| Information Ratio | (0.33) | |||
| Maximum Drawdown | 0.969 | |||
| Value At Risk | (0.20) | |||
| Potential Upside | 0.1972 |
Mainstay High Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Mainstay High's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Mainstay High's standard deviation. In reality, there are many statistical measures that can use Mainstay High historical prices to predict the future Mainstay High's volatility.| Risk Adjusted Performance | 0.0068 | |||
| Jensen Alpha | (0) | |||
| Total Risk Alpha | (0.02) | |||
| Sortino Ratio | (0.24) | |||
| Treynor Ratio | (0.02) |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Mainstay High's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Mainstay High Yield Backtested Returns
We consider Mainstay High very steady. Mainstay High Yield has Sharpe Ratio of 0.0715, which conveys that the entity had a 0.0715% return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Mainstay High, which you can use to evaluate the volatility of the fund. Please verify Mainstay High's Downside Deviation of 0.2484, mean deviation of 0.1306, and Risk Adjusted Performance of 0.0068 to check out if the risk estimate we provide is consistent with the expected return of 0.0128%. The fund secures a Beta (Market Risk) of 0.0409, which conveys not very significant fluctuations relative to the market. As returns on the market increase, Mainstay High's returns are expected to increase less than the market. However, during the bear market, the loss of holding Mainstay High is expected to be smaller as well.
Auto-correlation | 0.24 |
Weak predictability
Mainstay High Yield has weak predictability. Overlapping area represents the amount of predictability between Mainstay High time series from 20th of March 2024 to 4th of April 2024 and 4th of April 2024 to 19th of April 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Mainstay High Yield price movement. The serial correlation of 0.24 indicates that over 24.0% of current Mainstay High price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.24 | |
| Spearman Rank Test | 0.0 | |
| Residual Average | 0.0 | |
| Price Variance | 0.0 |
Mainstay High Yield lagged returns against current returns
Autocorrelation, which is Mainstay High mutual fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Mainstay High's mutual fund expected returns. We can calculate the autocorrelation of Mainstay High returns to help us make a trade decision. For example, suppose you find that Mainstay High has exhibited high autocorrelation historically, and you observe that the mutual fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Mainstay High regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Mainstay High mutual fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Mainstay High mutual fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Mainstay High mutual fund over time.
Current vs Lagged Prices |
| Timeline |
Mainstay High Lagged Returns
When evaluating Mainstay High's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Mainstay High mutual fund have on its future price. Mainstay High autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Mainstay High autocorrelation shows the relationship between Mainstay High mutual fund current value and its past values and can show if there is a momentum factor associated with investing in Mainstay High Yield.
Regressed Prices |
| Timeline |
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Try AI Portfolio ArchitectCheck out Mainstay High Correlation, Mainstay High Volatility and Mainstay High Alpha and Beta module to complement your research on Mainstay High. Note that the Mainstay High Yield information on this page should be used as a complementary analysis to other Mainstay High's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Mainstay High technical mutual fund analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, fund market cycles, or different charting patterns.