Looking to diversify beyond MLAAX? The mutual funds below have the lowest correlation with MLAAX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from MLAAX.
Best Diversifiers for MLAAX
3 mutual funds have low correlation with MLAAX (below 0.3), 0 of which are negatively correlated. The least correlated is MainStay MacKay Short Term Municipal Fund (MSTIX) (Municipal Bonds) with a 1Y correlation of 0.14, roughly unchanged from 0.06 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay MacKay Short Term Municipal Fund | 0.14 | 0.09 | 0.06 | 79 | Municipal Bonds | MLAAX vs MSTIX | |
| MainStay Short Term Bond Fund | 0.23 | 0.12 | 0.12 | 85 | Short-Term Bond | MLAAX vs MIXIX | |
| MainStay MacKay Strategic Bond Fund | 0.30 | 0.17 | 0.24 | 75 | Nontraditional Bonds | MLAAX vs MASAX | |
| MainStay Floating Rate Fund | 0.36 | 0.24 | 0.22 | 64 | Bank Loan | MLAAX vs MXFIX | |
| MainStay WMC Value Fund | 0.41 | 0.47 | 0.61 | 53 | Large Cap Value Equities | MLAAX vs MUBFX |
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