Looking to diversify beyond MLAAX? The mutual funds below have historically moved differently from MLAAX, which may reduce portfolio volatility when combined in a suitable allocation. The stock ideas table highlights individual companies with the same low-correlation characteristics. Correlation can change and does not guarantee that one asset will rise when another falls.
Best Diversifiers for MLAAX
5 mutual funds have low correlation with MLAAX (below 0.3), 2 of which are negatively correlated. The least correlated is MainStay Cushing MLP Premier Fund (CSHZX) (Energy Equities) with a 1Y correlation of -0.13, down from 0.31 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay Cushing MLP Premier Fund | -0.13 | 0.17 | 0.31 | 77 | Energy Equities | MLAAX vs CSHZX | |
| MainStay CBRE Real Estate Fund | -0.03 | 0.19 | 0.39 | 53 | REIT | MLAAX vs CRARX | |
| MainStay MacKay Short Term Municipal Fund | 0.15 | 0.09 | 0.07 | 74 | Municipal Bonds | MLAAX vs MSTIX | |
| MainStay Short Term Bond Fund | 0.17 | 0.11 | 0.12 | 93 | Short-Term Bond | MLAAX vs MIXIX | |
| MainStay MacKay Strategic Bond Fund | 0.25 | 0.16 | 0.23 | 76 | Nontraditional Bonds | MLAAX vs MASAX |
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