Looking to diversify beyond MSXAX? The mutual funds below have the lowest correlation with MSXAX — 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 MSXAX.
Best Diversifiers for MSXAX
3 mutual funds have low correlation with MSXAX (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 0.10, roughly unchanged from 0.07 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay MacKay Short Term Municipal Fund | 0.10 | 0.13 | 0.07 | 79 | Municipal Bonds | MSXAX vs MSTIX | |
| MainStay Short Term Bond Fund | 0.20 | 0.16 | 0.13 | 87 | Short-Term Bond | MSXAX vs MIXIX | |
| MainStay MacKay Strategic Bond Fund | 0.30 | 0.22 | 0.27 | 72 | Nontraditional Bonds | MSXAX vs MASAX | |
| MainStay Floating Rate Fund | 0.32 | 0.27 | 0.25 | 62 | Bank Loan | MSXAX vs MXFIX | |
| MainStay Candriam Emerging Markets Debt Fund | 0.46 | 0.33 | 0.34 | 73 | Emerging Markets Bonds | MSXAX vs MGHAX |
See all 46 diversifiers for MSXAX
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