Looking to diversify beyond MTMIX? The mutual funds below have historically moved differently from MTMIX, 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 MTMIX
2 mutual funds have low correlation with MTMIX (below 0.3), 0 of which are negatively correlated. The least correlated is MainStay Floating Rate Fund (MXFIX) (Bank Loan) with a 1Y correlation of 0.11, roughly unchanged from 0.14 over 5 years.
How candidates are selected| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| MainStay Floating Rate Fund | 0.11 | 0.12 | 0.14 | 69 | Bank Loan | MTMIX vs MXFIX | |
| MainStay Epoch U.S. Equity Yield Fund | 0.30 | 0.25 | 0.19 | 92 | Large Cap Value Equities | MTMIX vs EPLCX | |
| MainStay CBRE Real Estate Fund | 0.30 | 0.38 | 0.31 | 53 | REIT | MTMIX vs CRARX | |
| NYLI S&P 500 Index Class A | 0.30 | 0.21 | 0.18 | 58 | S&P 500 | MTMIX vs MSXAX | |
| MainStay S&P 500 Index Fund | 0.31 | 0.21 | 0.18 | 58 | Large Cap Blend Equities | MTMIX vs MSPIX |
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