Spirit Of Correlations
| SOAEX Fund | USD 13.88 0.10 0.73% |
The correlation of Spirit Of is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Spirit Of moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Spirit Of America moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Spirit Of America and NYA is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spirit Of America and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Spirit Of could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Spirit Of when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Spirit Of - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Spirit Of America to buy it.
Moving together with Spirit Mutual Fund
| 1.0 | SACEX | Spirit Of America | PairCorr |
| 0.83 | SACVX | Spirit Of America | PairCorr |
| 0.99 | SAIEX | Spirit Of America | PairCorr |
| 0.84 | SOAVX | Spirit Of America | PairCorr |
| 0.84 | SOIVX | Spirit Of America | PairCorr |
| 0.95 | TORCX | Tortoise Mlp Pipeline | PairCorr |
| 0.95 | MLPTX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.95 | OSPSX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.94 | MLPZX | Oppenheimer Steelpath Mlp | PairCorr |
| 0.93 | OSPMX | Oppenheimer Steelpath Mlp | PairCorr |
Moving against Spirit Mutual Fund
| 0.54 | SOAMX | Spirit Of America | PairCorr |
| 0.52 | SACFX | Spirit Of America | PairCorr |
| 0.5 | SOIMX | Spirit Of America | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Spirit Mutual Fund performing well and Spirit Of Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Spirit Of's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SOAAX | 0.83 | (0.03) | 0.00 | (0.26) | 0.00 | 1.59 | 6.16 | |||
| VFIAX | 0.61 | 0.01 | 0.02 | 0.08 | 0.60 | 1.13 | 3.69 | |||
| RWSNX | 0.51 | (0.02) | (0.03) | 0.05 | 0.69 | 0.98 | 2.88 | |||
| PDI | 0.39 | 0.02 | (0.01) | 0.12 | 0.81 | 0.68 | 3.61 | |||
| STFBX | 0.40 | 0.05 | (0.02) | 0.97 | 0.41 | 0.86 | 2.95 | |||
| VFINX | 0.62 | 0.01 | 0.02 | 0.08 | 0.59 | 1.20 | 3.69 | |||
| KO | 0.52 | 0.01 | (0.04) | 0.09 | 0.58 | 1.20 | 3.55 | |||
| DD | 0.98 | 0.29 | 0.24 | 0.30 | 0.73 | 1.86 | 10.59 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Spirit Of without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Already Invested in Spirit Of America?
The danger of trading Spirit Of America is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Spirit Of is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Spirit Of. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Spirit Of America is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Spirit Of America. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in income. Note that the Spirit Of America information on this page should be used as a complementary analysis to other Spirit Of'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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.