Salient Tactical Correlations

BTPIX Fund

USD 11.86 0.03 0.25%

The current 90-days correlation between Salient Tactical Plus and Salient Tactical Plus is 0.99 (i.e., No risk reduction). The correlation of Salient Tactical 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Salient Tactical Correlation With Market

Very poor diversification

The correlation between Salient Tactical Plus and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Salient Tactical Plus and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Salient Tactical Plus. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Salient Mutual Fund

1.0	SBTAX	Salient Tactical Plus	Pair Corr
1.0	SBTIX	Salient Tactical Plus	Pair Corr
0.99	SBTCX	Salient Tactical Plus	Pair Corr
0.87	FTAGX	Salient Tactical Growth	Pair Corr
0.9	FTGMX	Salient Tactical Growth	Pair Corr
0.87	FTGOX	Salient Tactical Growth	Pair Corr
0.87	FTGWX	Salient Tactical Growth	Pair Corr
0.73	SMAPX	Salient Mlp Energy	Pair Corr
0.72	SMFPX	Salient Mlp Energy	Pair Corr
0.73	SMLPX	Salient Mlp Energy	Pair Corr
0.73	SMRPX	Salient Mlp Energy	Pair Corr
0.86	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.86	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.86	JHQAX	Jpmorgan Hedged Equity	Pair Corr
0.83	GTENX	Gateway Fund Class	Pair Corr
0.84	GTECX	Gateway Fund Class	Pair Corr
0.83	GTEYX	Gateway Fund Class	Pair Corr
0.83	GATEX	Gateway Fund Class	Pair Corr
0.85	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.85	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.85	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.87	VTSAX	Vanguard Total Stock	Pair Corr
0.87	VFIAX	Vanguard 500 Index	Pair Corr
0.87	VTSMX	Vanguard Total Stock	Pair Corr
0.87	VSMPX	Vanguard Total Stock	Pair Corr
0.87	VSTSX	Vanguard Total Stock	Pair Corr
0.87	VITSX	Vanguard Total Stock	Pair Corr
0.87	VFINX	Vanguard 500 Index	Pair Corr
0.87	VFFSX	Vanguard 500 Index	Pair Corr
0.82	MLFAX	Mfs Lifetime 2040	Pair Corr
0.7	OASDX	Oakhurst Strategic	Pair Corr

Moving against Salient Mutual Fund

0.35	VGTSX	Vanguard Total Inter	Pair Corr
0.35	VTIAX	Vanguard Total Inter	Pair Corr

Related Correlations Analysis

	SBTAX	SBTIX	BTPIX	FTAGX	FTGMX	FTGOX	FTGWX	KIFAX	KIFCX
SBTAX		1.0	1.0	0.85	0.89	0.86	0.85	0.01	-0.02	SBTAX
SBTIX	1.0		1.0	0.87	0.89	0.87	0.86	0.0	-0.03	SBTIX
BTPIX	1.0	1.0		0.87	0.9	0.87	0.87	-0.02	-0.04	BTPIX
FTAGX	0.85	0.87	0.87		0.94	1.0	1.0	-0.12	-0.15	FTAGX
FTGMX	0.89	0.89	0.9	0.94		0.95	0.94	0.0	-0.03	FTGMX
FTGOX	0.86	0.87	0.87	1.0	0.95		1.0	-0.1	-0.13	FTGOX
FTGWX	0.85	0.86	0.87	1.0	0.94	1.0		-0.13	-0.16	FTGWX
KIFAX	0.01	0.0	-0.02	-0.12	0.0	-0.1	-0.13		1.0	KIFAX
KIFCX	-0.02	-0.03	-0.04	-0.15	-0.03	-0.13	-0.16	1.0		KIFCX
	SBTAX	SBTIX	BTPIX	FTAGX	FTGMX	FTGOX	FTGWX	KIFAX	KIFCX

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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

SBTIX	+ 1.0	SBTAX
BTPIX	+ 1.0	SBTAX
BTPIX	+ 1.0	SBTIX
FTGOX	+ 1.0	FTAGX
FTGWX	+ 1.0	FTAGX
FTGWX	+ 1.0	FTGOX

High negative correlations

KIFCX	- 0.16	FTGWX
KIFCX	- 0.15	FTAGX
KIFAX	- 0.13	FTGWX
KIFCX	- 0.13	FTGOX
KIFAX	- 0.12	FTAGX
KIFAX	- 0.1	FTGOX

Risk-Adjusted Indicators

There is a big difference between Salient Mutual Fund performing well and Salient Tactical 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 Salient Tactical'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
SBTAX	0.30	(0.01)	(0.05)	(0.01)	0.48	(0.28)	0.53	(0.71)	2.83
SBTIX	0.28	(0.01)	(0.05)	(0.01)	0.45	(0.29)	0.52	(0.69)	2.86
BTPIX	0.29	(0.01)	(0.05)	(0.01)	0.44	(0.30)	0.59	(0.59)	2.78
FTAGX	0.34	(0.01)	(0.03)	0.01	0.49	(0.38)	0.64	(0.67)	3.63
FTGMX	0.41	(0.01)	(0.04)	0.00	0.59	(0.45)	1.00	(0.86)	3.54
FTGOX	0.35	(0.01)	(0.03)	0.01	0.50	(0.37)	0.61	(0.68)	3.63
FTGWX	0.34	0.00	(0.03)	0.02	0.50	(0.37)	0.65	(0.66)	3.58
KIFAX	0.33	(0.07)	0.00	(0.25)	0.00	0.00	0.46	(0.66)	2.18
KIFCX	0.33	(0.07)	0.00	(0.26)	0.00	0.00	0.48	(0.65)	2.22

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