Salient Tactical Correlations

FTAGX Fund

USD 25.17 0.09 0.36%

The current 90-days correlation between Salient Tactical Growth and HUMANA INC is -0.21 (i.e., Very good diversification). 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

Almost no diversification

The correlation between Salient Tactical Growth and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Salient Tactical Growth and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Salient Tactical Growth. 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 price.

Moving together with Salient Mutual Fund

0.97	FTGMX	Salient Tactical Growth	Pair Corr
1.0	FTGOX	Salient Tactical Growth	Pair Corr
1.0	FTGWX	Salient Tactical Growth	Pair Corr
0.82	KIFAX	Salient Select Income	Pair Corr
0.82	KIFCX	Salient Select Income	Pair Corr
0.82	KIFYX	Salient Select Income	Pair Corr
0.82	KIRAX	Salient International	Pair Corr
0.83	KIRCX	Salient International	Pair Corr
0.79	KIRYX	Salient International	Pair Corr
0.86	SMAPX	Salient Mlp Energy	Pair Corr
0.86	SMFPX	Salient Mlp Energy	Pair Corr
0.86	SMLPX	Salient Mlp Energy	Pair Corr
0.86	SMRPX	Salient Mlp Energy	Pair Corr
0.9	NLSCX	Neuberger Berman Long	Pair Corr
0.9	NLSAX	Neuberger Berman Long	Pair Corr
0.89	NLSIX	Neuberger Berman Long	Pair Corr
0.8	QLERX	Aqr Long Short	Pair Corr
0.81	DHLSX	Diamond Hill Long	Pair Corr
0.82	DIAYX	Diamond Hill Long	Pair Corr
0.8	DIAMX	Diamond Hill Long	Pair Corr
0.62	PWLIX	Pimco Rae Worldwide	Pair Corr
0.67	PWLMX	Pimco Rae Worldwide	Pair Corr
0.97	ASLAX	Ab Select Longshort	Pair Corr
0.96	WARCX	Wells Fargo Advantage	Pair Corr
0.94	ECFVX	Eaton Vance Val	Pair Corr
0.87	BUFMX	Buffalo Mid Cap	Pair Corr

Moving against Salient Mutual Fund

0.41	GAAKX	Gmo Alternative Allo	Pair Corr
0.35	GAAGX	Gmo Alternative Allo	Pair Corr

Related Correlations Analysis

	444859BR2	AQUI	BRRAY	LBHIX	ABHYX	MSTSX	VIASP	RRTLX
444859BR2		0.0	0.58	0.06	-0.02	-0.28	0.37	-0.14	444859BR2
AQUI	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	0.58	0.0		-0.15	-0.12	-0.41	0.11	-0.33	BRRAY
LBHIX	0.06	0.0	-0.15		0.89	0.85	0.84	0.89	LBHIX
ABHYX	-0.02	0.0	-0.12	0.89		0.66	0.71	0.7	ABHYX
MSTSX	-0.28	0.0	-0.41	0.85	0.66		0.63	0.97	MSTSX
VIASP	0.37	0.0	0.11	0.84	0.71	0.63		0.71	VIASP
RRTLX	-0.14	0.0	-0.33	0.89	0.7	0.97	0.71		RRTLX
	444859BR2	AQUI	BRRAY	LBHIX	ABHYX	MSTSX	VIASP	RRTLX

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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

RRTLX	+ 0.97	MSTSX
ABHYX	+ 0.89	LBHIX
RRTLX	+ 0.89	LBHIX
MSTSX	+ 0.85	LBHIX
VIASP	+ 0.84	LBHIX
VIASP	+ 0.71	ABHYX

High negative correlations

MSTSX	- 0.41	BRRAY
RRTLX	- 0.33	BRRAY
MSTSX	- 0.28	444859BR2
LBHIX	- 0.15	BRRAY
RRTLX	- 0.14	444859BR2
ABHYX	- 0.12	BRRAY

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
444859BR2	0.79	0.02	0.00	0.04	0.00	0.00	1.50	(1.78)	10.44
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	0.66	0.03	0.00	0.04	0.00	0.00	0.00	0.00	28.38
LBHIX	0.15	0.04	(0.14)	0.38	0.00	(0.31)	0.47	(0.24)	1.45
ABHYX	0.13	0.04	(0.21)	(0.32)	0.00	(0.21)	0.34	(0.22)	1.34
MSTSX	0.60	0.10	0.00	(4.25)	0.66	(0.71)	1.40	(1.22)	4.07
VIASP	1.38	0.18	0.05	1.27	1.76	(1.57)	2.65	(3.00)	13.33
RRTLX	0.30	0.04	(0.14)	(2.11)	0.32	(0.35)	0.73	(0.64)	1.97

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