Salient Select Correlations

KIFAX Fund

USD 19.64 0.09 0.46%

The current 90-days correlation between Salient Select Income and Cohen Steers Prfrd is 0.02 (i.e., Significant diversification). The correlation of Salient Select 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 Select Correlation With Market

Poor diversification

The correlation between Salient Select Income and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Salient Select Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Salient Select Income. 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 nation.

Moving together with Salient Mutual Fund

0.82	FTAGX	Salient Tactical Growth	Pair Corr
0.74	FTGMX	Salient Tactical Growth	Pair Corr
0.8	FTGOX	Salient Tactical Growth	Pair Corr
0.82	FTGWX	Salient Tactical Growth	Pair Corr
1.0	KIFCX	Salient Select Income	Pair Corr
1.0	KIFYX	Salient Select Income	Pair Corr
0.95	KIRAX	Salient International	Pair Corr
0.95	KIRCX	Salient International	Pair Corr
0.95	KIRYX	Salient International	Pair Corr
0.9	SMAPX	Salient Mlp Energy	Pair Corr
0.9	SMFPX	Salient Mlp Energy	Pair Corr
0.9	SMLPX	Salient Mlp Energy	Pair Corr
0.91	SMRPX	Salient Mlp Energy	Pair Corr
0.99	CPXIX	Cohen Steers Prfrd	Pair Corr
0.99	CPXAX	Cohen Steers Preferd	Pair Corr
0.99	CPXCX	Cohen Steers Prefrd	Pair Corr
0.99	CPRRX	Cohen Steers Preferred	Pair Corr
0.99	CPXZX	Cohen Steers Preferred	Pair Corr
0.99	CPXFX	Cohen Steers Preferred	Pair Corr
0.99	PRFCX	Preferred Securities	Pair Corr
0.99	PPSIX	Preferred Securities	Pair Corr
1.0	PPSAX	Preferred Securities	Pair Corr
1.0	PQARX	Preferred Securities	Pair Corr
0.73	IWRFX	Voya Russia Fund	Pair Corr
0.75	IIRFX	Voya Russia Fund	Pair Corr
0.72	LETRX	Voya Russia Fund	Pair Corr
0.89	OCMGX	Ocm Mutual Fund	Pair Corr
0.97	CPAYX	Columbia Pacific/asia	Pair Corr
0.89	OCMAX	Ocm Mutual Fund	Pair Corr
0.87	MNOPX	International Opportunity	Pair Corr
0.87	PWLEX	Pimco Rae Worldwide	Pair Corr

Moving against Salient Mutual Fund

0.34	SBTCX	Salient Tactical Plus	Pair Corr
0.31	VENAX	Vanguard Energy Index	Pair Corr

Related Correlations Analysis

	CPXIX	CPXCX	AQUI	LBHIX	ABHYX	MSTSX	SCAXF	VIASP	RRTLX	OSHDF
CPXIX		1.0	0.0	0.96	0.87	0.9	0.0	0.75	0.93	0.0	CPXIX
CPXCX	1.0		0.0	0.97	0.87	0.89	0.0	0.76	0.93	0.0	CPXCX
AQUI	0.0	0.0		0.0	0.0	0.0	-1.0	0.0	0.0	-1.0	AQUI
LBHIX	0.96	0.97	0.0		0.89	0.85	0.0	0.84	0.89	0.0	LBHIX
ABHYX	0.87	0.87	0.0	0.89		0.66	0.0	0.71	0.7	0.0	ABHYX
MSTSX	0.9	0.89	0.0	0.85	0.66		0.0	0.63	0.97	0.0	MSTSX
SCAXF	0.0	0.0	-1.0	0.0	0.0	0.0		0.0	0.0	1.0	SCAXF
VIASP	0.75	0.76	0.0	0.84	0.71	0.63	0.0		0.71	0.0	VIASP
RRTLX	0.93	0.93	0.0	0.89	0.7	0.97	0.0	0.71		0.0	RRTLX
OSHDF	0.0	0.0	-1.0	0.0	0.0	0.0	1.0	0.0	0.0		OSHDF
	CPXIX	CPXCX	AQUI	LBHIX	ABHYX	MSTSX	SCAXF	VIASP	RRTLX	OSHDF

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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

CPXCX	+ 1.0	CPXIX
OSHDF	+ 1.0	SCAXF
LBHIX	+ 0.97	CPXCX
RRTLX	+ 0.97	MSTSX
LBHIX	+ 0.96	CPXIX
RRTLX	+ 0.93	CPXIX

High negative correlations

OSHDF	- 1.0	AQUI
SCAXF	- 1.0	AQUI
OSHDF	- 0.0	RRTLX
OSHDF	- 0.0	VIASP
RRTLX	- 0.0	SCAXF
VIASP	- 0.0	SCAXF

Risk-Adjusted Indicators

There is a big difference between Salient Mutual Fund performing well and Salient Select 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 Select'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
CPXIX	0.12	0.05	(0.13)	5.43	0.00	(0.18)	0.32	(0.17)	1.08
CPXCX	0.11	0.05	(0.20)	1.16	0.00	(0.16)	0.33	(0.24)	0.92
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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
SCAXF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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