Salient Tactical Correlations

SBTAX Fund

USD 10.24 0.03 0.29%

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

Average diversification

The correlation between Salient Tactical Plus and DJI is 0.15 (i.e., Average 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 World Market Map 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 nation.

Moving together with Salient Mutual Fund

0.74	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.73	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.73	JHQAX	Jpmorgan Hedged Equity	Pair Corr
0.65	GTENX	Gateway Fund Class	Pair Corr
0.67	GTECX	Gateway Fund Class	Pair Corr
0.65	GTEYX	Gateway Fund Class	Pair Corr
0.66	GATEX	Gateway Fund Class	Pair Corr
0.81	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.81	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.81	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.68	VTSAX	Vanguard Total Stock	Pair Corr
0.67	VFIAX	Vanguard 500 Index	Pair Corr
0.68	VTSMX	Vanguard Total Stock	Pair Corr
0.68	VSMPX	Vanguard Total Stock	Pair Corr
0.68	VSTSX	Vanguard Total Stock	Pair Corr
0.68	VITSX	Vanguard Total Stock	Pair Corr
0.67	VFINX	Vanguard 500 Index	Pair Corr
0.67	VFFSX	Vanguard 500 Index	Pair Corr

Moving against Salient Mutual Fund

0.94	CUSBX	Columbia Ultra Short	Pair Corr
0.86	QCILIX	Cref Inflation Linked	Pair Corr
0.8	TOLZX	Deutsche Global Infr	Pair Corr
0.79	TFBCX	American Beacon Twen	Pair Corr
0.76	STBAX	Invesco Short Term	Pair Corr
0.67	RYMPX	Precious Metals	Pair Corr
0.63	PRIPX	T Rowe Price	Pair Corr
0.56	GLOIX	Gamco Global Opportunity	Pair Corr
0.43	LGIEX	Qs International Equity	Pair Corr
0.89	CCWFX	Capital World Bond	Pair Corr
0.81	STCCX	Short Term Income	Pair Corr
0.8	TOLIX	Deutsche Global Infr	Pair Corr
0.78	KGGAX	Kopernik Global All	Pair Corr

Related Correlations Analysis

	DLTZX	PDINX	FPTPX	FARIX	PQCNX	GPICX	MDBLX	PGBAX
DLTZX		0.91	-0.3	0.33	0.77	0.69	0.4	0.04	DLTZX
PDINX	0.91		0.03	0.26	0.83	0.79	0.61	0.38	PDINX
FPTPX	-0.3	0.03		-0.03	-0.04	0.2	0.39	0.84	FPTPX
FARIX	0.33	0.26	-0.03		-0.11	0.19	-0.35	-0.2	FARIX
PQCNX	0.77	0.83	-0.04	-0.11		0.57	0.84	0.42	PQCNX
GPICX	0.69	0.79	0.2	0.19	0.57		0.46	0.39	GPICX
MDBLX	0.4	0.61	0.39	-0.35	0.84	0.46		0.79	MDBLX
PGBAX	0.04	0.38	0.84	-0.2	0.42	0.39	0.79		PGBAX
	DLTZX	PDINX	FPTPX	FARIX	PQCNX	GPICX	MDBLX	PGBAX

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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

PDINX	+ 0.91	DLTZX
PGBAX	+ 0.84	FPTPX
MDBLX	+ 0.84	PQCNX
PQCNX	+ 0.83	PDINX
GPICX	+ 0.79	PDINX
PGBAX	+ 0.79	MDBLX

High negative correlations

MDBLX	- 0.35	FARIX
FPTPX	- 0.3	DLTZX
PGBAX	- 0.2	FARIX
PQCNX	- 0.11	FARIX
PQCNX	- 0.04	FPTPX
FARIX	- 0.03	FPTPX

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
DLTZX	0.10	0.01	0.73	(0.65)	0.00	(0.21)	0.26	(0.13)	0.89
PDINX	0.17	0.00	0.48	0.00	0.10	(0.28)	0.41	(0.21)	1.22
FPTPX	0.46	0.04	0.00	(0.03)	0.00	0.00	0.85	(1.08)	4.03
FARIX	0.33	0.02	0.26	0.38	0.43	(0.36)	0.63	(0.63)	2.88
PQCNX	0.30	0.00	0.31	1.02	0.36	(0.32)	0.59	(0.59)	1.86
GPICX	0.06	0.00	0.69	(0.06)	0.00	(0.12)	0.10	(0.10)	0.62
MDBLX	0.28	0.00	0.33	0.00	0.33	(0.32)	0.61	(0.49)	2.33
PGBAX	0.17	0.00	0.42	(0.12)	0.24	(0.19)	0.34	(0.34)	1.45

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