Salient Tactical Correlations

FTGWX Fund

USD 28.04 0.03 0.11%

The current 90-days correlation between Salient Tactical Growth and Salient Select Income is 0.53 (i.e., Very weak 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 housing.

Moving together with Salient Mutual Fund

0.72	SBTAX	Salient Tactical Plus	Pair Corr
0.73	SBTIX	Salient Tactical Plus	Pair Corr
0.74	BTPIX	Salient Tactical Plus	Pair Corr
1.0	FTAGX	Salient Tactical Growth	Pair Corr
0.92	FTGMX	Salient Tactical Growth	Pair Corr
1.0	FTGOX	Salient Tactical Growth	Pair Corr
0.91	SMAPX	Salient Mlp Energy	Pair Corr
0.91	SMFPX	Salient Mlp Energy	Pair Corr
0.91	SMLPX	Salient Mlp Energy	Pair Corr
0.91	SMRPX	Salient Mlp Energy	Pair Corr
0.94	JHQCX	Jpmorgan Hedged Equity	Pair Corr
0.94	JHEQX	Jpmorgan Hedged Equity	Pair Corr
0.94	JHQAX	Jpmorgan Hedged Equity	Pair Corr
0.97	GTENX	Gateway Fund Class	Pair Corr
0.97	GTECX	Gateway Fund Class	Pair Corr
0.97	GTEYX	Gateway Fund Class	Pair Corr
0.97	GATEX	Gateway Fund Class	Pair Corr
0.92	JHDCX	Jpmorgan Hedged Equity	Pair Corr
0.88	JHDRX	Jpmorgan Hedged Equity	Pair Corr
0.92	JHDAX	Jpmorgan Hedged Equity	Pair Corr
0.89	FTCAX	Templeton Strained Bond	Pair Corr
0.86	PYAIX	Payden Absolute Return	Pair Corr
0.87	PYARX	Payden Absolute Return	Pair Corr
0.85	BCAAX	Brandywineglobal C	Pair Corr
0.9	NML	Neuberger Berman Mlp	Pair Corr
0.74	TRBUX	T Rowe Price	Pair Corr
0.97	STENX	Northern Lights	Pair Corr
0.75	FFALX	Franklin Founding Funds	Pair Corr

Moving against Salient Mutual Fund

0.97	UIPIX	Ultrashort Mid Cap	Pair Corr
0.92	USPSX	Profunds Ultrashort	Pair Corr
0.91	USPIX	Profunds Ultrashort	Pair Corr

Related Correlations Analysis

	KIFYX	SMLPX	LEVIX	MFLDX	DHLSX
KIFYX		0.42	0.88	0.48	0.27	KIFYX
SMLPX	0.42		0.51	0.85	-0.33	SMLPX
LEVIX	0.88	0.51		0.59	0.34	LEVIX
MFLDX	0.48	0.85	0.59		0.02	MFLDX
DHLSX	0.27	-0.33	0.34	0.02		DHLSX
	KIFYX	SMLPX	LEVIX	MFLDX	DHLSX

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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

LEVIX	+ 0.88	KIFYX
MFLDX	+ 0.85	SMLPX
MFLDX	+ 0.59	LEVIX
LEVIX	+ 0.51	SMLPX
MFLDX	+ 0.48	KIFYX
SMLPX	+ 0.42	KIFYX

High negative correlations

DHLSX

- 0.33

SMLPX

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
KIFYX	0.31	0.04	(0.14)	0.32	0.29	(0.31)	0.62	(0.56)	1.84
SMLPX	0.68	0.14	0.10	0.42	0.47	(0.86)	1.51	(0.95)	4.44
LEVIX	0.82	(0.03)	(0.03)	0.09	1.03	(0.89)	1.88	(1.75)	5.19
MFLDX	0.44	0.04	(0.12)	(14.94)	0.58	(0.46)	0.91	(1.19)	4.06
DHLSX	0.33	(0.07)	0.00	(0.07)	0.00	0.00	0.70	(0.74)	2.22

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