Steward Small-mid Correlations

Mutual Funds . USA . 
Fund . Steward Small Mid Cap
SCECX Fund  USD 12.24  0.23  1.92%   
The current 90-days correlation between Steward Small Mid and Siit Small Cap is 0.77 (i.e., Poor diversification). The correlation of Steward Small-mid 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.

Steward Small-mid Correlation With Market

Very weak diversification

The correlation between Steward Small Mid Cap and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steward Small Mid Cap 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 Steward Small Mid Cap. 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 main economic indicators.

Moving together with Steward Mutual Fund

  1.0SSMOX Steward Small MidPairCorr
  0.93SCJAX Steward Ered CallPairCorr
  0.93SCJCX Steward Ered CallPairCorr
  0.93SCJIX Steward Ered CallPairCorr
  0.94SEECX Steward Large CapPairCorr
  0.92SEEHX Steward Large CapPairCorr
  0.94SEEKX Steward Large CapPairCorr
  0.9SJCIX Steward FundsPairCorr
  0.9SJCAX Steward Large CapPairCorr
  0.9SJCRX Steward Large CapPairCorr
  0.91SJGIX Steward Large CapPairCorr
  0.97SJGAX Steward Large CapPairCorr
  0.64SJVAX Steward Funds -PairCorr
  0.81SJVIX Steward FundsPairCorr
  1.0TRDFX Steward Small MidPairCorr
  0.95VSMAX Vanguard Small CapPairCorr
  0.95VSCIX Vanguard Small CapPairCorr
  0.95VSCPX Vanguard Small CapPairCorr
  0.95NAESX Vanguard Small CapPairCorr
  0.96FSSNX Fidelity Small CapPairCorr
  0.96DFSTX Us Small CapPairCorr
  0.95PASVX T Rowe PricePairCorr
  0.95PRVIX T Rowe PricePairCorr
  0.95TRZVX T Rowe PricePairCorr
  0.95PRSVX T Rowe PricePairCorr

Moving against Steward Mutual Fund

  0.77SMNAX Steward Equity MarketPairCorr
  0.77SMNIX Crossmark Steward EquityPairCorr
  0.58SEACX Steward Select BondPairCorr
  0.58SEAKX Steward Select BondPairCorr
  0.67ABTAX Government BondPairCorr
  0.53PFN Pimco Income StrategyPairCorr
  0.41RROPX American Funds RetirementPairCorr
  0.39PCF Putnam High IncomePairCorr
  0.31XPPRX Voya Prime RatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Steward Mutual Fund performing well and Steward Small-mid 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 Steward Small-mid'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.

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