Steward Covered Correlations

Mutual Funds . USA . 
Fund . Steward Ered Call
SCJIX Fund  USD 7.71  0.02  0.26%   
The current 90-days correlation between Steward Ered Call and Short Intermediate Bond Fund is -0.15 (i.e., Good diversification). The correlation of Steward Covered 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 Covered Correlation With Market

Poor diversification

The correlation between Steward Ered Call 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 Steward Ered Call 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 Ered Call. 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 gross domestic product.

Moving together with Steward Mutual Fund

  0.92SCECX Steward Small MidPairCorr
  0.99SEEHX Steward Large CapPairCorr
  0.92TRDFX Steward Small MidPairCorr
  0.71JEPAX Jpmorgan Research EquityPairCorr
  0.73JEPCX Jpmorgan Research EquityPairCorr
  0.7JEPIX Jpmorgan Equity PremiumPairCorr
  0.99GSPKX Goldman Sachs EquityPairCorr
  0.99GVIRX Goldman Sachs EquityPairCorr
  0.99GSPAX Goldman Sachs EquityPairCorr
  1.0GSPQX Goldman Sachs EquityPairCorr
  0.99GSFPX Goldman Sachs EquityPairCorr
  0.99GIDWX Goldman Sachs EquityPairCorr
  0.67FTYPX Fidelity Freedom IndexPairCorr
  0.65FFBTX Fidelity Freedom BlendPairCorr
  0.92GCAVX Gmo Small CapPairCorr
  0.73GQLOX Gmo Quality FundPairCorr
  0.99GMCQX Gmo Equity AllocationPairCorr

Moving against Steward Mutual Fund

  0.59SMNIX Crossmark Steward EquityPairCorr
  0.8RYUHX Inverse Sp 500PairCorr
  0.73GAAVX Gmo Alternative AlloPairCorr
  0.59GABFX Gmo Asset AllocationPairCorr
  0.59WATCX Western Asset IntermPairCorr
  0.55IIBAX Voya Intermediate BondPairCorr
  0.54GIGGX Deutsche GnmaPairCorr
  0.37PUGCX Putnam Global EquityPairCorr
  0.6FXIDX Fixed Income SharesPairCorr
  0.54NWJJX Nationwide Highmark BondPairCorr
  0.53NECRX Loomis Sayles EPairCorr
  0.51ABQYX Ab Intermediate BondPairCorr
  0.47SNGYX Sit Government SecuritiesPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Steward Mutual Fund performing well and Steward Covered 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 Covered'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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