Sierra Tactical Correlations

STMEX Fund

USD 25.20 0.06 0.24%

The current 90-days correlation between Sierra Tactical Municipal and Fidelity Series Emerging is -0.02 (i.e., Good diversification). The correlation of Sierra 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.

Sierra Tactical Correlation With Market

Good diversification

The correlation between Sierra Tactical Municipal and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sierra Tactical Municipal 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 Sierra Tactical Municipal. 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 income.

Moving together with Sierra Mutual Fund

0.66	STBDX	Sierra Tactical Bond	Pair Corr
0.65	STBNX	Sierra Tactical Bond	Pair Corr
0.65	STBJX	Sierra Tactical Bond	Pair Corr
0.87	NHMAX	Nuveen High Yield	Pair Corr
0.87	NHCCX	Nuveen High Yield	Pair Corr
0.88	NHMRX	Nuveen High Yield	Pair Corr
0.87	NHMFX	Nuveen High Yield	Pair Corr
0.91	ABHFX	American High Income	Pair Corr
0.88	AHICX	American High Income	Pair Corr
0.86	AMHIX	American High Income	Pair Corr
0.94	GHYCX	Goldman Sachs High	Pair Corr
0.94	GHYAX	Goldman Sachs High	Pair Corr
0.87	ACTDX	Invesco High Yield	Pair Corr

Moving against Sierra Mutual Fund

0.57	TCSUX	Cleartrack 2020 Class	Pair Corr
0.52	TCTGX	Transamerica Cleartrack	Pair Corr
0.52	TDKTX	Cleartrack 2015 Class	Pair Corr
0.52	TCTJX	Transamerica Cleartrack	Pair Corr

Related Correlations Analysis

	FHKFX	SEDIX	PIEFX	SAEMX	FEMDX	EGLNX
FHKFX		0.84	0.99	0.94	0.8	0.32	FHKFX
SEDIX	0.84		0.86	0.79	0.96	0.38	SEDIX
PIEFX	0.99	0.86		0.95	0.83	0.27	PIEFX
SAEMX	0.94	0.79	0.95		0.71	0.12	SAEMX
FEMDX	0.8	0.96	0.83	0.71		0.42	FEMDX
EGLNX	0.32	0.38	0.27	0.12	0.42		EGLNX
	FHKFX	SEDIX	PIEFX	SAEMX	FEMDX	EGLNX

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Risk-Adjusted Indicators

There is a big difference between Sierra Mutual Fund performing well and Sierra 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 Sierra 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
FHKFX	0.83	0.07	0.06	0.15	1.07	(0.87)	1.94	(1.91)	5.94
SEDIX	0.09	0.01	0.03	(0.28)	0.00	(0.16)	0.21	(0.21)	0.53
PIEFX	0.99	0.08	0.06	0.15	1.25	(0.99)	2.06	(2.04)	6.94
SAEMX	0.58	0.04	0.04	0.31	0.77	(0.61)	1.17	(1.44)	3.59
FEMDX	0.15	0.02	0.08	5.39	0.00	(0.20)	0.42	(0.26)	1.11
EGLNX	1.06	0.13	0.09	0.19	1.35	(1.09)	1.97	(2.00)	6.25

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