Salient Select Correlations

KIFYX Fund

USD 17.73 0.02 0.11%

The current 90-days correlation between Salient Select Income and Salient Mlp Energy is -0.09 (i.e., Good diversification). The correlation of Salient Select 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 Select Correlation With Market

Very poor diversification

The correlation between Salient Select Income and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Salient Select Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Salient Select Income. 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 unemployment.

Moving together with Salient Mutual Fund

0.81	SBTAX	Salient Tactical Plus	Pair Corr
0.81	SBTIX	Salient Tactical Plus	Pair Corr
0.82	BTPIX	Salient Tactical Plus	Pair Corr
0.9	FTAGX	Salient Tactical Growth	Pair Corr
0.87	FTGMX	Salient Tactical Growth	Pair Corr
0.9	FTGOX	Salient Tactical Growth	Pair Corr
1.0	KIFAX	Salient Select Income	Pair Corr
0.74	SMFPX	Salient Mlp Energy	Pair Corr
0.74	SMLPX	Salient Mlp Energy	Pair Corr
0.75	SMRPX	Salient Mlp Energy	Pair Corr
0.92	CPXAX	Cohen Steers Preferd	Pair Corr
0.92	CPXCX	Cohen Steers Prefrd	Pair Corr
0.92	CPXIX	Cohen Steers Prfrd	Pair Corr
0.92	CPRRX	Cohen Steers Preferred	Pair Corr
0.92	CPXZX	Cohen Steers Preferred	Pair Corr
0.92	CPXFX	Cohen Steers Preferred	Pair Corr
0.9	NPSCX	Nuveen Preferred Sec	Pair Corr
0.92	PPSJX	Preferred Securities	Pair Corr
0.76	SMPIX	Semiconductor Ultrasector Steady Growth	Pair Corr
0.76	SMPSX	Semiconductor Ultrasector Steady Growth	Pair Corr
0.8	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.89	RSNYX	Victory Global Natural	Pair Corr
0.69	OGLYX	Oppenheimer Global	Pair Corr
0.84	EMLCX	Mfs Emerging Markets	Pair Corr
0.9	FLRVX	Franklin Lifesmart 2020	Pair Corr
0.87	SRJYX	Jpmorgan Smartretirement	Pair Corr
0.85	FRBCX	Regional Bank	Pair Corr

Related Correlations Analysis

	SBTAX	SBTIX	BTPIX	FTAGX	FTGMX	FTGOX	FTGWX	KIFAX	SMAPX
SBTAX		1.0	1.0	0.94	0.91	0.95	0.5	0.81	0.0	SBTAX
SBTIX	1.0		1.0	0.95	0.91	0.95	0.5	0.81	0.0	SBTIX
BTPIX	1.0	1.0		0.95	0.91	0.95	0.5	0.82	0.01	BTPIX
FTAGX	0.94	0.95	0.95		0.94	1.0	0.64	0.9	0.26	FTAGX
FTGMX	0.91	0.91	0.91	0.94		0.94	0.61	0.86	0.19	FTGMX
FTGOX	0.95	0.95	0.95	1.0	0.94		0.64	0.89	0.26	FTGOX
FTGWX	0.5	0.5	0.5	0.64	0.61	0.64		0.51	0.63	FTGWX
KIFAX	0.81	0.81	0.82	0.9	0.86	0.89	0.51		0.18	KIFAX
SMAPX	0.0	0.0	0.01	0.26	0.19	0.26	0.63	0.18		SMAPX
	SBTAX	SBTIX	BTPIX	FTAGX	FTGMX	FTGOX	FTGWX	KIFAX	SMAPX

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

SBTIX	+ 1.0	SBTAX
BTPIX	+ 1.0	SBTAX
BTPIX	+ 1.0	SBTIX
FTGOX	+ 1.0	FTAGX
FTGOX	+ 0.95	SBTAX
FTAGX	+ 0.95	SBTIX

High negative correlations

SMAPX	- 0.0	SBTIX
SMAPX	- 0.0	SBTAX

Risk-Adjusted Indicators

There is a big difference between Salient Mutual Fund performing well and Salient Select 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 Select'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
SBTAX	0.56	0.06	(0.01)	(0.61)	0.74	(0.57)	1.17	(1.33)	3.52
SBTIX	0.56	0.06	(0.01)	(0.62)	0.71	(0.58)	1.15	(1.30)	3.64
BTPIX	0.56	0.06	(0.01)	(0.57)	0.72	(0.58)	1.12	(1.28)	3.71
FTAGX	0.49	0.11	0.05	(1.23)	0.61	(0.50)	0.98	(1.23)	3.29
FTGMX	0.50	0.11	0.06	(0.94)	0.49	(0.56)	0.91	(0.99)	4.71
FTGOX	0.50	0.10	0.04	(1.13)	0.64	(0.50)	0.94	(1.23)	3.35
FTGWX	0.46	0.11	0.06	2.51	0.55	(0.48)	0.93	(0.93)	3.16
KIFAX	0.26	0.02	(0.11)	(1.04)	0.25	(0.28)	0.51	(0.51)	1.54
SMAPX	0.70	0.26	0.22	8.43	0.50	(0.84)	1.46	(1.34)	3.49

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