Salient International Correlations

KIRYX Fund

USD 13.02 0.11 0.85%

The current 90-days correlation between Salient International and Salient Tactical Plus is 0.46 (i.e., Very weak diversification). The correlation of Salient International 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 International Correlation With Market

Very weak diversification

The correlation between Salient International Real and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Salient International Real 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 International Real. 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 manufacturing.

Moving together with Salient Mutual Fund

1.0	KIRAX	Salient International	Pair Corr
1.0	KIRCX	Salient International	Pair Corr
0.9	DFGEX	Dfa Global Real	Pair Corr
0.81	VGRNX	Vanguard Global Ex	Pair Corr
0.85	DFITX	Dfa International Real	Pair Corr
0.75	VGRLX	Vanguard Global Ex	Pair Corr
0.89	PGRKX	Global Real Estate	Pair Corr
0.89	PGRUX	Global Real Estate	Pair Corr
0.89	PGRVX	Global Real Estate	Pair Corr
0.95	MGLAX	Mfs Global Real	Pair Corr
0.9	MGLIX	Mfs Global Real	Pair Corr
0.78	NXJ	Nuveen New Jersey	Pair Corr
0.68	XNBHX	Neuberger Berman Int	Pair Corr

Moving against Salient Mutual Fund

0.43	SMAPX	Salient Mlp Energy	Pair Corr
0.43	SMFPX	Salient Mlp Energy	Pair Corr
0.43	SMLPX	Salient Mlp Energy	Pair Corr
0.43	SMRPX	Salient Mlp Energy	Pair Corr
0.42	SBTIX	Salient Tactical Plus	Pair Corr
0.41	SBTAX	Salient Tactical Plus	Pair Corr
0.53	XPPRX	Voya Prime Rate	Pair Corr

Related Correlations Analysis

	SBTCX	BTPIX	FTAGX	FTGMX	KIFAX	KIFCX	KIRAX	SMAPX
SBTCX		0.99	0.63	0.63	0.07	0.06	-0.26	0.49	SBTCX
BTPIX	0.99		0.69	0.69	0.13	0.13	-0.3	0.57	BTPIX
FTAGX	0.63	0.69		0.93	0.65	0.64	-0.14	0.9	FTAGX
FTGMX	0.63	0.69	0.93		0.74	0.73	0.0	0.76	FTGMX
KIFAX	0.07	0.13	0.65	0.74		1.0	0.35	0.45	KIFAX
KIFCX	0.06	0.13	0.64	0.73	1.0		0.37	0.44	KIFCX
KIRAX	-0.26	-0.3	-0.14	0.0	0.35	0.37		-0.44	KIRAX
SMAPX	0.49	0.57	0.9	0.76	0.45	0.44	-0.44		SMAPX
	SBTCX	BTPIX	FTAGX	FTGMX	KIFAX	KIFCX	KIRAX	SMAPX

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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

KIFCX	+ 1.0	KIFAX
BTPIX	+ 0.99	SBTCX
FTGMX	+ 0.93	FTAGX
SMAPX	+ 0.9	FTAGX
SMAPX	+ 0.76	FTGMX
KIFAX	+ 0.74	FTGMX

High negative correlations

SMAPX	- 0.44	KIRAX
KIRAX	- 0.3	BTPIX
KIRAX	- 0.26	SBTCX
KIRAX	- 0.14	FTAGX
KIRAX	- 0.0	FTGMX

Risk-Adjusted Indicators

There is a big difference between Salient Mutual Fund performing well and Salient International 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 International'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
SBTCX	0.36	(0.07)	(0.21)	(0.01)	0.55	(0.36)	0.67	(1.13)	2.67
BTPIX	0.35	(0.06)	(0.19)	0.00	0.52	(0.39)	0.76	(1.17)	2.78
FTAGX	0.31	0.00	(0.17)	0.12	0.23	(0.35)	0.63	(0.64)	2.05
FTGMX	0.44	(0.02)	(0.12)	0.08	0.46	(0.51)	1.09	(0.96)	2.59
KIFAX	0.31	0.05	(0.12)	0.34	0.26	(0.32)	0.73	(0.56)	1.88
KIFCX	0.31	0.04	(0.12)	0.34	0.27	(0.32)	0.66	(0.58)	1.84
KIRAX	0.57	(0.03)	(0.13)	0.05	0.72	(0.58)	1.01	(1.14)	3.74
SMAPX	0.65	0.17	0.18	0.45	0.27	(0.83)	1.50	(0.85)	3.37

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