Financial Services Correlations

Mutual Funds . USA . 
Fund . Financial Services Portfolio
SFPIX Fund  USD 13.24  0.01  0.08%   
The current 90-days correlation between Financial Services and Salient Alternative Beta is 0.67 (i.e., Poor diversification). The correlation of Financial Services 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.

Financial Services Correlation With Market

Very poor diversification

The correlation between Financial Services Portfolio and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Financial Services Portfolio 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 Financial Services Portfolio. 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 Financial Mutual Fund

  0.91SABAX Salient Alternative BetaPairCorr
  0.92SABIX Aggressive BalancedPairCorr
  0.91SABCX Salient Alternative BetaPairCorr
  0.91SAMAX Moderately AggressivePairCorr
  0.9SAMCX Salient Mlp FundPairCorr
  0.91SAMIX Moderately AggressivePairCorr
  0.9SSCCX Small CapitalizationPairCorr
  0.91SSCPX Small CapitalizationPairCorr
  0.91SSCYX Small CapitalizationPairCorr
  0.89SBCCX Moderately ServativePairCorr
  0.9SBMCX Moderate BalancedPairCorr
  0.91SBMIX Moderate BalancedPairCorr
  0.85STPAX Technology CommunicationsPairCorr
  0.85STPCX Technology CommunicationsPairCorr
  0.86STPIX Technology CommunicationsPairCorr
  0.84SCAAX Conservative BalancedPairCorr
  0.83SUMCX Conservative BalancedPairCorr
  1.0SFPCX Financial ServicesPairCorr
  1.0SFPAX Financial ServicesPairCorr
  0.95SLCGX Large CapitalizationPairCorr
  0.8SLCVX Large Cap ValuePairCorr
  0.95SLGCX Large CapitalizationPairCorr
  0.95SLGYX Large CapitalizationPairCorr
  0.79SLVCX Large Cap ValuePairCorr
  0.79SLVYX Large Cap ValuePairCorr
  0.89SMACX Moderately ConservativePairCorr

Moving against Financial Mutual Fund

  0.81SIBPX Investment Quality BondPairCorr
  0.55SHPCX Health BiotchnologyPairCorr
  0.54SHPAX Health BiotchnologyPairCorr
  0.53SBHIX Health BiotchnologyPairCorr
  0.51SIEYX International EquityPairCorr
  0.83SQBCX Investment Quality BondPairCorr
  0.82SQBAX Investment Quality BondPairCorr
  0.59SMBCX Municipal Bond PortfolioPairCorr
  0.54SMBAX Municipal Bond PortfolioPairCorr
  0.52SIECX International EquityPairCorr
  0.51SMBPX Municipal Bond PortfolioPairCorr
  0.5SIEPX International EquityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Financial Mutual Fund performing well and Financial Services 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 Financial Services' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
SABAX  0.46 (0.01)(0.07) 0.12  0.46 
(0.51)
 0.95 
(0.92)
 2.97 
SABIX  0.43  0.01 (0.07) 0.15  0.37 
(0.53)
 1.16 
(0.80)
 2.94 
SABCX  0.47 (0.01)(0.08) 0.11  0.46 
(0.53)
 0.91 
(0.99)
 2.92 
SAMAX  0.41  0.00 (0.09) 0.12  0.39 
(0.47)
 0.85 
(0.83)
 2.62 
SAMCX  0.41 (0.01)(0.10) 0.12  0.42 
(0.47)
 0.83 
(0.84)
 2.75 
SAMIX  0.42  0.00 (0.10) 0.12  0.38 
(0.49)
 0.89 
(0.90)
 2.68 
SSCCX  0.98 (0.05) 0.01  0.09  0.89 
(1.62)
 2.59 
(1.77)
 7.85 
SSCPX  0.90 (0.04) 0.01  0.10  0.91 
(1.05)
 2.18 
(1.77)
 7.19 
SSCYX  0.91 (0.05) 0.01  0.10  0.94 
(1.04)
 2.10 
(1.79)
 7.25 
SBCCX  0.37  0.00 (0.13) 0.12  0.37 
(0.43)
 0.92 
(0.73)
 2.18 

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