Sierra Tactical Correlations

STMEX Fund

USD 25.89 0.08 0.31%

The current 90-days correlation between Sierra Tactical Municipal and Sierra Tactical Risk is -0.09 (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

Average diversification

The correlation between Sierra Tactical Municipal and DJI is 0.13 (i.e., Average 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

0.85	SSIIX	Sierra Strategic Income	Pair Corr
0.81	SSICX	Sierra Strategic Income	Pair Corr
0.79	SSIRX	Sierra Strategic Income	Pair Corr
0.84	SSIZX	Sierra Strategic Income	Pair Corr
0.72	NHMAX	Nuveen High Yield	Pair Corr
0.74	NHCCX	Nuveen High Yield	Pair Corr
0.72	NHMRX	Nuveen High Yield	Pair Corr
0.72	NHMFX	Nuveen High Yield	Pair Corr
0.76	ABHFX	American High Income	Pair Corr
0.8	AHICX	American High Income	Pair Corr
0.76	AMHIX	American High Income	Pair Corr
0.82	GHYCX	Goldman Sachs High	Pair Corr
0.79	GHYAX	Goldman Sachs High	Pair Corr
0.76	ACTDX	Invesco High Yield	Pair Corr
0.62	MGGAX	Mirova Global Green	Pair Corr
0.64	HLDIX	Hartford Emerging	Pair Corr
0.64	HLDRX	Hartford Emerging	Pair Corr

Moving against Sierra Mutual Fund

0.31	STENX	Northern Lights	Pair Corr
0.31	STEJX	Northern Lights	Pair Corr
0.55	VCSTX	Science Technology	Pair Corr
0.54	FNICX	Fidelity Advisor New	Pair Corr
0.5	HUMEX	Huber Capital Mid	Pair Corr
0.42	OTIIX	T Rowe Price	Pair Corr

Related Correlations Analysis

	SRSNX	SRSJX	SRTJX	SRTNX	SSIIX	SSICX	SSIRX	SSIZX	STBDX	STBNX
SRSNX		1.0	0.88	0.82	-0.11	-0.2	-0.14	-0.12	0.81	0.79	SRSNX
SRSJX	1.0		0.88	0.82	-0.12	-0.2	-0.15	-0.12	0.81	0.79	SRSJX
SRTJX	0.88	0.88		0.92	0.34	0.23	0.28	0.33	0.87	0.82	SRTJX
SRTNX	0.82	0.82	0.92		0.34	0.3	0.36	0.33	0.79	0.86	SRTNX
SSIIX	-0.11	-0.12	0.34	0.34		0.96	0.95	1.0	0.21	0.13	SSIIX
SSICX	-0.2	-0.2	0.23	0.3	0.96		1.0	0.96	0.06	0.07	SSICX
SSIRX	-0.14	-0.15	0.28	0.36	0.95	1.0		0.95	0.12	0.14	SSIRX
SSIZX	-0.12	-0.12	0.33	0.33	1.0	0.96	0.95		0.2	0.13	SSIZX
STBDX	0.81	0.81	0.87	0.79	0.21	0.06	0.12	0.2		0.91	STBDX
STBNX	0.79	0.79	0.82	0.86	0.13	0.07	0.14	0.13	0.91		STBNX
	SRSNX	SRSJX	SRTJX	SRTNX	SSIIX	SSICX	SSIRX	SSIZX	STBDX	STBNX

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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

SRSJX	+ 1.0	SRSNX
SSIZX	+ 1.0	SSIIX
SSIRX	+ 1.0	SSICX
SSICX	+ 0.96	SSIIX
SSIZX	+ 0.96	SSICX
SSIRX	+ 0.95	SSIIX

High negative correlations

SSICX	- 0.2	SRSJX
SSICX	- 0.2	SRSNX
SSIRX	- 0.15	SRSJX
SSIRX	- 0.14	SRSNX
SSIZX	- 0.12	SRSJX
SSIIX	- 0.12	SRSJX

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
SRSNX	0.34	0.05	(0.11)	0.92	0.26	(0.42)	0.97	(0.69)	2.29
SRSJX	0.35	0.05	(0.11)	1.30	0.28	(0.44)	0.93	(0.69)	2.28
SRTJX	0.17	0.02	(0.34)	0.64	0.00	(0.23)	0.45	(0.30)	1.20
SRTNX	0.16	0.00	(0.33)	0.12	0.00	(0.23)	0.45	(0.30)	1.20
SSIIX	0.14	(0.01)	(0.51)	(0.22)	0.18	(0.15)	0.29	(0.34)	0.84
SSICX	0.14	(0.01)	(0.52)	(0.10)	0.17	(0.15)	0.25	(0.30)	0.79
SSIRX	0.14	(0.01)	(0.47)	(0.06)	0.16	(0.15)	0.25	(0.35)	0.84
SSIZX	0.14	(0.01)	(0.50)	(0.22)	0.18	(0.15)	0.29	(0.35)	0.79
STBDX	0.12	0.01	(0.48)	3.16	0.05	(0.17)	0.27	(0.27)	0.84
STBNX	0.12	0.00	(0.53)	0.10	0.00	(0.17)	0.27	(0.26)	0.83

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