Steward Covered Correlations

SCJCX Fund

USD 8.33 0.04 0.48%

The current 90-days correlation between Steward Ered Call and The Emerging Markets is 0.26 (i.e., Modest diversification). The correlation of Steward Covered 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.

Steward Covered Correlation With Market

Poor diversification

The correlation between Steward Ered Call and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steward Ered Call 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 Steward Ered Call. 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 main economic indicators.

Moving together with Steward Mutual Fund

0.91	SSMOX	Steward Small Mid	Pair Corr
0.91	SCECX	Steward Small Mid	Pair Corr
1.0	SCJAX	Steward Ered Call	Pair Corr
0.99	SCJIX	Steward Ered Call	Pair Corr
0.98	SEECX	Steward Large Cap	Pair Corr
0.98	SEEHX	Steward Large Cap	Pair Corr
0.98	SEEKX	Steward Large Cap	Pair Corr
0.83	SGIDX	Steward Global E	Pair Corr
0.83	SGIGX	Steward Global Equity	Pair Corr
0.81	SGIFX	Steward Global Equity	Pair Corr
0.83	SGISX	Stewart Global Equity	Pair Corr
0.95	SJCIX	Steward Funds	Pair Corr
0.95	SJCAX	Steward Large Cap	Pair Corr
0.95	SJCRX	Steward Large Cap	Pair Corr
0.96	SJGIX	Steward Large Cap	Pair Corr
0.96	SJGAX	Steward Large Cap	Pair Corr
0.91	SJVAX	Steward Funds	Pair Corr
0.91	SJVIX	Steward Funds	Pair Corr
0.91	TRDFX	Steward Small Mid	Pair Corr
0.94	JEPAX	Jpmorgan Research Equity	Pair Corr
0.94	JEPCX	Jpmorgan Research Equity	Pair Corr
0.94	JEPIX	Jpmorgan Equity Premium	Pair Corr
0.97	GSPKX	Goldman Sachs Equity	Pair Corr
0.97	GVIRX	Goldman Sachs Equity	Pair Corr
0.97	GSPAX	Goldman Sachs Equity	Pair Corr
0.97	GSPQX	Goldman Sachs Equity	Pair Corr
0.97	GSFPX	Goldman Sachs Equity	Pair Corr
0.97	GIDWX	Goldman Sachs Equity	Pair Corr
0.75	BMCIX	Blackrock High Equity	Pair Corr

Moving against Steward Mutual Fund

0.65	SMNAX	Steward Equity Market	Pair Corr
0.65	SMNIX	Crossmark Steward Equity	Pair Corr
0.61	SEAKX	Steward Select Bond	Pair Corr
0.6	SEACX	Steward Select Bond	Pair Corr

Related Correlations Analysis

	HCEMX	ANGCX	QLMETX	RALCX	MPEMX	APDOX	RYMBX	DODEX
HCEMX		0.01	0.24	0.53	0.97	0.48	0.76	0.99	HCEMX
ANGCX	0.01		-0.66	-0.28	0.17	-0.47	-0.24	-0.01	ANGCX
QLMETX	0.24	-0.66		0.84	0.08	0.86	0.4	0.29	QLMETX
RALCX	0.53	-0.28	0.84		0.42	0.82	0.54	0.55	RALCX
MPEMX	0.97	0.17	0.08	0.42		0.33	0.71	0.96	MPEMX
APDOX	0.48	-0.47	0.86	0.82	0.33		0.53	0.54	APDOX
RYMBX	0.76	-0.24	0.4	0.54	0.71	0.53		0.76	RYMBX
DODEX	0.99	-0.01	0.29	0.55	0.96	0.54	0.76		DODEX
	HCEMX	ANGCX	QLMETX	RALCX	MPEMX	APDOX	RYMBX	DODEX

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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

DODEX	+ 0.99	HCEMX
MPEMX	+ 0.97	HCEMX
DODEX	+ 0.96	MPEMX
APDOX	+ 0.86	QLMETX
RALCX	+ 0.84	QLMETX
APDOX	+ 0.82	RALCX

High negative correlations

QLMETX	- 0.66	ANGCX
APDOX	- 0.47	ANGCX
RALCX	- 0.28	ANGCX
RYMBX	- 0.24	ANGCX
DODEX	- 0.01	ANGCX

Risk-Adjusted Indicators

There is a big difference between Steward Mutual Fund performing well and Steward Covered 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 Steward Covered'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
HCEMX	0.72	(0.04)	(0.13)	(0.03)	0.91	(0.85)	1.83	(1.86)	4.70
ANGCX	0.10	0.00	(0.78)	0.19	0.08	(0.16)	0.23	(0.23)	0.70
QLMETX	0.47	0.02	(0.03)	0.15	0.32	(0.56)	0.88	(0.87)	3.24
RALCX	0.43	(0.03)	(0.13)	0.07	0.53	(0.46)	0.76	(0.84)	2.81
MPEMX	0.70	(0.07)	0.00	(0.13)	0.00	0.00	1.42	(1.64)	4.89
APDOX	0.15	0.01	(0.47)	0.21	0.08	(0.21)	0.39	(0.20)	1.45
RYMBX	0.92	0.01	(0.10)	(0.01)	1.18	(0.93)	1.84	(2.13)	4.53
DODEX	0.67	(0.04)	(0.12)	0.03	0.87	(0.74)	1.44	(1.90)	5.43

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