Steward Covered Correlations

SCJIX Fund  USD 8.61  0.01  0.12%   
The current 90-days correlation between Steward Ered Call and Rationalpier 88 Convertible is 0.65 (i.e., Poor 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 0.71 (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 gross domestic product.

Moving together with Steward Mutual Fund

  0.93SSMOX Steward Small MidPairCorr
  0.93SCECX Steward Small MidPairCorr
  0.99SCJAX Steward Ered CallPairCorr
  0.99SCJCX Steward Ered CallPairCorr
  0.99SEECX Steward Large CapPairCorr
  0.99SEEHX Steward Large CapPairCorr
  0.99SEEKX Steward Large CapPairCorr
  0.77SGIDX Steward Global EPairCorr
  0.77SGIGX Steward Global EquityPairCorr
  0.74SGIFX Steward Global EquityPairCorr
  0.77SGISX Stewart Global EquityPairCorr
  0.97SJCIX Steward FundsPairCorr
  0.97SJCAX Steward Large CapPairCorr
  0.97SJCRX Steward Large CapPairCorr
  0.98SJGIX Steward Large CapPairCorr
  0.98SJGAX Steward Large CapPairCorr
  0.93SJVAX Steward FundsPairCorr
  0.94SJVIX Steward FundsPairCorr
  0.93TRDFX Steward Small MidPairCorr
  0.95JEPAX Jpmorgan Research EquityPairCorr
  0.95JEPCX Jpmorgan Research EquityPairCorr
  0.95JEPIX Jpmorgan Equity PremiumPairCorr
  0.99GSPKX Goldman Sachs EquityPairCorr
  0.99GVIRX Goldman Sachs EquityPairCorr
  0.99GSPAX Goldman Sachs EquityPairCorr
  0.99GSPQX Goldman Sachs EquityPairCorr
  0.99GSFPX Goldman Sachs EquityPairCorr

Moving against Steward Mutual Fund

  0.63SEACX Steward Select BondPairCorr
  0.63SEAKX Steward Select BondPairCorr
  0.73SMNAX Steward Equity MarketPairCorr
  0.73SMNIX Crossmark Steward EquityPairCorr
  0.55XNXJX Nuveen New JerseyPairCorr
  0.42NXJ Nuveen New JerseyPairCorr

Related Correlations Analysis

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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   
PRCCXPBXCX
VAADXLCFYX
PRCCXLCFYX
VAADXPRCCX
LCFYXPBXCX
VAADXPBXCX
  
High negative correlations   
CCDGCV
VAADXCCD
CCDLCFYX

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.