FanGraphs hosts a statistic for pitchers called ERA Minus FIP (“E-F”), which is as advertised. FIP being a (somewhat) adequate measure of pitcher over-/under-performance, one could look to E-F to identify pitchers who may, as they say, be due for regression. FIP’s correlation with ERA, however, is weaker than that of xFIP due to the former’s inability to account for the volatility inherent to home run-to-fly ball ratios (HR/FBs). To take it a step further, xFIP’s correlation with ERA is weaker than that of SIERA due to the former’s inability to account for a pitcher’s ground ball rate (GB%) and how it interacts with his strikeout and walk rates (K%, BB%).
Alas, I often use SIERA, rather than xFIP or FIP, to identify pitchers who may be ripe for regression. ERA Minus SIERA (“E-S,” henceforth) is not the be-all, end-all by any means, and I would never consider making a roster decision based exclusively on that metric. Player evaluation is a holistic endeavor, which you likely know yet I still intend to demonstrate. Three names stood out to me — four, if you include Luis Castillo, but I covered him a week and a half ago — as interesting E-S targets, but I came away from this feeling good about only one of them.
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