Alger Capital Correlations

Mutual Funds . USA . 
Fund . Alger Capital Appreciation
ACARX Fund  USD 31.61  0.59  1.90%   
The current 90-days correlation between Alger Capital Apprec and Victory Incore Fund is 0.01 (i.e., Significant diversification). The correlation of Alger Capital 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.

Alger Capital Correlation With Market

Modest diversification

The correlation between Alger Capital Appreciation and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Capital Appreciation and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Alger Capital Appreciation. 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 metropolitan statistical area.

Moving together with Alger Mutual Fund

  0.65AMGAX Alger Midcap GrowthPairCorr
  0.66AMGCX Alger Midcap GrowthPairCorr
  0.64AMGOX Alger Mid CapPairCorr
  0.76AOFYX Alger Small CapPairCorr
  0.76AOFAX Alger Small CapPairCorr
  0.97CHUSX Alger Global GrowthPairCorr
  0.97CHUCX Alger Global GrowthPairCorr
  0.71ASCYX Alger FundsPairCorr
  0.79ASIRX Alger Smallcap GrowthPairCorr
  0.93ASPCX Alger SpectraPairCorr
  0.82ASPZX Alger SpectraPairCorr
  0.82ASPYX Alger SpectraPairCorr
  0.84ASPIX Alger SpectraPairCorr
  0.98ACAZX Alger Capital ApprecPairCorr
  0.99ACAAX Alger Capital ApprecPairCorr
  0.89ACIZX Alger Capital ApprecPairCorr
  0.61AFOZX Alger Funds MidPairCorr
  0.93AGIFX Alger ResponsiblePairCorr
  0.76AGOZX Alger Small CapPairCorr
  0.64AHSCX Alger Health SciencesPairCorr
  0.65AHSAX Alger Health SciencesPairCorr
  0.65AHSZX Alger Health SciencesPairCorr
  0.85SPECX Alger SpectraPairCorr
  0.99ALARX Alger Capital ApprecPairCorr
  0.74ALCZX Alger InternationalPairCorr

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   
PRVBX
+ 0.93
VFFRX
PRVBX
+ 0.9
PIEQX
PIEQX
+ 0.87
CSQAX
REMVX
+ 0.86
PIEQX
PIEQX
+ 0.85
VFFRX
CSQAX
+ 0.84
GLVIX
  
High negative correlations   
FZNQEX
- 0.41
MFTFX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Capital 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 Alger Capital'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.

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