Azzad Ethical Correlations

ADJEX Fund

USD 14.98 0.02 0.13%

The current 90-days correlation between Azzad Ethical and Iman Fund Class is 0.83 (i.e., Very poor diversification). The correlation of Azzad Ethical 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.

Azzad Ethical Correlation With Market

Poor diversification

The correlation between Azzad Ethical Fund and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azzad Ethical Fund 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 Azzad Ethical Fund. 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 Azzad Mutual Fund

0.99	PAMCX	T Rowe Price	Pair Corr
0.99	RRMGX	T Rowe Price	Pair Corr
0.99	TRQZX	T Rowe Price	Pair Corr
0.94	RPMGX	T Rowe Price	Pair Corr
0.99	PRJIX	T Rowe Price	Pair Corr
0.77	PRNHX	T Rowe Price	Pair Corr
0.99	TRUZX	T Rowe Price	Pair Corr
0.77	PCBIX	Midcap Fund Institutional	Pair Corr
0.77	PEMGX	Midcap Fund Class	Pair Corr
0.78	PMBCX	Midcap Fund Class	Pair Corr
0.7	DXQLX	Direxion Monthly Nasdaq	Pair Corr
0.91	RYVLX	Nasdaq 100 2x	Pair Corr
0.91	RYVYX	Nasdaq 100 2x	Pair Corr
0.91	UOPIX	Ultra Nasdaq 100	Pair Corr
0.91	RYCCX	Nasdaq 100 2x	Pair Corr
0.91	UOPSX	Ultranasdaq 100 Profund	Pair Corr
0.9	INPIX	Internet Ultrasector	Pair Corr
0.9	INPSX	Internet Ultrasector	Pair Corr

Moving against Azzad Mutual Fund

0.68	WISEX	Azzad Wise Capital	Pair Corr
0.82	HIO	Western Asset High	Pair Corr
0.77	ASBFX	Short Term Bond	Pair Corr
0.72	NECRX	Loomis Sayles E	Pair Corr
0.67	GQJPX	Gqg Partners Interna	Pair Corr
0.64	PUGCX	Putnam Global Equity	Pair Corr
0.58	FSUGX	American Funds Government	Pair Corr
0.5	TRIGX	T Rowe Price	Pair Corr
0.46	HSXIX	Hartford Schroders	Pair Corr
0.39	MFIRX	Ms Global Fixed	Pair Corr
0.34	VWIAX	Vanguard Wellesley Income	Pair Corr
0.34	AFTEX	Tax Exempt Bond	Pair Corr
0.73	ACCSX	Access Capital Munity	Pair Corr
0.72	NWJJX	Nationwide Highmark Bond	Pair Corr
0.62	MIPIX	Matthews Asia Dividend	Pair Corr
0.56	MINFX	Mfs International Value	Pair Corr

Related Correlations Analysis

	IMANX	WISEX	AMDWX	AMANX	AMAGX
IMANX		-0.63	0.86	0.53	0.93	IMANX
WISEX	-0.63		-0.62	0.2	-0.67	WISEX
AMDWX	0.86	-0.62		0.44	0.9	AMDWX
AMANX	0.53	0.2	0.44		0.56	AMANX
AMAGX	0.93	-0.67	0.9	0.56		AMAGX
	IMANX	WISEX	AMDWX	AMANX	AMAGX

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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

AMAGX	+ 0.93	IMANX
AMAGX	+ 0.9	AMDWX
AMDWX	+ 0.86	IMANX
AMAGX	+ 0.56	AMANX
AMANX	+ 0.53	IMANX
AMANX	+ 0.44	AMDWX

High negative correlations

AMAGX	- 0.67	WISEX
WISEX	- 0.63	IMANX
AMDWX	- 0.62	WISEX

Risk-Adjusted Indicators

There is a big difference between Azzad Mutual Fund performing well and Azzad Ethical 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 Azzad Ethical'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IMANX	0.85	(0.07)	0.00	(0.15)	0.00	1.41	(2.12)	4.73
WISEX	0.06	0.01	0.61	0.25	(0.12)	0.19	(0.09)	0.37
AMDWX	0.70	(0.03)	0.00	(0.14)	0.00	1.17	(1.56)	4.58
AMANX	0.64	0.00	0.00	(0.06)	0.00	1.10	(1.18)	3.30
AMAGX	0.86	(0.08)	0.00	(0.17)	0.00	1.30	(2.01)	5.16

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