Azzad Ethical Correlations

ADJEX Fund

USD 15.42 0.34 2.16%

The current 90-days correlation between Azzad Ethical and Iman Fund Class is 0.4 (i.e., Very weak 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

Weak diversification

The correlation between Azzad Ethical Fund and DJI is 0.38 (i.e., Weak 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

0.94	PAMCX	T Rowe Price	Pair Corr
0.85	RRMGX	T Rowe Price	Pair Corr
0.95	TRQZX	T Rowe Price	Pair Corr
0.95	RPMGX	T Rowe Price	Pair Corr
0.97	PRJIX	T Rowe Price	Pair Corr
0.75	PRNHX	T Rowe Price	Pair Corr
0.97	TRUZX	T Rowe Price	Pair Corr
0.72	PCBIX	Midcap Fund Institutional	Pair Corr
0.72	PEMGX	Midcap Fund Class	Pair Corr
0.81	PMBCX	Midcap Fund Class	Pair Corr

Moving against Azzad Mutual Fund

0.56	DHEYX	Diamond Hill Short	Pair Corr
0.44	RRPSX	Rising Rates Opportunity	Pair Corr

Related Correlations Analysis

	IMANX	WISEX	AMDWX	AMANX	AMAGX
IMANX		0.06	0.74	0.37	0.46	IMANX
WISEX	0.06		-0.06	0.6	0.14	WISEX
AMDWX	0.74	-0.06		0.36	0.55	AMDWX
AMANX	0.37	0.6	0.36		0.85	AMANX
AMAGX	0.46	0.14	0.55	0.85		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	+ 0.85	AMANX
AMDWX	+ 0.74	IMANX
AMANX	+ 0.6	WISEX
AMAGX	+ 0.55	AMDWX
AMAGX	+ 0.46	IMANX
AMANX	+ 0.37	IMANX

High negative correlations

AMDWX

- 0.06

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	0.74	(0.10)	0.00	(0.39)	0.00	1.15	(2.12)	4.47
WISEX	0.05	0.00	0.39	(0.17)	(0.12)	0.09	(0.19)	0.37
AMDWX	0.64	(0.08)	0.00	(0.26)	0.00	1.06	(1.36)	4.58
AMANX	0.65	(0.07)	0.00	(0.36)	0.00	1.05	(1.18)	5.93
AMAGX	0.81	(0.11)	0.00	(0.37)	0.00	1.14	(2.45)	5.27

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