Alger Funds Correlations

Mutual Funds . USA . 
Fund . Alger Funds Mid
AFOZX Fund  USD 19.10  0.09  0.47%   
The current 90-days correlation between Alger Funds Mid and Aqr Diversified Arbitrage is 0.12 (i.e., Average diversification). The correlation of Alger Funds 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 Funds Correlation With Market

Poor diversification

The correlation between Alger Funds Mid 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 Alger Funds Mid 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 Funds Mid. 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 nation.

Moving together with Alger Mutual Fund

  1.0AMGAX Alger Midcap GrowthPairCorr
  1.0AMGCX Alger Midcap GrowthPairCorr
  1.0AMGOX Alger Mid CapPairCorr
  0.97AOFYX Alger Small CapPairCorr
  0.97AOFIX Alger Small CapPairCorr
  0.97AOFAX Alger Small CapPairCorr
  0.97AOFCX Alger Small CapPairCorr
  0.94CHUSX Alger Global GrowthPairCorr
  0.93CHUCX Alger Global GrowthPairCorr
  0.99AAGOX Alger Large CapPairCorr
  0.92ASCYX Alger FundsPairCorr
  0.92ASCZX Alger Smallcap GrowthPairCorr
  0.9AASOX Alger Small CapPairCorr
  0.92ASIRX Alger Smallcap GrowthPairCorr
  0.9ASIMX Alger Smidcap FocusPairCorr
  0.89ASMZX Alger Smidcap FocusPairCorr
  0.98ASPCX Alger SpectraPairCorr
  0.98ASPZX Alger SpectraPairCorr
  0.98ASPYX Alger SpectraPairCorr
  0.98ASPIX Alger SpectraPairCorr
  0.89ASYMX Alger Weatherbie SpePairCorr
  0.98ACAYX Alger Capital ApprecPairCorr
  0.98ACARX Alger Capital ApprecPairCorr
  0.99ADOCX Alger Dynamic OpportPairCorr
  0.99ADOZX Alger Dynamic OpportPairCorr
  0.97CNEIX Alger Concentrated EquityPairCorr
  0.97CNEYX Alger Concentrated EquityPairCorr
  0.97CNEZX Alger Concentrated EquityPairCorr
  0.9AGIZX Alger Growth IncomePairCorr
  0.97AGOZX Alger Small CapPairCorr
  0.92AGSCX Alger Smallcap GrowthPairCorr
  0.98AIFIX Salient Investment GradePairCorr

Moving against Alger Mutual Fund

  0.48AFGPX Alger InternationalPairCorr
  0.47AIGIX 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   
TSMMX
+ 0.99
MDSKX
DSCPX
+ 0.99
MDSKX
MDSKX
+ 0.98
USCAX
DSCPX
+ 0.98
TSMMX
DSCPX
+ 0.97
USCAX
TSMMX
+ 0.96
USCAX
  
High negative correlations   
DSCPX
- 0.53
QDARX
TSMMX
- 0.49
QDARX
MDSKX
- 0.46
QDARX
USCAX
- 0.38
QDARX

Risk-Adjusted Indicators

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