Alger Midcap Correlations

AMGCX Fund

USD 8.28 0.04 0.49%

The current 90-days correlation between Alger Midcap Growth and Ab Global Bond is 0.13 (i.e., Average diversification). The correlation of Alger Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Alger Midcap Growth and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Midcap Growth 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 Midcap Growth. 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 main economic indicators.

Moving together with Alger Mutual Fund

1.0	AMGAX	Alger Midcap Growth	Pair Corr
1.0	AMGOX	Alger Mid Cap	Pair Corr
0.97	CHUSX	Alger Global Growth	Pair Corr
0.97	CHUCX	Alger Global Growth	Pair Corr
0.97	ASPZX	Alger Spectra	Pair Corr
0.97	ASPIX	Alger Spectra	Pair Corr
0.9	ADOCX	Alger Dynamic Opport	Pair Corr
0.91	ADOZX	Alger Dynamic Opport	Pair Corr
0.74	AHSCX	Alger Health Sciences	Pair Corr
0.97	AIFAX	Alger Ai Enablers	Pair Corr
0.77	PAMCX	T Rowe Price	Pair Corr
0.93	RRMGX	T Rowe Price	Pair Corr
0.77	TRQZX	T Rowe Price	Pair Corr
0.94	RPMGX	T Rowe Price	Pair Corr
0.95	PRJIX	T Rowe Price	Pair Corr
0.95	PRNHX	T Rowe Price	Pair Corr
0.78	TRUZX	T Rowe Price	Pair Corr
0.85	PCBIX	Midcap Fund Institutional	Pair Corr
0.74	PEMGX	Midcap Fund Class	Pair Corr
0.86	PMBCX	Midcap Fund Class	Pair Corr

Moving against Alger Mutual Fund

0.5	ABNOX	Ab Bond Inflation	Pair Corr
0.39	VICSX	Vanguard Intermediate-ter	Pair Corr
0.31	GIOIX	Guggenheim Macro Opp	Pair Corr

Related Correlations Analysis

	ANAZX	ANAGX	DHGCX	BCGDX	TEDIX	DODWX	MFIRX
ANAZX		1.0	0.98	0.68	0.74	0.64	0.92	ANAZX
ANAGX	1.0		0.97	0.68	0.74	0.64	0.93	ANAGX
DHGCX	0.98	0.97		0.66	0.73	0.64	0.87	DHGCX
BCGDX	0.68	0.68	0.66		0.75	0.74	0.73	BCGDX
TEDIX	0.74	0.74	0.73	0.75		0.87	0.75	TEDIX
DODWX	0.64	0.64	0.64	0.74	0.87		0.59	DODWX
MFIRX	0.92	0.93	0.87	0.73	0.75	0.59		MFIRX
	ANAZX	ANAGX	DHGCX	BCGDX	TEDIX	DODWX	MFIRX

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Midcap 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 Midcap'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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ANAZX	0.18	0.00	0.23	(0.02)	0.18	(0.29)	0.44	(0.44)	1.32
ANAGX	0.18	0.00	0.22	(0.03)	0.19	(0.27)	0.44	(0.44)	1.46
DHGCX	0.17	0.00	0.24	(0.17)	0.21	(0.22)	0.36	(0.36)	1.46
BCGDX	0.64	0.05	0.08	0.02	0.93	(0.66)	1.28	(1.27)	3.69
TEDIX	0.66	0.01	0.00	(0.06)	0.00	0.00	1.01	(1.47)	7.35
DODWX	0.83	(0.07)	0.00	(0.17)	0.00	0.00	1.28	(1.11)	13.09
MFIRX	0.11	0.02	0.29	0.92	0.00	(0.21)	0.19	(0.19)	0.77

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