Alger Small Correlations

AOFYX Fund

USD 18.16 0.09 0.50%

The current 90-days correlation between Alger Small Cap and Alger Midcap Growth is 0.89 (i.e., Very poor diversification). The correlation of Alger Small 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 Small Correlation With Market

Good diversification

The correlation between Alger Small Cap and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Small Cap 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 Small Cap. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Alger Mutual Fund

0.96	VSGAX	Vanguard Small Cap	Pair Corr
0.96	VISGX	Vanguard Small Cap	Pair Corr
0.95	VEXPX	Vanguard Explorer	Pair Corr
0.95	VEXRX	Vanguard Explorer	Pair Corr
0.9	JGMAX	Janus Triton	Pair Corr
0.91	JGMCX	Janus Triton	Pair Corr
0.9	JGMNX	Janus Triton	Pair Corr
0.77	DIS	Walt Disney	Pair Corr
0.62	BA	Boeing	Pair Corr
0.86	BAC	Bank of America	Pair Corr

Moving against Alger Mutual Fund

0.79	KO	Coca Cola	Pair Corr
0.77	VZ	Verizon Communications	Pair Corr
0.76	T	ATT Inc Earnings Call This Week	Pair Corr
0.69	TRV	The Travelers Companies	Pair Corr
0.63	NHS	Neuberger Berman High	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.42	IBM	International Business	Pair Corr
0.31	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX
AMGAX		1.0	1.0	0.9	0.9	0.0	0.96	0.96	0.96	AMGAX
AMGCX	1.0		1.0	0.9	0.91	0.0	0.96	0.96	0.96	AMGCX
AMGOX	1.0	1.0		0.91	0.91	0.0	0.97	0.97	0.97	AMGOX
ADOCX	0.9	0.9	0.91		1.0	0.0	0.93	0.93	0.93	ADOCX
ADOZX	0.9	0.91	0.91	1.0		0.0	0.93	0.93	0.93	ADOZX
AEMYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AEMYX
CNEIX	0.96	0.96	0.97	0.93	0.93	0.0		1.0	1.0	CNEIX
CNEYX	0.96	0.96	0.97	0.93	0.93	0.0	1.0		1.0	CNEYX
CNEZX	0.96	0.96	0.97	0.93	0.93	0.0	1.0	1.0		CNEZX
	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX

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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

AMGCX	+ 1.0	AMGAX
AMGOX	+ 1.0	AMGAX
AMGOX	+ 1.0	AMGCX
ADOZX	+ 1.0	ADOCX
CNEYX	+ 1.0	CNEIX
CNEZX	+ 1.0	CNEIX

High negative correlations

CNEZX	- 0.0	AEMYX
CNEYX	- 0.0	AEMYX
CNEIX	- 0.0	AEMYX
AEMYX	- 0.0	ADOZX
AEMYX	- 0.0	ADOCX
AEMYX	- 0.0	AMGOX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Small 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 Small'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
AMGAX	1.36	(0.15)	0.75	1.83	(3.53)	7.02
AMGCX	1.35	(0.16)	0.77	1.89	(3.50)	6.91
AMGOX	1.39	(0.16)	0.74	1.95	(3.67)	7.25
ADOCX	0.76	(0.11)	(4.26)	1.35	(1.70)	5.16
ADOZX	0.76	(0.10)	(3.33)	1.28	(1.66)	5.15
AEMYX	0.00	0.00	0.00	0.00	0.00	0.00
CNEIX	1.52	(0.18)	0.74	2.60	(3.78)	9.64
CNEYX	1.52	(0.18)	0.75	2.69	(3.77)	9.70
CNEZX	1.52	(0.18)	0.74	2.68	(3.77)	9.62

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