Allianzgi Global Correlations

AWTIX Fund

USD 18.68 0.09 0.48%

The current 90-days correlation between Allianzgi Global Water and Allianzgi Nfj International is 0.42 (i.e., Very weak diversification). The correlation of Allianzgi Global 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.

Allianzgi Global Correlation With Market

Poor diversification

The correlation between Allianzgi Global Water and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Global Water 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 Allianzgi Global Water. 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 gross domestic product.

Moving together with Allianzgi Mutual Fund

0.64	ANJIX	Allianzgi Nfj Intern	Pair Corr
0.82	ANPRX	Allianzgi Nfj Mid	Pair Corr
0.74	ANVIX	Allianzgi Nfj Large	Pair Corr
0.79	AOPAX	Allianzgi International	Pair Corr
0.75	AOPCX	Allianzgi International	Pair Corr
0.81	AOTIX	Allianzgi Emerging	Pair Corr
0.8	AOTAX	Allianzgi Emerging	Pair Corr
0.73	AOTCX	Allianzgi Emerging	Pair Corr
0.73	RAGHX	Allianzgi Health Sciences	Pair Corr
0.73	HLHIX	Allianzgi Health Sciences	Pair Corr
0.88	ASUAX	Allianzgi Global Sus	Pair Corr
0.73	RCGHX	Allianzgi Health Sciences	Pair Corr
0.75	PNBAX	Allianzgi Nfj Large	Pair Corr
0.75	PNBCX	Allianzgi Nfj Large	Pair Corr
0.87	PNECX	Allianzgi Nfj Dividend	Pair Corr
0.86	PNEAX	Allianzgi Nfj Dividend	Pair Corr
0.86	NFJEX	Allianzgi Nfj Dividend	Pair Corr
1.0	AWTAX	Allianzgi Global Water	Pair Corr
1.0	AWTCX	Allianzgi Global Water	Pair Corr
0.64	AFJAX	Allianzgi Nfj Intern	Pair Corr
0.64	AFJCX	Allianzgi Nfj Intern	Pair Corr
0.98	RGSCX	Allianzgi Global Small	Pair Corr
0.98	RGSAX	Allianzgi Global Small	Pair Corr

Moving against Allianzgi Mutual Fund

0.42	RAGTX	Allianzgi Technology	Pair Corr
0.42	RCGTX	Allianzgi Technology	Pair Corr
0.42	DRGTX	Allianzgi Technology	Pair Corr

Related Correlations Analysis

	ANJIX	ANNPX	ANPRX	PGFIX	ANVIX	ANZCX	ANZAX	PGWCX	PGWAX	AOPAX
ANJIX		-0.65	0.22	-0.51	0.08	-0.65	-0.65	-0.21	-0.54	0.88	ANJIX
ANNPX	-0.65		0.34	0.89	0.38	1.0	1.0	0.71	0.9	-0.5	ANNPX
ANPRX	0.22	0.34		0.47	0.97	0.34	0.34	0.73	0.44	0.39	ANPRX
PGFIX	-0.51	0.89	0.47		0.52	0.88	0.89	0.91	1.0	-0.36	PGFIX
ANVIX	0.08	0.38	0.97	0.52		0.38	0.38	0.74	0.49	0.25	ANVIX
ANZCX	-0.65	1.0	0.34	0.88	0.38		1.0	0.7	0.89	-0.5	ANZCX
ANZAX	-0.65	1.0	0.34	0.89	0.38	1.0		0.71	0.9	-0.5	ANZAX
PGWCX	-0.21	0.71	0.73	0.91	0.74	0.7	0.71		0.89	-0.04	PGWCX
PGWAX	-0.54	0.9	0.44	1.0	0.49	0.89	0.9	0.89		-0.39	PGWAX
AOPAX	0.88	-0.5	0.39	-0.36	0.25	-0.5	-0.5	-0.04	-0.39		AOPAX
	ANJIX	ANNPX	ANPRX	PGFIX	ANVIX	ANZCX	ANZAX	PGWCX	PGWAX	AOPAX

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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

ANZCX	+ 1.0	ANNPX
ANZAX	+ 1.0	ANNPX
PGWAX	+ 1.0	PGFIX
ANZAX	+ 1.0	ANZCX
ANVIX	+ 0.97	ANPRX
PGWCX	+ 0.91	PGFIX

High negative correlations

ANZAX	- 0.65	ANJIX
ANZCX	- 0.65	ANJIX
ANNPX	- 0.65	ANJIX
PGWAX	- 0.54	ANJIX
PGFIX	- 0.51	ANJIX
AOPAX	- 0.5	ANZAX

Risk-Adjusted Indicators

There is a big difference between Allianzgi Mutual Fund performing well and Allianzgi Global 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 Allianzgi Global'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
ANJIX	0.70	(0.09)	0.00	(0.30)	0.00	0.00	1.33	(2.34)	5.86
ANNPX	0.51	0.06	0.06	0.13	0.58	(0.60)	1.09	(0.89)	4.03
ANPRX	0.63	(0.10)	0.00	(0.07)	0.00	0.00	1.17	(0.99)	6.76
PGFIX	0.82	0.04	0.02	0.07	1.79	(0.73)	1.68	(1.54)	10.46
ANVIX	0.57	(0.10)	0.00	(0.09)	0.00	0.00	1.06	(0.94)	5.39
ANZCX	0.51	0.06	0.07	0.13	0.56	(0.59)	1.10	(0.88)	4.06
ANZAX	0.51	0.06	0.06	0.13	0.57	(0.61)	1.12	(0.90)	4.07
PGWCX	0.93	(0.07)	0.00	(0.01)	0.00	0.00	1.69	(1.54)	16.11
PGWAX	0.81	0.05	0.02	0.08	1.64	(0.73)	1.68	(1.54)	9.91
AOPAX	0.50	(0.17)	0.00	(0.30)	0.00	0.00	0.99	(1.17)	6.74

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