Iman Fund Correlations

IMANX Fund  USD 15.66  0.34  2.12%   
The current 90-days correlation between Iman Fund Class and Azzad Ethical Fund is 0.38 (i.e., Weak diversification). The correlation of Iman Fund 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.

Iman Fund Correlation With Market

Poor diversification

The correlation between Iman Fund Class and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Iman Fund Class and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Iman Fund Class. 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 board of governors.

Moving together with Iman Mutual Fund

  0.76FAFGX American FundsPairCorr
  0.76FFAFX American FundsPairCorr
  0.74GFACX Growth FundPairCorr
  0.76GFAFX Growth FundPairCorr
  0.76CGFFX Growth FundPairCorr
  0.74CGFCX Growth FundPairCorr
  0.76CGFAX Growth FundPairCorr
  0.76CGFEX Growth FundPairCorr
  0.76RGAEX Growth FundPairCorr
  0.64FFBTX Fidelity Freedom BlendPairCorr
  0.76GCAVX Gmo Small CapPairCorr
  0.67CAT CaterpillarPairCorr
  0.73HD Home DepotPairCorr

Moving against Iman Mutual Fund

  0.46GAAVX Gmo Alternative AlloPairCorr
  0.52PFE Pfizer IncPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Iman Mutual Fund performing well and Iman Fund 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 Iman Fund'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.