Allianzgi Convertible Correlations

NCZ Fund

USD 11.81 0.15 1.25%

The current 90-days correlation between Allianzgi Convertible and Nuveen Municipal Credit is 0.32 (i.e., Weak diversification). The correlation of Allianzgi Convertible 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 Convertible Correlation With Market

Very weak diversification

The correlation between Allianzgi Convertible Income and DJI is 0.45 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Convertible Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Allianzgi Convertible Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Allianzgi Fund

0.65	CHI	Calamos Convertible	Pair Corr
0.7	TWN	Taiwan Closed	Pair Corr
0.93	CSQ	Calamos Strategic Total	Pair Corr
0.87	STFGX	State Farm Growth	Pair Corr
0.62	PGLSX	Global Multi Strategy	Pair Corr

Moving against Allianzgi Fund

0.5	BISMX	Brandes International	Pair Corr
0.46	HRBDX	Harbor Bond Fund	Pair Corr
0.44	USGDX	Morgan Stanley Government	Pair Corr
0.42	VICSX	Vanguard Intermediate-ter	Pair Corr

Related Correlations Analysis

	GLV	NMCO	PCF	NFJ	MYD	MUI	MQY	MYI	MUE	CMU
GLV		0.42	0.68	0.06	0.2	-0.09	0.35	0.34	0.21	0.27	GLV
NMCO	0.42		0.84	0.08	0.9	-0.09	0.91	0.81	0.83	0.83	NMCO
PCF	0.68	0.84		-0.05	0.64	-0.14	0.77	0.67	0.6	0.77	PCF
NFJ	0.06	0.08	-0.05		0.33	0.23	0.15	0.38	0.44	-0.12	NFJ
MYD	0.2	0.9	0.64	0.33		0.04	0.91	0.84	0.93	0.8	MYD
MUI	-0.09	-0.09	-0.14	0.23	0.04		0.05	0.23	0.13	0.02	MUI
MQY	0.35	0.91	0.77	0.15	0.91	0.05		0.86	0.9	0.8	MQY
MYI	0.34	0.81	0.67	0.38	0.84	0.23	0.86		0.89	0.75	MYI
MUE	0.21	0.83	0.6	0.44	0.93	0.13	0.9	0.89		0.74	MUE
CMU	0.27	0.83	0.77	-0.12	0.8	0.02	0.8	0.75	0.74		CMU
	GLV	NMCO	PCF	NFJ	MYD	MUI	MQY	MYI	MUE	CMU

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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

MUE	+ 0.93	MYD
MQY	+ 0.91	NMCO
MQY	+ 0.91	MYD
MYD	+ 0.9	NMCO
MUE	+ 0.9	MQY
MUE	+ 0.89	MYI

High negative correlations

MUI	- 0.14	PCF
CMU	- 0.12	NFJ
MUI	- 0.09	NMCO
MUI	- 0.09	GLV
NFJ	- 0.05	PCF

Risk-Adjusted Indicators

There is a big difference between Allianzgi Fund performing well and Allianzgi Convertible 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 Convertible'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
GLV	0.54	0.07	0.10	0.15	0.53	(0.67)	1.33	(1.10)	3.51
NMCO	0.44	0.05	0.09	0.41	0.47	(0.49)	0.92	(0.73)	2.69
PCF	0.47	0.07	0.12	(6.43)	0.39	(0.62)	1.06	(0.90)	2.94
NFJ	0.51	(0.03)	0.00	(0.05)	0.00	0.00	0.88	(1.06)	3.42
MYD	0.44	(0.01)	(0.01)	(0.08)	0.54	(0.50)	0.97	(0.84)	2.63
MUI	0.39	0.00	0.00	(0.01)	0.56	(0.48)	0.67	(1.40)	3.07
MQY	0.49	(0.03)	0.00	(0.17)	0.00	0.00	1.04	(0.85)	2.85
MYI	0.53	0.02	0.03	0.05	0.60	(0.62)	1.09	(1.09)	3.13
MUE	0.57	(0.03)	0.00	(0.13)	0.00	0.00	1.22	(1.25)	3.56
CMU	0.39	0.00	0.01	0.01	0.48	(0.45)	0.85	(0.85)	2.25

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