Azzad Wise Correlations

WISEX Fund

USD 10.78 0.01 0.09%

The current 90-days correlation between Azzad Wise Capital and Dodge Global Stock is 0.09 (i.e., Significant diversification). The correlation of Azzad Wise 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.

Azzad Wise Correlation With Market

Very weak diversification

The correlation between Azzad Wise Capital and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azzad Wise Capital and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Azzad Wise Capital. 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 income.

Moving together with Azzad Mutual Fund

0.97	FGBRX	Templeton Global Bond	Pair Corr
0.97	FBNRX	Templeton Global Bond	Pair Corr
0.97	RCWBX	Capital World Bond	Pair Corr
0.96	CCWFX	Capital World Bond	Pair Corr
0.96	CCWCX	Capital World Bond	Pair Corr
0.91	RCWEX	Capital World Bond	Pair Corr
0.96	CCWEX	Capital World Bond	Pair Corr
0.96	RCWCX	Capital World Bond	Pair Corr
0.96	RCWGX	Capital World Bond	Pair Corr
0.96	RCWFX	Capital World Bond	Pair Corr
0.85	BRUFX	Bruce Fund Bruce	Pair Corr
0.76	KF	Korea Closed	Pair Corr
0.97	IFTAX	Vy Templeton Foreign	Pair Corr
0.89	BUFIX	Buffalo International	Pair Corr
0.95	DFGBX	Dfa Five Year	Pair Corr
0.97	HBFRX	Harbor Bond Fund	Pair Corr
0.81	IQRIX	Acr International Quality	Pair Corr
0.91	VGCAX	Vanguard Global Credit	Pair Corr
0.97	ECIMX	Eaton Vance Diversified	Pair Corr
0.7	NEA	Nuveen Amt Free	Pair Corr
0.68	MEMGX	Mfs Emerging Markets	Pair Corr
0.89	BUIIX	Buffalo International	Pair Corr
0.83	PRIJX	T Rowe Price	Pair Corr
0.96	FOINX	Income Fund Institutional	Pair Corr
0.95	ANGCX	Angel Oak Multi	Pair Corr
0.79	RERAX	Europacific Growth	Pair Corr
0.63	MEIKX	Mfs Value Fund	Pair Corr

Moving against Azzad Mutual Fund

0.68	ADJEX	Azzad Ethical	Pair Corr
0.57	SPGSX	State Street Premier	Pair Corr
0.35	COSRX	Columbia Overseas	Pair Corr

Related Correlations Analysis

	DODWX	RGHYX	SGLIX	GGIJX	MSTGX	PRSAX	SGMAX	WRLDX
DODWX		0.64	0.65	0.56	0.68	0.66	0.98	0.79	DODWX
RGHYX	0.64		0.09	0.55	0.92	0.83	0.68	0.92	RGHYX
SGLIX	0.65	0.09		0.0	0.11	0.14	0.61	0.31	SGLIX
GGIJX	0.56	0.55	0.0		0.74	0.72	0.59	0.54	GGIJX
MSTGX	0.68	0.92	0.11	0.74		0.94	0.75	0.9	MSTGX
PRSAX	0.66	0.83	0.14	0.72	0.94		0.76	0.8	PRSAX
SGMAX	0.98	0.68	0.61	0.59	0.75	0.76		0.82	SGMAX
WRLDX	0.79	0.92	0.31	0.54	0.9	0.8	0.82		WRLDX
	DODWX	RGHYX	SGLIX	GGIJX	MSTGX	PRSAX	SGMAX	WRLDX

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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

SGMAX	+ 0.98	DODWX
PRSAX	+ 0.94	MSTGX
MSTGX	+ 0.92	RGHYX
WRLDX	+ 0.92	RGHYX
WRLDX	+ 0.9	MSTGX
PRSAX	+ 0.83	RGHYX

High negative correlations

GGIJX

- 0.0

SGLIX

Risk-Adjusted Indicators

There is a big difference between Azzad Mutual Fund performing well and Azzad Wise 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 Azzad Wise'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
DODWX	0.83	(0.07)	0.00	(0.17)	0.00	0.00	1.28	(1.11)	13.09
RGHYX	0.13	0.00	0.30	0.04	0.13	(0.16)	0.20	(0.30)	1.13
SGLIX	0.81	(0.26)	0.00	(5.00)	0.00	0.00	0.97	(0.97)	18.08
GGIJX	0.62	0.09	0.12	0.11	0.93	(0.62)	1.46	(1.70)	3.84
MSTGX	0.31	0.04	0.23	(0.71)	0.34	(0.34)	0.74	(0.62)	1.58
PRSAX	0.15	0.01	0.39	0.18	0.07	(0.23)	0.40	(0.30)	0.81
SGMAX	0.57	(0.05)	0.00	(0.18)	0.00	0.00	0.95	(0.77)	9.52
WRLDX	0.64	(0.02)	0.06	0.09	0.95	(0.60)	1.24	(1.68)	2.96

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