Azzad Wise Correlations

WISEX Fund  USD 10.77  0.01  0.09%   
The current 90-days correlation between Azzad Wise Capital and Touchstone Small Cap is -0.02 (i.e., Good 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

Modest diversification

The correlation between Azzad Wise Capital and DJI is 0.27 (i.e., Modest 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

  0.68VBIRX Vanguard Short TermPairCorr
  0.65VFSUX Vanguard Short TermPairCorr
  0.84VFSIX Vanguard Short TermPairCorr
  0.87VFSTX Vanguard Short TermPairCorr
  0.81VBITX Vanguard Short TermPairCorr
  0.81VBISX Vanguard Short TermPairCorr
  0.77LALDX Lord Abbett ShortPairCorr
  0.84VSCSX Vanguard Short TermPairCorr
  0.62LDLAX Lord Abbett ShortPairCorr
  0.63LDLRX Lord Abbett ShortPairCorr
  0.82CSJZX Cohen Steers RealtyPairCorr
  0.82CSRSX Cohen Steers RealtyPairCorr
  0.9WABIX Wells Fargo AdvantagePairCorr
  0.8HERAX Hartford Emerging MarketsPairCorr
  0.79GSZAX Goldman Sachs StrategicPairCorr
  0.78DPIGX Intermediate GovernmentPairCorr
  0.84VGPMX Vanguard Global CapitalPairCorr
  0.85GUHYX Victory High YieldPairCorr
  0.69LIFIX Lord Abbett InflationPairCorr
  0.61DNYMX Dfa Ny MunicipalPairCorr
  0.71RRIGX T Rowe PricePairCorr
  0.9BATIX Bmo Tch PoratePairCorr
  0.89DFXIX Dfa Diversified FixedPairCorr
  0.8PYUSX Payden GovernmentPairCorr
  0.95BKMBX Blackrock SystematicPairCorr
  0.93BILDX Doubleline InfrastructurePairCorr
  0.93NCMFX Virtus Multi SectorPairCorr
  0.88PYCIX Payden Emerging MarketsPairCorr
  0.87BISAX Brandes InternationalPairCorr
  0.91PIMIX Pimco IncomePairCorr

Related Correlations Analysis

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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   
FRMPXQUAIX
CIPNXTVOYX
VVPSXEPASX
MSSGXFRMPX
MSSGXQUAIX
VVPSXCIPNX
  
High negative correlations   
FRMPXEPASX
QUAIXEPASX

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.