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

0.68	VBIRX	Vanguard Short Term	Pair Corr
0.65	VFSUX	Vanguard Short Term	Pair Corr
0.84	VFSIX	Vanguard Short Term	Pair Corr
0.87	VFSTX	Vanguard Short Term	Pair Corr
0.81	VBITX	Vanguard Short Term	Pair Corr
0.81	VBISX	Vanguard Short Term	Pair Corr
0.77	LALDX	Lord Abbett Short	Pair Corr
0.84	VSCSX	Vanguard Short Term	Pair Corr
0.62	LDLAX	Lord Abbett Short	Pair Corr
0.63	LDLRX	Lord Abbett Short	Pair Corr
0.82	CSJZX	Cohen Steers Realty	Pair Corr
0.82	CSRSX	Cohen Steers Realty	Pair Corr
0.9	WABIX	Wells Fargo Advantage	Pair Corr
0.8	HERAX	Hartford Emerging Markets	Pair Corr
0.79	GSZAX	Goldman Sachs Strategic	Pair Corr
0.78	DPIGX	Intermediate Government	Pair Corr
0.84	VGPMX	Vanguard Global Capital	Pair Corr
0.85	GUHYX	Victory High Yield	Pair Corr
0.69	LIFIX	Lord Abbett Inflation	Pair Corr
0.61	DNYMX	Dfa Ny Municipal	Pair Corr
0.71	RRIGX	T Rowe Price	Pair Corr
0.9	BATIX	Bmo Tch Porate	Pair Corr
0.89	DFXIX	Dfa Diversified Fixed	Pair Corr
0.8	PYUSX	Payden Government	Pair Corr
0.95	BKMBX	Blackrock Systematic	Pair Corr
0.93	BILDX	Doubleline Infrastructure	Pair Corr
0.93	NCMFX	Virtus Multi Sector	Pair Corr
0.88	PYCIX	Payden Emerging Markets	Pair Corr
0.87	BISAX	Brandes International	Pair Corr
0.91	PIMIX	Pimco Income	Pair Corr

Related Correlations Analysis

	TVOYX	EPASX	QUAIX	FRMPX	CIPNX	VVPSX	MSSGX	GLVIX
TVOYX		0.2	0.54	0.55	0.87	0.49	0.42	0.4	TVOYX
EPASX	0.2		-0.04	-0.04	0.4	0.7	0.19	0.44	EPASX
QUAIX	0.54	-0.04		0.99	0.51	0.58	0.63	0.01	QUAIX
FRMPX	0.55	-0.04	0.99		0.52	0.56	0.68	0.05	FRMPX
CIPNX	0.87	0.4	0.51	0.52		0.63	0.41	0.21	CIPNX
VVPSX	0.49	0.7	0.58	0.56	0.63		0.41	0.29	VVPSX
MSSGX	0.42	0.19	0.63	0.68	0.41	0.41		0.45	MSSGX
GLVIX	0.4	0.44	0.01	0.05	0.21	0.29	0.45		GLVIX
	TVOYX	EPASX	QUAIX	FRMPX	CIPNX	VVPSX	MSSGX	GLVIX

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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

FRMPX	+ 0.99	QUAIX
CIPNX	+ 0.87	TVOYX
VVPSX	+ 0.7	EPASX
MSSGX	+ 0.68	FRMPX
MSSGX	+ 0.63	QUAIX
VVPSX	+ 0.63	CIPNX

High negative correlations

FRMPX	- 0.04	EPASX
QUAIX	- 0.04	EPASX

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
TVOYX	0.72	(0.13)	0.00	(0.34)	0.00	0.00	1.20	(1.81)	4.23
EPASX	0.48	(0.01)	0.00	(0.12)	0.00	0.00	0.96	(0.92)	2.69
QUAIX	1.09	(0.17)	0.00	(0.23)	0.00	0.00	1.54	(2.79)	6.18
FRMPX	0.98	(0.15)	0.00	(0.22)	0.00	0.00	1.52	(2.80)	6.07
CIPNX	0.89	(0.17)	0.00	(0.23)	0.00	0.00	1.34	(1.86)	12.39
VVPSX	0.73	(0.06)	0.00	0.42	0.00	0.00	1.41	(1.41)	5.29
MSSGX	1.56	(0.09)	0.00	(0.16)	0.00	0.00	3.29	(3.26)	10.50
GLVIX	0.81	0.09	0.11	0.09	0.94	(0.85)	1.39	(1.32)	5.20

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