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

  0.97FGBRX Templeton Global BondPairCorr
  0.97FBNRX Templeton Global BondPairCorr
  0.97RCWBX Capital World BondPairCorr
  0.96CCWFX Capital World BondPairCorr
  0.96CCWCX Capital World BondPairCorr
  0.91RCWEX Capital World BondPairCorr
  0.96CCWEX Capital World BondPairCorr
  0.96RCWCX Capital World BondPairCorr
  0.96RCWGX Capital World BondPairCorr
  0.96RCWFX Capital World BondPairCorr
  0.85BRUFX Bruce Fund BrucePairCorr
  0.76KF Korea ClosedPairCorr
  0.97IFTAX Vy Templeton ForeignPairCorr
  0.89BUFIX Buffalo InternationalPairCorr
  0.95DFGBX Dfa Five YearPairCorr
  0.97HBFRX Harbor Bond FundPairCorr
  0.81IQRIX Acr International QualityPairCorr
  0.91VGCAX Vanguard Global CreditPairCorr
  0.97ECIMX Eaton Vance DiversifiedPairCorr
  0.7NEA Nuveen Amt FreePairCorr
  0.68MEMGX Mfs Emerging MarketsPairCorr
  0.89BUIIX Buffalo InternationalPairCorr
  0.83PRIJX T Rowe PricePairCorr
  0.96FOINX Income Fund InstitutionalPairCorr
  0.95ANGCX Angel Oak MultiPairCorr
  0.79RERAX Europacific GrowthPairCorr
  0.63MEIKX Mfs Value FundPairCorr

Moving against Azzad Mutual Fund

  0.68ADJEX Azzad EthicalPairCorr
  0.57SPGSX State Street PremierPairCorr
  0.35COSRX Columbia OverseasPairCorr

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   
SGMAXDODWX
PRSAXMSTGX
MSTGXRGHYX
WRLDXRGHYX
WRLDXMSTGX
PRSAXRGHYX
  
High negative correlations   
GGIJXSGLIX

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.