Azzad Ethical Correlations

Mutual Funds . USA . 
Fund . Azzad Ethical Fund
ADJEX Fund  USD 16.78  0.02  0.12%   
The current 90-days correlation between Azzad Ethical and Iman Fund Class is 0.09 (i.e., Significant diversification). The correlation of Azzad Ethical 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 Ethical Correlation With Market

Very poor diversification

The correlation between Azzad Ethical Fund and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azzad Ethical Fund and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Azzad Ethical Fund. 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

  0.93WISEX Azzad Wise CapitalPairCorr
  0.99PAMCX T Rowe PricePairCorr
  0.99RRMGX T Rowe PricePairCorr
  0.99TRQZX T Rowe PricePairCorr
  0.99RPMGX T Rowe PricePairCorr
  0.98PRJIX T Rowe PricePairCorr
  0.98PRNHX T Rowe PricePairCorr
  0.99TRUZX T Rowe PricePairCorr
  0.98PCBIX Midcap Fund InstitutionalPairCorr
  0.98PEMGX Midcap Fund ClassPairCorr
  0.98PMBCX Midcap Fund ClassPairCorr
  0.73GAAKX Gmo Alternative AlloPairCorr
  0.72GAAGX Gmo Alternative AlloPairCorr
  0.99MAANX Mutual Of AmericaPairCorr
  0.99FLMFX Muirfield Fund RetailPairCorr
  0.78PCIMX California IntermediatePairCorr
  0.68PINFX Invesco Multi AssetPairCorr
  0.98TAAEX Transamerica Capital Steady GrowthPairCorr
  0.96MECZX Amg Managers CadencePairCorr
  0.94DNREX Dunham Real EstatePairCorr
  0.99TWGIX Growth Fund IPairCorr
  0.93GOPCX Aberdeen China OpptyPairCorr
  0.99VFIAX Vanguard 500 IndexPairCorr
  0.61TIORX Tiaa Cref BondPairCorr
  0.98APDMX Artisan Mid CapPairCorr
  0.98FBKFX Fidelity BalancedPairCorr
  0.87FUFRX Franklin UtilitiesPairCorr
  0.95MHYIX Mainstay High YieldPairCorr
  0.99MIFIX Miller Intermediate BondPairCorr
  0.99VFINX Vanguard 500 IndexPairCorr
  0.99FIFRX Franklin GrowthPairCorr
  0.98RBITX American Funds 2050PairCorr

Moving against Azzad Mutual Fund

  0.54GPMFX Guidepath Managed FuturesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Azzad Mutual Fund performing well and Azzad Ethical 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 Ethical'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.

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