Alger Mid Correlations

Mutual Funds . USA . 
Fund . Alger Mid Cap
AFOIX Fund  USD 18.52  0.22  1.17%   
The current 90-days correlation between Alger Mid Cap and Alger Midcap Growth is 0.94 (i.e., Almost no diversification). The correlation of Alger Mid 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.

Alger Mid Correlation With Market

Good diversification

The correlation between Alger Mid Cap and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Mid Cap 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 Alger Mid Cap. 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 gross domestic product.

Moving together with Alger Mutual Fund

  1.0AMGAX Alger Midcap GrowthPairCorr
  1.0AMGCX Alger Midcap GrowthPairCorr
  0.98AMGOX Alger Mid CapPairCorr
  0.98AOFYX Alger Small CapPairCorr
  0.98AOFIX Alger Small CapPairCorr
  0.73AOFAX Alger Small CapPairCorr
  0.78AOFCX Alger Small CapPairCorr
  0.99CHUSX Alger Global GrowthPairCorr
  0.98CHUCX Alger Global GrowthPairCorr
  0.98AAEMX Alger Emerging MarketsPairCorr
  0.98AAGOX Alger Large CapPairCorr
  0.99AAICX Alger Ai EnablersPairCorr
  0.98AAIYX Alger Mid Cap Steady GrowthPairCorr
  0.98ASCYX Alger FundsPairCorr
  0.69ASCZX Alger Smallcap GrowthPairCorr
  0.98AASOX Alger Small CapPairCorr
  0.99ASIRX Alger Smallcap GrowthPairCorr
  0.96ASIMX Alger Smidcap FocusPairCorr
  0.97ASMZX Alger Smidcap FocusPairCorr
  0.98ASPCX Alger SpectraPairCorr
  0.98ASPZX Alger SpectraPairCorr
  0.98ASPYX Alger SpectraPairCorr
  0.98ASPIX Alger SpectraPairCorr
  0.96ASYMX Alger Weatherbie SpePairCorr
  0.98ABLOX Alger Balanced PortfolioPairCorr
  0.98ACAYX Alger Capital ApprecPairCorr
  0.99ACAAX Alger Capital ApprecPairCorr
  0.99ATVPX Alger 35 Fund Steady GrowthPairCorr
  0.97ACEMX Alger Emerging MarketsPairCorr
  0.98ACIZX Alger Capital ApprecPairCorr
  0.97ADOCX Alger Dynamic OpportPairCorr
  0.97ADOZX Alger Dynamic OpportPairCorr
  0.74CNEYX Alger Concentrated EquityPairCorr
  0.98AFGZX Alger Global GrowthPairCorr
  0.97AFGPX Alger InternationalPairCorr
  0.99AFGIX Alger Global GrowthPairCorr
  0.99AFOZX Alger Funds MidPairCorr
  0.98AGFCX Alger ResponsiblePairCorr
  1.0AGIRX Alger Midcap GrowthPairCorr
  0.98AGIFX Alger ResponsiblePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Mid 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 Alger Mid'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
AMGAX  0.90  0.35  0.15 (1.28) 0.74 
(0.99)
 2.53 
(1.30)
 5.74 
AMGCX  0.90  0.35  0.15 (1.24) 0.78 
(1.00)
 2.55 
(1.29)
 5.75 
AMGOX  0.90  0.21  0.16  0.34  0.71 
(0.98)
 2.62 
(1.40)
 5.79 
AOFYX  1.07  0.25  0.08 (1.68) 1.02 
(1.23)
 2.58 
(2.14)
 6.55 
AOFIX  1.07  0.25  0.08 (1.61) 0.99 
(1.19)
 2.61 
(2.11)
 6.55 
AOFAX  1.08  0.30  0.13 (3.74) 0.88 
(1.30)
 2.57 
(1.86)
 6.54 
AOFCX  1.05  0.29  0.12 (5.13) 0.84 
(1.21)
 2.61 
(1.85)
 6.66 
CHUSX  0.65  0.31  0.20 (1.98) 0.26 
(0.78)
 1.99 
(1.16)
 3.93 
CHUCX  0.62  0.18  0.19  0.38  0.20 
(0.75)
 2.01 
(1.00)
 3.89 
AAEMX  0.53  0.24  0.15 (15.39) 0.00 
(0.68)
 1.81 
(1.11)
 4.01 

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