Alger Responsible Correlations

Mutual Funds . USA . 
Fund . Alger Responsible Investing
AGIFX Fund  USD 19.81  0.02  0.10%   
The current 90-days correlation between Alger Responsible and Alger Midcap Growth is -0.07 (i.e., Good diversification). The correlation of Alger Responsible 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 Responsible Correlation With Market

Very poor diversification

The correlation between Alger Responsible Investing and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Responsible Investing 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 Responsible Investing. 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 census.

Moving together with Alger Mutual Fund

  0.98AMGAX Alger Midcap GrowthPairCorr
  0.98AMGCX Alger Midcap GrowthPairCorr
  0.99AMGOX Alger Mid CapPairCorr
  0.95AOFAX Alger Small CapPairCorr
  0.95AOFCX Alger Small CapPairCorr
  0.99CHUCX Alger Global GrowthPairCorr
  1.0AAGOX Alger Large CapPairCorr
  0.99ASCZX Alger Smallcap GrowthPairCorr
  0.97AASOX Alger Small CapPairCorr
  0.98ASIMX Alger Smidcap FocusPairCorr
  0.97ASMZX Alger Smidcap FocusPairCorr
  1.0ASPCX Alger SpectraPairCorr
  1.0ASPZX Alger SpectraPairCorr
  1.0ASPYX Alger SpectraPairCorr
  1.0ASPIX Alger SpectraPairCorr
  0.98ABLOX Alger Balanced PortfolioPairCorr
  1.0ACAZX Alger Capital ApprecPairCorr
  0.98ACEMX Alger Emerging MarketsPairCorr
  0.94ADOCX Alger Dynamic OpportPairCorr
  0.95ADOZX Alger Dynamic OpportPairCorr
  0.99CNEIX Alger Concentrated EquityPairCorr
  0.99CNEYX Alger Concentrated EquityPairCorr
  0.99CNEZX Alger Concentrated EquityPairCorr
  0.99AFGZX Alger Global GrowthPairCorr
  0.98AFGPX Alger InternationalPairCorr
  0.99AFOZX Alger Funds MidPairCorr
  0.98AGIRX Alger Midcap GrowthPairCorr
  0.96AGOZX Alger Small CapPairCorr
  0.98AGSCX Alger Smallcap GrowthPairCorr
  0.98AIEMX Alger Emerging MarketsPairCorr
  0.98AIGOX Alger Growth IncomePairCorr
  0.97AISZX Alger Smallcap GrowthPairCorr
  1.0SPECX Alger SpectraPairCorr
  0.94SPEDX Alger Dynamic OpportPairCorr
  1.0SPEGX Alger ResponsiblePairCorr
  1.0ALARX Alger Capital ApprecPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Responsible 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 Responsible'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  1.11  0.25  0.08 (1.71) 1.06 
(1.27)
 2.57 
(2.13)
 6.54 
AOFCX  1.07  0.25  0.07 (1.59) 1.02 
(1.19)
 2.61 
(2.11)
 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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