Alger Midcap Correlations

Mutual Funds . USA . 
Fund . Alger Midcap Growth
AGIRX Fund  USD 20.12  0.20  1.00%   
The current 90-days correlation between Alger Midcap Growth and Alger Midcap Growth is 0.99 (i.e., No risk reduction). The correlation of Alger Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Alger Midcap Growth and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Midcap Growth 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 Midcap Growth. 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 metropolitan statistical area.

Moving together with Alger Mutual Fund

  1.0AMGAX Alger Midcap GrowthPairCorr
  1.0AMGCX Alger Midcap GrowthPairCorr
  1.0AMGOX Alger Mid CapPairCorr
  0.97AOFYX Alger Small CapPairCorr
  0.97AOFIX Alger Small CapPairCorr
  0.97AOFAX Alger Small CapPairCorr
  0.97AOFCX Alger Small CapPairCorr
  0.99CHUSX Alger Global GrowthPairCorr
  0.99CHUCX Alger Global GrowthPairCorr
  0.98AAEMX Alger Emerging MarketsPairCorr
  0.99AAGOX Alger Large CapPairCorr
  0.99AAIYX Alger Mid Cap Steady GrowthPairCorr
  0.99ASCYX Alger FundsPairCorr
  0.99ASCZX Alger Smallcap GrowthPairCorr
  0.99AASOX Alger Small CapPairCorr
  0.97ASIRX Alger Smallcap GrowthPairCorr
  0.98ASIMX Alger Smidcap FocusPairCorr
  0.98ASMZX Alger Smidcap FocusPairCorr
  0.99ASPCX Alger SpectraPairCorr
  0.99ASPZX Alger SpectraPairCorr
  0.99ASPYX Alger SpectraPairCorr
  0.99ASPIX Alger SpectraPairCorr
  0.98ASYMX Alger Weatherbie SpePairCorr
  0.98ABLOX Alger Balanced PortfolioPairCorr
  0.99ACAZX Alger Capital ApprecPairCorr
  0.99ACARX Alger Capital ApprecPairCorr
  0.99ACAAX Alger Capital ApprecPairCorr
  0.99ATVPX Alger 35 Fund Steady GrowthPairCorr
  0.98ACEMX Alger Emerging MarketsPairCorr
  0.99ACIZX Alger Capital ApprecPairCorr
  0.96ADOCX Alger Dynamic OpportPairCorr
  0.97ADOZX 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
  1.0AFOZX Alger Funds MidPairCorr
  0.99AGFCX 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 Midcap 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 Midcap'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  0.19  0.15  0.32  0.74 
(1.00)
 2.53 
(1.30)
 5.74 
AMGCX  0.90  0.19  0.15  0.32  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  1.06  0.06  0.06  0.18  1.01 
(1.23)
 2.58 
(2.14)
 6.55 
AOFIX  1.06  0.05  0.06  0.18  1.00 
(1.19)
 2.61 
(2.11)
 6.55 
AOFAX  1.10  0.05  0.06  0.17  1.05 
(1.27)
 2.57 
(2.13)
 6.54 
AOFCX  1.06  0.05  0.06  0.17  1.01 
(1.19)
 2.61 
(2.11)
 6.66 
CHUSX  0.64  0.18  0.19  0.37  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  0.52  0.16  0.12  0.48  0.15 
(0.66)
 1.81 
(1.11)
 4.01 

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