Alger Capital Correlations

Mutual Funds . USA . 
Fund . Alger Capital Appreciation
ALARX Fund  USD 49.64  0.60  1.22%   
The current 90-days correlation between Alger Capital Apprec and Target Retirement 2040 is 0.9 (i.e., Almost no diversification). The correlation of Alger Capital 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 Capital Correlation With Market

Almost no diversification

The correlation between Alger Capital Appreciation and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Capital Appreciation 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 Capital Appreciation. 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

  0.99AMGAX Alger Midcap GrowthPairCorr
  0.99AMGCX Alger Midcap GrowthPairCorr
  0.99CHUCX Alger Global GrowthPairCorr
  0.97AAEMX Alger Emerging MarketsPairCorr
  1.0AAIYX Alger Mid CapPairCorr
  1.0CNEIX Alger Concentrated EquityPairCorr
  0.99AFOIX Alger Mid CapPairCorr
  0.99AFOZX Alger Funds MidPairCorr
  0.97AGOZX Alger Small CapPairCorr
  0.63AHSCX Alger Health SciencesPairCorr
  0.65AHSAX Alger Health SciencesPairCorr
  0.66AHSZX Alger Health SciencesPairCorr
  1.0ALCCX Alger Capital ApprecPairCorr
  0.99ALSRX Alger Smallcap GrowthPairCorr
  1.0FAFGX American FundsPairCorr
  1.0FFAFX American FundsPairCorr
  0.99GFACX Growth FundPairCorr
  0.99GFAFX Growth FundPairCorr
  0.99AGTHX Growth FundPairCorr
  1.0CGFFX Growth FundPairCorr
  0.99CGFCX Growth FundPairCorr
  0.99CGFAX Growth FundPairCorr
  0.99CGFEX Growth FundPairCorr
  0.99RGAEX Growth FundPairCorr
  0.8PFN Pimco Income StrategyPairCorr
  0.83CIF Mfs Intermediate HighPairCorr
  0.95ACHFX American Century HighPairCorr
  0.97APDFX Artisan High IncomePairCorr
  0.95PAIPX Pimco Short AssetPairCorr
  0.96BRIAX Blackrock RetirementPairCorr
  0.97DESIX Emerging Markets SusPairCorr
  0.95ASIYX Invesco Asia PacificPairCorr
  0.97EVFCX Evaluator ConservativePairCorr
  0.83TWEIX Equity IncomePairCorr

Moving against Alger Mutual Fund

  0.39XNBHX Neuberger Berman IntPairCorr
  0.38XDSMX Dreyfus StrategicPairCorr
  0.34NXJ Nuveen New JerseyPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Capital 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 Capital'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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