Alger Small Correlations

AOFCX Fund

USD 15.64 0.04 0.26%

The current 90-days correlation between Alger Small Cap and Alger Midcap Growth is 0.83 (i.e., Very poor diversification). The correlation of Alger Small 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 Small Correlation With Market

Poor diversification

The correlation between Alger Small Cap and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Small 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 Small 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 main economic indicators.

Moving together with Alger Mutual Fund

0.97	AMGAX	Alger Midcap Growth	Pair Corr
0.84	AMGOX	Alger Mid Cap	Pair Corr
0.86	AOFAX	Alger Small Cap	Pair Corr
0.84	AAGOX	Alger Large Cap	Pair Corr
0.98	ASCZX	Alger Smallcap Growth	Pair Corr
0.84	AASOX	Alger Small Cap	Pair Corr
0.79	ASIMX	Alger Smidcap Focus	Pair Corr
0.94	ASMZX	Alger Smidcap Focus	Pair Corr
0.72	ASPCX	Alger Spectra	Pair Corr
0.72	ASPZX	Alger Spectra	Pair Corr
0.95	ASPIX	Alger Spectra	Pair Corr
0.96	ABLOX	Alger Balanced Portfolio	Pair Corr
0.84	ACAZX	Alger Capital Apprec	Pair Corr
0.65	ACEMX	Alger Emerging Markets	Pair Corr
0.9	ADOCX	Alger Dynamic Opport	Pair Corr
0.91	ADOZX	Alger Dynamic Opport	Pair Corr
0.95	CNEIX	Alger Concentrated Equity	Pair Corr
0.96	AFGZX	Alger Global Growth	Pair Corr
0.73	AFOZX	Alger Funds Mid	Pair Corr
0.97	AGIRX	Alger Midcap Growth	Pair Corr
0.83	AGIFX	Alger Responsible	Pair Corr
0.77	AGOZX	Alger Small Cap	Pair Corr
0.98	AGSCX	Alger Smallcap Growth	Pair Corr
0.67	AIEMX	Alger Emerging Markets	Pair Corr
0.95	AIGOX	Alger Growth Income	Pair Corr
0.84	ALARX	Alger Capital Apprec	Pair Corr
0.96	ALAFX	Alger Capital Apprec	Pair Corr
0.85	ALCZX	Alger International	Pair Corr
0.85	ALCFX	Alger Capital Apprec	Pair Corr
0.84	ALMRX	Alger Midcap Growth	Pair Corr
0.93	ALMAX	Alger Smidcap Focus	Pair Corr
0.86	ALSAX	Alger Smallcap Growth	Pair Corr
0.86	ALSCX	Alger Smallcap Growth	Pair Corr
0.86	ALSRX	Alger Smallcap Growth	Pair Corr
0.84	ALVOX	Alger Capital Apprec	Pair Corr
0.85	ALZFX	Alger Capital Apprec	Pair Corr

Related Correlations Analysis

	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX
AMGAX		1.0	0.87	0.96	0.96	0.0	0.99	0.99	0.99	AMGAX
AMGCX	1.0		0.86	0.96	0.96	0.0	0.99	0.99	0.99	AMGCX
AMGOX	0.87	0.86		0.84	0.84	0.0	0.83	0.83	0.83	AMGOX
ADOCX	0.96	0.96	0.84		1.0	0.0	0.96	0.96	0.96	ADOCX
ADOZX	0.96	0.96	0.84	1.0		0.0	0.96	0.96	0.96	ADOZX
AEMYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AEMYX
CNEIX	0.99	0.99	0.83	0.96	0.96	0.0		1.0	1.0	CNEIX
CNEYX	0.99	0.99	0.83	0.96	0.96	0.0	1.0		1.0	CNEYX
CNEZX	0.99	0.99	0.83	0.96	0.96	0.0	1.0	1.0		CNEZX
	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

AMGCX	+ 1.0	AMGAX
ADOZX	+ 1.0	ADOCX
CNEYX	+ 1.0	CNEIX
CNEZX	+ 1.0	CNEIX
CNEZX	+ 1.0	CNEYX
CNEIX	+ 0.99	AMGAX

High negative correlations

CNEZX	- 0.0	AEMYX
CNEYX	- 0.0	AEMYX
CNEIX	- 0.0	AEMYX
AEMYX	- 0.0	ADOZX
AEMYX	- 0.0	ADOCX
AEMYX	- 0.0	AMGOX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Small 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 Small'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
AMGAX	0.88	0.25	0.23	0.41	0.48	(1.02)	2.53	(1.15)	5.74
AMGCX	0.86	0.28	0.25	0.50	0.44	(1.02)	2.55	(1.15)	5.75
AMGOX	0.86	0.41	0.27	(25.87)	0.35	(1.00)	2.62	(1.14)	5.79
ADOCX	0.41	0.12	0.02	0.68	0.27	(0.50)	0.92	(0.61)	3.11
ADOZX	0.39	0.12	0.03	0.74	0.21	(0.47)	0.95	(0.57)	3.13
AEMYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CNEIX	1.03	0.50	0.53	0.79	0.00	(1.41)	2.85	(1.06)	7.15
CNEYX	1.03	0.50	0.53	0.78	0.00	(1.37)	2.92	(0.99)	7.21
CNEZX	1.03	0.50	0.51	0.79	0.00	(1.41)	2.84	(1.05)	7.21

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