Alger Small Correlations

Mutual Funds . USA . 
Fund . Alger Small Cap
AOFIX Fund  USD 18.88  0.04  0.21%   
The current 90-days correlation between Alger Small Cap and Alger Midcap Growth is 0.85 (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

Good diversification

The correlation between Alger Small Cap and DJI is -0.09 (i.e., Good 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 gross domestic product.

Moving together with Alger Mutual Fund

  0.97AMGAX Alger Midcap GrowthPairCorr
  0.95AMGOX Alger Mid CapPairCorr
  1.0AOFAX Alger Small CapPairCorr
  1.0AOFCX Alger Small CapPairCorr
  0.95AAGOX Alger Large CapPairCorr
  0.96ASCZX Alger Smallcap GrowthPairCorr
  0.97AASOX Alger Small CapPairCorr
  0.92ASIMX Alger Smidcap FocusPairCorr
  0.95ASMZX Alger Smidcap FocusPairCorr
  0.95ASPCX Alger SpectraPairCorr
  0.95ASPZX Alger SpectraPairCorr
  0.95ASPIX Alger SpectraPairCorr
  0.97ABLOX Alger Balanced PortfolioPairCorr
  0.95ACAZX Alger Capital ApprecPairCorr
  0.95ACEMX Alger Emerging MarketsPairCorr
  0.93ADOCX Alger Dynamic OpportPairCorr
  0.93ADOZX Alger Dynamic OpportPairCorr
  0.96CNEIX Alger Concentrated EquityPairCorr
  0.95AFGZX Alger Global GrowthPairCorr
  0.96AFOZX Alger Funds MidPairCorr
  0.97AGIRX Alger Midcap GrowthPairCorr
  0.95AGIFX Alger ResponsiblePairCorr
  0.97AGOZX Alger Small CapPairCorr
  0.99AGSCX Alger Smallcap GrowthPairCorr
  0.61AHSCX Alger Health SciencesPairCorr
  0.95AIEMX Alger Emerging MarketsPairCorr
  0.97AIGOX Alger Growth IncomePairCorr
  0.95ALARX Alger Capital ApprecPairCorr
  0.97ALAFX Alger Capital ApprecPairCorr
  0.95ALCZX Alger InternationalPairCorr
  0.95ALCFX Alger Capital ApprecPairCorr
  0.95ALMRX Alger Midcap GrowthPairCorr
  0.95ALMAX Alger Smidcap FocusPairCorr
  0.96ALSAX Alger Smallcap GrowthPairCorr
  0.96ALSCX Alger Smallcap GrowthPairCorr
  0.96ALSRX Alger Smallcap GrowthPairCorr
  0.95ALVOX Alger Capital ApprecPairCorr
  0.95ALZFX 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 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 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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