Alger Spectra Correlations

Mutual Funds . USA . 
Fund . Alger Spectra Fund
ASPZX Fund  USD 35.32  0.18  0.51%   
The current 90-days correlation between Alger Spectra and Alger Midcap Growth is 0.87 (i.e., Very poor diversification). The correlation of Alger Spectra 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 Spectra Correlation With Market

Poor diversification

The correlation between Alger Spectra Fund and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Spectra Fund 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 Spectra Fund. 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 nation.

Moving together with Alger Mutual Fund

  0.99AMGAX Alger Midcap GrowthPairCorr
  0.99AMGCX Alger Midcap GrowthPairCorr
  0.99AMGOX Alger Mid CapPairCorr
  0.96AOFAX Alger Small CapPairCorr
  0.96AOFCX Alger Small CapPairCorr
  0.99CHUCX Alger Global GrowthPairCorr
  1.0AAGOX Alger Large CapPairCorr
  0.99ASCZX Alger Smallcap GrowthPairCorr
  0.99AASOX Alger Small CapPairCorr
  0.98ASIMX Alger Smidcap FocusPairCorr
  0.98ASMZX Alger Smidcap FocusPairCorr
  1.0ASPCX 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
  0.97ADOCX Alger Dynamic OpportPairCorr
  0.97ADOZX Alger Dynamic OpportPairCorr
  1.0CNEIX Alger Concentrated EquityPairCorr
  1.0CNEYX Alger Concentrated EquityPairCorr
  1.0CNEZX Alger Concentrated EquityPairCorr
  0.99AFGZX Alger Global GrowthPairCorr
  0.98AFGPX Alger InternationalPairCorr
  0.99AFOZX Alger Funds MidPairCorr
  0.99AGIRX Alger Midcap GrowthPairCorr
  1.0AGIFX Alger ResponsiblePairCorr
  0.96AGOZX Alger Small CapPairCorr
  0.99AGSCX Alger Smallcap GrowthPairCorr
  0.98AIEMX Alger Emerging MarketsPairCorr
  0.98AIGOX Alger Growth IncomePairCorr
  0.99AISZX Alger Smallcap GrowthPairCorr
  1.0SPECX Alger SpectraPairCorr
  0.97SPEDX 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 Spectra 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 Spectra'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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