Alger Concentrated Correlations

CNEIX Fund

15.16 0.16 1.07%

The current 90-days correlation between Alger Concentrated Equity and Angel Oak Financial is 0.23 (i.e., Modest diversification). The correlation of Alger Concentrated 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 Concentrated Correlation With Market

Very weak diversification

The correlation between Alger Concentrated Equity and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Concentrated Equity 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 Concentrated Equity. 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

0.99	AMGAX	Alger Midcap Growth	Pair Corr
0.99	AMGCX	Alger Midcap Growth	Pair Corr
0.83	AMGOX	Alger Mid Cap	Pair Corr
0.84	AOFAX	Alger Small Cap	Pair Corr
0.95	AOFCX	Alger Small Cap	Pair Corr
0.84	CHUCX	Alger Global Growth	Pair Corr
0.86	AAGOX	Alger Large Cap	Pair Corr
0.98	ASCZX	Alger Smallcap Growth	Pair Corr
0.86	AASOX	Alger Small Cap	Pair Corr
0.81	ASIMX	Alger Smidcap Focus	Pair Corr
0.97	ASMZX	Alger Smidcap Focus	Pair Corr
0.7	ASPCX	Alger Spectra	Pair Corr
0.7	ASPZX	Alger Spectra	Pair Corr
0.71	ASPYX	Alger Spectra	Pair Corr
1.0	ASPIX	Alger Spectra	Pair Corr
0.97	ABLOX	Alger Balanced Portfolio	Pair Corr
0.86	ACAZX	Alger Capital Apprec	Pair Corr
0.62	ACEMX	Alger Emerging Markets	Pair Corr
0.96	ADOCX	Alger Dynamic Opport	Pair Corr
0.96	ADOZX	Alger Dynamic Opport	Pair Corr
1.0	CNEYX	Alger Concentrated Equity	Pair Corr
1.0	CNEZX	Alger Concentrated Equity	Pair Corr
0.99	AFGZX	Alger Global Growth	Pair Corr
0.68	AFOZX	Alger Funds Mid	Pair Corr
0.99	AGIRX	Alger Midcap Growth	Pair Corr
0.85	AGIFX	Alger Responsible	Pair Corr
0.69	AGOZX	Alger Small Cap	Pair Corr
0.98	AGSCX	Alger Smallcap Growth	Pair Corr
0.63	AIEMX	Alger Emerging Markets	Pair Corr
0.98	AIGOX	Alger Growth Income	Pair Corr
0.85	AISZX	Alger Smallcap Growth	Pair Corr
0.86	SPECX	Alger Spectra	Pair Corr
0.96	SPEDX	Alger Dynamic Opport	Pair Corr
0.72	SPEGX	Alger Responsible	Pair Corr
0.86	ALARX	Alger Capital Apprec	Pair Corr

Related Correlations Analysis

	XFINX	IAAEX	VFAIX	FTIXX	ICFAX	SBFAX
XFINX		-0.44	-0.41	-0.17	-0.37	-0.36	XFINX
IAAEX	-0.44		0.95	0.72	0.9	0.92	IAAEX
VFAIX	-0.41	0.95		0.74	0.95	0.99	VFAIX
FTIXX	-0.17	0.72	0.74		0.8	0.67	FTIXX
ICFAX	-0.37	0.9	0.95	0.8		0.93	ICFAX
SBFAX	-0.36	0.92	0.99	0.67	0.93		SBFAX
	XFINX	IAAEX	VFAIX	FTIXX	ICFAX	SBFAX

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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

SBFAX	+ 0.99	VFAIX
VFAIX	+ 0.95	IAAEX
ICFAX	+ 0.95	VFAIX
SBFAX	+ 0.93	ICFAX
SBFAX	+ 0.92	IAAEX
ICFAX	+ 0.9	IAAEX

High negative correlations

IAAEX	- 0.44	XFINX
VFAIX	- 0.41	XFINX
ICFAX	- 0.37	XFINX
SBFAX	- 0.36	XFINX
FTIXX	- 0.17	XFINX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Concentrated 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 Concentrated'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
XFINX	0.40	(0.03)	0.00	(0.25)	0.00	0.00	0.77	(1.41)	4.64
IAAEX	0.71	0.17	0.03	(1.20)	0.65	(0.84)	1.97	(1.27)	4.55
VFAIX	0.75	0.07	0.07	0.20	0.74	(0.79)	1.92	(1.77)	5.62
FTIXX	0.03	0.00	0.00	2.04	0.00	0.00	0.00	0.00	1.01
ICFAX	0.79	0.05	0.04	0.18	0.85	(0.93)	2.16	(1.88)	5.58
SBFAX	0.67	0.03	0.01	0.16	0.69	(0.76)	1.87	(1.79)	5.39

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