Allianzgi Convertible Correlations

NCZ Fund

USD 13.07 0.30 2.35%

The current 90-days correlation between Allianzgi Convertible and Allianzgi Convertible Income is 0.84 (i.e., Very poor diversification). The correlation of Allianzgi Convertible 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.

Allianzgi Convertible Correlation With Market

Poor diversification

The correlation between Allianzgi Convertible Income and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Convertible Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Allianzgi Convertible Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Allianzgi Fund

0.65	RYMEX	Commodities Strategy	Pair Corr
0.65	RYMJX	Commodities Strategy	Pair Corr
0.65	RYMBX	Commodities Strategy	Pair Corr
0.87	BRUFX	Bruce Fund Bruce	Pair Corr
0.98	SPGSX	State Street Premier	Pair Corr
0.91	KF	Korea Closed	Pair Corr
0.98	MXEOX	Great West Emerging	Pair Corr
0.74	ANVHX	American Century Non	Pair Corr
0.76	WACSX	Western Asset E	Pair Corr
0.74	AACRX	Strategic Allocation	Pair Corr
0.93	GPPSX	Goldman Sachs Short	Pair Corr
0.99	CBLAX	Columbia Balanced	Pair Corr
0.95	BUBSX	Baird Ultra Short	Pair Corr
0.74	IORLX	Aim Taxexempt Funds	Pair Corr
0.99	CHY	Calamos Convertible And	Pair Corr
0.98	VEVFX	Vanguard Explorer Value	Pair Corr
0.73	BLARX	Lord Abbett Balanced	Pair Corr
0.66	FBIOX	Biotechnology Portfolio	Pair Corr
0.99	FAHYX	Fidelity Advisor High	Pair Corr
0.85	LSIIX	Loomis Sayles Investment	Pair Corr
0.98	OPTIX	Oppenheimer Capital	Pair Corr
0.8	KAMCX	Kensington Managed Income	Pair Corr
0.98	NBPIX	Neuberger Berman Large	Pair Corr
0.98	DHLTX	Diamond Hill All	Pair Corr
0.97	RYCVX	Dow 2x Strategy	Pair Corr
0.69	GRECX	Goldman Sachs Real	Pair Corr
0.72	QGRPX	Ubs Quality Growth	Pair Corr
0.98	TEMUX	Emerging Markets Equity	Pair Corr
0.99	TRROX	T Rowe Price	Pair Corr
0.98	FTZFX	Fuller Thaler Behavioral	Pair Corr
0.98	NPSFX	Nuveen Preferred Sec	Pair Corr
0.99	BEQAX	Equity Growth	Pair Corr
0.98	PGBEX	Blue Chip Fund	Pair Corr
0.72	WEGRX	Allspring Emerging Growth	Pair Corr
0.99	NWOBX	Nationwide Destination	Pair Corr
0.98	ETIMX	Eventide Multi Asset	Pair Corr
0.73	FLCNX	Fidelity Contrafund	Pair Corr

Related Correlations Analysis

	NCV	MVF	CXE	FTF	PHK	PGP	PFN	HIX
NCV		-0.55	0.59	0.93	0.94	0.96	0.97	0.97	NCV
MVF	-0.55		0.16	-0.33	-0.32	-0.45	-0.5	-0.61	MVF
CXE	0.59	0.16		0.66	0.68	0.62	0.63	0.54	CXE
FTF	0.93	-0.33	0.66		0.97	0.94	0.91	0.91	FTF
PHK	0.94	-0.32	0.68	0.97		0.95	0.93	0.9	PHK
PGP	0.96	-0.45	0.62	0.94	0.95		0.96	0.96	PGP
PFN	0.97	-0.5	0.63	0.91	0.93	0.96		0.96	PFN
HIX	0.97	-0.61	0.54	0.91	0.9	0.96	0.96		HIX
	NCV	MVF	CXE	FTF	PHK	PGP	PFN	HIX

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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

PFN	+ 0.97	NCV
HIX	+ 0.97	NCV
PHK	+ 0.97	FTF
PGP	+ 0.96	NCV
PFN	+ 0.96	PGP
HIX	+ 0.96	PGP

High negative correlations

HIX	- 0.61	MVF
MVF	- 0.55	NCV
PFN	- 0.5	MVF
PGP	- 0.45	MVF
FTF	- 0.33	MVF
PHK	- 0.32	MVF

Risk-Adjusted Indicators

There is a big difference between Allianzgi Fund performing well and Allianzgi Convertible 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 Allianzgi Convertible'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
NCV	0.59	0.21	0.21	0.56	0.24	(0.73)	1.55	(0.83)	2.90
MVF	0.47	(0.08)	0.00	(0.14)	0.00	0.00	1.05	(1.20)	3.01
CXE	0.44	0.00	(0.16)	0.11	0.47	(0.60)	1.14	(0.86)	2.60
FTF	0.43	0.05	(0.06)	0.32	0.49	(0.49)	0.84	(0.80)	2.60
PHK	0.34	0.11	0.00	1.02	0.00	(0.50)	0.88	(0.64)	2.20
PGP	0.54	0.22	0.19	1.41	0.00	(0.70)	1.55	(0.72)	3.66
PFN	0.34	0.10	0.00	0.59	0.00	(0.43)	0.85	(0.71)	2.03
HIX	0.49	0.12	0.04	0.52	0.20	(0.70)	1.19	(0.69)	2.69

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