Allianzgi Convertible Correlations

Funds . USA . 
Fund . Allianzgi Convertible Income
NCZ Fund  USD 12.82  0.03  0.23%   
The current 90-days correlation between Allianzgi Convertible and Pimco Energy Tactical is 0.78 (i.e., 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

Very poor diversification

The correlation between Allianzgi Convertible Income and DJI is 0.87 (i.e., Very 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

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  0.96CISGX Touchstone Sands CapitalPairCorr
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  0.96MGHRX Morgan Stanley InstiPairCorr
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  0.94NECZX Loomis Sayles StrategicPairCorr
  0.88RWDYX Redwood Managed VolaPairCorr
  0.93GEACX Gmo Trust Steady GrowthPairCorr
  0.97JETAX Aberdeen Select IntePairCorr
  0.98AFJAX Allianzgi Nfj InternPairCorr
  0.94WIIOX Wasatch InternationalPairCorr
  0.96SBMCX Moderate BalancedPairCorr
  0.98IVVIX Ivy Small CapPairCorr
  0.98WLGRX Ivy Large CapPairCorr
  0.94MPITX Bny Mellon InternationalPairCorr
  0.94TRAIX T Rowe PricePairCorr
  0.96IWGCX Ivy Wilshire GlobalPairCorr
  0.95JHJAX John Hancock EsgPairCorr
  0.96IWGNX Ivy Wilshire GlobalPairCorr
  0.95MMRAX Mainstay ModeratePairCorr
  0.96JISCX Perkins Small CapPairCorr
  0.99JHLGX Multimanager LifestylePairCorr
  0.96JSCOX Perkins Small CapPairCorr
  0.97FSHGX Fidelity Sai HighPairCorr
  0.98QRSIX Fpa Queens RoadPairCorr
  0.91NGJFX Nuveen Global RealPairCorr
  0.96SLGCX Large CapitalizationPairCorr
  0.9LSBDX Loomis Sayles BondPairCorr
  0.96RPNLX Riverpark/next CenturyPairCorr
  0.72IVBDX Ivy Global BondPairCorr
  0.99VCSTX Science TechnologyPairCorr
  0.96MOEAX Mainstay Growth EtfPairCorr
  0.99CLXRX Columbia Large CapPairCorr
  0.98IYPCX Ivy Emerging MarketsPairCorr
  0.94BULIX Utilities Fund InvestorPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.

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