Alger Large Correlations

AAGOX Fund

USD 117.55 1.05 0.89%

The current 90-days correlation between Alger Large Cap and Alger Midcap Growth is 0.81 (i.e., Very poor diversification). The correlation of Alger Large 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 Large Correlation With Market

Good diversification

The correlation between Alger Large Cap and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Large 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 Large 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 producer price index.

Moving together with Alger Mutual Fund

0.96	FAFGX	American Funds	Pair Corr
0.96	FFAFX	American Funds	Pair Corr
0.96	GFACX	Growth Fund	Pair Corr
0.96	GFAFX	Growth Fund	Pair Corr
0.96	AGTHX	Growth Fund	Pair Corr
0.96	CGFFX	Growth Fund	Pair Corr
0.96	CGFCX	Growth Fund	Pair Corr
0.96	CGFAX	Growth Fund	Pair Corr
0.96	CGFEX	Growth Fund	Pair Corr
0.96	RGAEX	Growth Fund	Pair Corr
0.89	SMPSX	Semiconductor Ultrasector	Pair Corr
0.89	SMPIX	Semiconductor Ultrasector	Pair Corr
0.84	RSNRX	Victory Global Natural	Pair Corr
0.84	RSNYX	Victory Global Natural	Pair Corr
0.84	RGNCX	Victory Global Natural	Pair Corr
0.63	XOM	Exxon Mobil Corp	Pair Corr
0.78	JPM	JPMorgan Chase	Pair Corr
0.89	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.76	AXP	American Express	Pair Corr
0.72	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.75	JNJ	Johnson Johnson	Pair Corr
0.61	DD	Dupont De Nemours	Pair Corr
0.68	WMT	Walmart	Pair Corr

Moving against Alger Mutual Fund

0.53	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.52	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.52	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.52	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.52	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.75	KO	Coca Cola Earnings Call This Week	Pair Corr
0.75	DIS	Walt Disney	Pair Corr
0.38	PG	Procter Gamble Earnings Call This Week	Pair Corr

Related Correlations Analysis

	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX
AMGAX		1.0	1.0	0.87	0.0	0.0	0.96	0.96	0.96	AMGAX
AMGCX	1.0		1.0	0.88	0.0	0.0	0.95	0.96	0.95	AMGCX
AMGOX	1.0	1.0		0.87	0.0	0.0	0.96	0.96	0.96	AMGOX
ADOCX	0.87	0.88	0.87		0.0	0.0	0.79	0.79	0.79	ADOCX
ADOZX	0.0	0.0	0.0	0.0		0.0	0.75	0.75	0.75	ADOZX
AEMYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AEMYX
CNEIX	0.96	0.95	0.96	0.79	0.75	0.0		1.0	1.0	CNEIX
CNEYX	0.96	0.96	0.96	0.79	0.75	0.0	1.0		1.0	CNEYX
CNEZX	0.96	0.95	0.96	0.79	0.75	0.0	1.0	1.0		CNEZX
	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX

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

AMGCX	+ 1.0	AMGAX
AMGOX	+ 1.0	AMGAX
AMGOX	+ 1.0	AMGCX
CNEYX	+ 1.0	CNEIX
CNEZX	+ 1.0	CNEIX
CNEZX	+ 1.0	CNEYX

High negative correlations

CNEZX	- 0.0	AEMYX
CNEYX	- 0.0	AEMYX
CNEIX	- 0.0	AEMYX
AEMYX	- 0.0	ADOZX
AEMYX	- 0.0	ADOCX
ADOZX	- 0.0	ADOCX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Large 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 Large'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
AMGAX	0.75	0.15	0.08	(0.31)	0.77	(0.83)	1.73	(1.41)	5.25
AMGCX	0.75	0.14	0.07	(0.31)	0.78	(0.82)	1.66	(1.39)	5.27
AMGOX	0.76	0.15	0.08	(0.32)	0.80	(0.82)	1.75	(1.43)	5.33
ADOCX	0.50	0.04	(0.04)	(0.07)	0.62	(0.58)	0.94	(1.16)	3.15
ADOZX	0.51	0.05	(0.02)	(0.11)	0.61	(0.58)	0.96	(1.14)	3.13
AEMYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CNEIX	0.94	0.21	0.10	(0.51)	1.16	(1.02)	2.04	(1.91)	6.32
CNEYX	0.94	0.21	0.11	(0.52)	1.15	(1.03)	2.09	(1.88)	6.25
CNEZX	0.94	0.21	0.10	(0.52)	1.16	(1.03)	2.09	(1.90)	6.30

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