Alger Mid Correlations

AAIYX Fund

USD 18.50 0.11 0.59%

The current 90-days correlation between Alger Mid Cap and Scout Small Cap is -0.21 (i.e., Very good diversification). The correlation of Alger Mid 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 Mid Correlation With Market

Very weak diversification

The correlation between Alger Mid Cap and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Mid 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 Mid Cap. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Alger Mutual Fund

0.91	VITAX	Vanguard Information	Pair Corr
0.93	CCIFX	Columbia Seligman	Pair Corr
0.89	FSPTX	Technology Portfolio	Pair Corr
0.91	FSELX	Fidelity Select Semi	Pair Corr
0.93	SLMCX	Columbia Seligman	Pair Corr
0.93	SCICX	Columbia Seligman	Pair Corr
0.92	WSTRX	Ivy Science And	Pair Corr
0.83	SMPSX	Semiconductor Ultrasector	Pair Corr
0.84	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
0.91	RYATX	Nasdaq 100 Fund	Pair Corr
0.9	FAUTX	American Funds 2040	Pair Corr
0.71	PVFAX	Paradigm Value	Pair Corr
0.86	POSKX	Primecap Odyssey Stock	Pair Corr
0.71	IBM	International Business Earnings Call This Week	Pair Corr
0.66	WMT	Walmart	Pair Corr
0.86	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.71	BAC	Bank of America	Pair Corr
0.74	CAT	Caterpillar	Pair Corr
0.7	JNJ	Johnson Johnson	Pair Corr
0.83	INTC	Intel	Pair Corr

Moving against Alger Mutual Fund

0.59	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.58	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.58	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.58	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.58	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.7	BA	Boeing	Pair Corr
0.43	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.33	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	UMBHX	PSBMX	ASCGX	LMBMX	NSMAX	SECAX	NAESX
UMBHX		0.85	0.98	0.91	0.89	0.9	0.88	UMBHX
PSBMX	0.85		0.89	0.97	0.96	0.98	0.95	PSBMX
ASCGX	0.98	0.89		0.95	0.91	0.93	0.9	ASCGX
LMBMX	0.91	0.97	0.95		0.97	0.99	0.96	LMBMX
NSMAX	0.89	0.96	0.91	0.97		0.99	0.99	NSMAX
SECAX	0.9	0.98	0.93	0.99	0.99		0.98	SECAX
NAESX	0.88	0.95	0.9	0.96	0.99	0.98		NAESX
	UMBHX	PSBMX	ASCGX	LMBMX	NSMAX	SECAX	NAESX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Mid 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 Mid'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
UMBHX	0.90	0.18	0.09	(0.40)	1.02	(1.01)	2.60	(1.49)	6.28
PSBMX	0.74	0.13	0.07	(0.47)	0.75	(0.84)	1.94	(1.21)	5.78
ASCGX	1.03	0.20	0.09	(0.45)	1.23	(1.09)	3.08	(2.21)	7.81
LMBMX	0.86	0.20	0.12	(0.56)	0.79	(0.99)	2.45	(1.43)	6.86
NSMAX	0.76	0.10	0.03	(0.26)	0.85	(0.91)	2.02	(1.22)	6.89
SECAX	0.81	0.12	0.06	(0.38)	0.82	(0.99)	2.18	(1.33)	6.61
NAESX	0.72	0.08	0.02	(0.30)	0.75	(0.86)	1.94	(1.22)	6.06

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