Alger Emerging Correlations

ACEMX Fund

USD 11.30 0.05 0.44%

The current 90-days correlation between Alger Emerging Markets and Alger Midcap Growth is 0.51 (i.e., Very weak diversification). The correlation of Alger Emerging 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 Emerging Correlation With Market

Good diversification

The correlation between Alger Emerging Markets and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Emerging Markets 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 Emerging Markets. 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 industry.

Moving together with Alger Mutual Fund

0.84	AMGAX	Alger Midcap Growth	Pair Corr
0.87	AOFAX	Alger Small Cap	Pair Corr
0.87	AAIYX	Alger Mid Cap	Pair Corr
0.81	ASIMX	Alger Smidcap Focus	Pair Corr
0.81	ASMZX	Alger Smidcap Focus	Pair Corr
0.86	ASPYX	Alger Spectra	Pair Corr
0.86	ACARX	Alger Capital Apprec	Pair Corr
0.92	AFGZX	Alger Global Growth	Pair Corr
0.93	AFGPX	Alger International	Pair Corr
0.81	AGOZX	Alger Small Cap	Pair Corr
0.95	AIEMX	Alger Emerging Markets	Pair Corr
0.87	AIFIX	Salient Investment Grade	Pair Corr
0.93	ALBAX	Alger Growth Income	Pair Corr
0.86	ALAFX	Alger Capital Apprec	Pair Corr
0.84	ALCFX	Alger Capital Apprec	Pair Corr
0.86	ALGAX	Alger International	Pair Corr
0.84	ALGRX	Alger Capital Apprec	Pair Corr
0.95	ALSAX	Alger Smallcap Growth	Pair Corr
0.91	ALSRX	Alger Smallcap Growth	Pair Corr
0.86	ALVOX	Alger Capital Apprec	Pair Corr
0.85	ALZFX	Alger Capital Apprec	Pair Corr
0.84	AMCGX	Alger Midcap Growth	Pair Corr
0.94	VEMAX	Vanguard Emerging Markets	Pair Corr
0.94	VEIEX	Vanguard Emerging Markets	Pair Corr
0.94	VEMIX	Vanguard Emerging Markets	Pair Corr
0.94	VEMRX	Vanguard Emerging Markets	Pair Corr
0.95	FWWNX	American Funds New	Pair Corr
0.95	FNFWX	American Funds New	Pair Corr
0.97	NEWFX	New World Fund	Pair Corr
0.95	NWFFX	New World Fund	Pair Corr
0.95	NEWCX	New World Fund	Pair Corr
0.93	ODVYX	Oppenheimer Developing	Pair Corr
0.88	PFN	Pimco Income Strategy	Pair Corr
0.85	CIF	Mfs Intermediate High	Pair Corr

Moving against Alger Mutual Fund

0.63	XNBHX	Neuberger Berman Int	Pair Corr
0.57	XDSMX	Dreyfus Strategic	Pair Corr

Related Correlations Analysis

	AMGAX	AMGCX	AMGOX	AOFYX	AOFIX	AOFAX	AOFCX	CHUSX	CHUCX	AAEMX
AMGAX		1.0	0.97	0.88	0.91	0.91	0.88	0.93	0.88	0.85	AMGAX
AMGCX	1.0		0.97	0.88	0.91	0.91	0.88	0.93	0.88	0.85	AMGCX
AMGOX	0.97	0.97		0.91	0.87	0.87	0.9	0.9	0.92	0.82	AMGOX
AOFYX	0.88	0.88	0.91		0.93	0.93	1.0	0.82	0.86	0.81	AOFYX
AOFIX	0.91	0.91	0.87	0.93		1.0	0.93	0.87	0.83	0.87	AOFIX
AOFAX	0.91	0.91	0.87	0.93	1.0		0.93	0.87	0.83	0.87	AOFAX
AOFCX	0.88	0.88	0.9	1.0	0.93	0.93		0.81	0.86	0.81	AOFCX
CHUSX	0.93	0.93	0.9	0.82	0.87	0.87	0.81		0.95	0.95	CHUSX
CHUCX	0.88	0.88	0.92	0.86	0.83	0.83	0.86	0.95		0.92	CHUCX
AAEMX	0.85	0.85	0.82	0.81	0.87	0.87	0.81	0.95	0.92		AAEMX
	AMGAX	AMGCX	AMGOX	AOFYX	AOFIX	AOFAX	AOFCX	CHUSX	CHUCX	AAEMX

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Emerging 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 Emerging'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	0.76	0.25	0.11	(0.54)	0.55	(0.84)	1.73	(1.20)	3.70
AMGCX	0.75	0.25	0.11	(0.55)	0.56	(0.84)	1.66	(1.18)	3.74
AMGOX	0.76	0.10	0.10	0.23	0.58	(0.83)	1.75	(1.22)	3.83
AOFYX	0.97	0.06	0.08	0.16	0.85	(1.11)	2.61	(1.70)	4.99
AOFIX	0.96	0.21	0.09	(5.61)	0.80	(1.11)	2.65	(1.71)	5.01
AOFAX	1.00	0.21	0.09	(6.20)	0.89	(1.15)	2.63	(1.72)	5.02
AOFCX	0.98	0.06	0.08	0.16	0.85	(1.11)	2.68	(1.70)	4.97
CHUSX	0.58	0.14	(0.01)	(0.37)	0.51	(0.68)	1.65	(0.90)	3.67
CHUCX	0.57	0.00	(0.03)	0.11	0.56	(0.65)	1.64	(1.18)	3.68
AAEMX	0.55	0.10	(0.03)	(1.56)	0.47	(0.67)	1.50	(1.11)	4.01

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