Alger Smallcap Correlations

AGSCX Fund

USD 6.95 0.17 2.39%

The current 90-days correlation between Alger Smallcap Growth and Virtus Kar Small Cap is 0.59 (i.e., Very weak diversification). The correlation of Alger Smallcap 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 Smallcap Correlation With Market

Poor diversification

The correlation between Alger Smallcap Growth and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Smallcap Growth 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 Smallcap Growth. 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 world development indicators.

Moving together with Alger Mutual Fund

0.94	AOFYX	Alger Small Cap	Pair Corr
0.95	AOFIX	Alger Small Cap	Pair Corr
0.82	AOFAX	Alger Small Cap	Pair Corr
0.95	AOFCX	Alger Small Cap	Pair Corr
0.62	AAIYX	Alger Mid Cap	Pair Corr
1.0	ASCYX	Alger Funds	Pair Corr
1.0	ASCZX	Alger Smallcap Growth	Pair Corr
0.99	AASOX	Alger Small Cap	Pair Corr
0.98	ASIRX	Alger Smallcap Growth	Pair Corr
0.72	ASIMX	Alger Smidcap Focus	Pair Corr
0.72	ASMZX	Alger Smidcap Focus	Pair Corr
0.64	ASPCX	Alger Spectra	Pair Corr
0.65	ASPZX	Alger Spectra	Pair Corr
0.65	ASPYX	Alger Spectra	Pair Corr
0.65	ASPIX	Alger Spectra	Pair Corr
0.72	ASYMX	Alger Weatherbie Spe	Pair Corr
0.67	ABLOX	Alger Balanced Portfolio	Pair Corr
0.72	ACAYX	Alger Capital Apprec	Pair Corr
0.69	ACAZX	Alger Capital Apprec	Pair Corr
0.71	ACARX	Alger Capital Apprec	Pair Corr
0.65	ATVPX	Alger 35 Fund	Pair Corr
0.72	ACIZX	Alger Capital Apprec	Pair Corr
0.62	CNEIX	Alger Concentrated Equity	Pair Corr
0.63	CNEYX	Alger Concentrated Equity	Pair Corr
0.63	CNEZX	Alger Concentrated Equity	Pair Corr

Related Correlations Analysis

	VRSGX	PSGCX	PXSGX	PKSFX	PKSAX	CIPNX	TDMTX	TEDMX	CPODX	CPOAX
VRSGX		1.0	1.0	0.79	0.79	0.84	-0.58	-0.59	0.83	0.83	VRSGX
PSGCX	1.0		1.0	0.79	0.79	0.84	-0.58	-0.59	0.83	0.83	PSGCX
PXSGX	1.0	1.0		0.79	0.79	0.84	-0.58	-0.59	0.83	0.83	PXSGX
PKSFX	0.79	0.79	0.79		0.9	0.92	-0.51	-0.51	0.6	0.6	PKSFX
PKSAX	0.79	0.79	0.79	0.9		0.82	-0.48	-0.48	0.64	0.64	PKSAX
CIPNX	0.84	0.84	0.84	0.92	0.82		-0.53	-0.54	0.75	0.75	CIPNX
TDMTX	-0.58	-0.58	-0.58	-0.51	-0.48	-0.53		1.0	-0.34	-0.34	TDMTX
TEDMX	-0.59	-0.59	-0.59	-0.51	-0.48	-0.54	1.0		-0.35	-0.35	TEDMX
CPODX	0.83	0.83	0.83	0.6	0.64	0.75	-0.34	-0.35		1.0	CPODX
CPOAX	0.83	0.83	0.83	0.6	0.64	0.75	-0.34	-0.35	1.0		CPOAX
	VRSGX	PSGCX	PXSGX	PKSFX	PKSAX	CIPNX	TDMTX	TEDMX	CPODX	CPOAX

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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

PSGCX	+ 1.0	VRSGX
PXSGX	+ 1.0	VRSGX
PXSGX	+ 1.0	PSGCX
TEDMX	+ 1.0	TDMTX
CPOAX	+ 1.0	CPODX
CIPNX	+ 0.92	PKSFX

High negative correlations

TEDMX	- 0.59	PXSGX
TEDMX	- 0.59	PSGCX
TEDMX	- 0.59	VRSGX
TDMTX	- 0.58	PXSGX
TDMTX	- 0.58	PSGCX
TDMTX	- 0.58	VRSGX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Smallcap 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 Smallcap'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
VRSGX	0.85	(0.24)	0.00	(0.15)	0.00	0.00	1.39	(1.93)	4.06
PSGCX	0.86	(0.25)	0.00	(0.16)	0.00	0.00	1.40	(1.92)	4.07
PXSGX	0.86	(0.25)	0.00	(0.16)	0.00	0.00	1.39	(1.91)	4.12
PKSFX	0.72	(0.13)	0.00	(0.07)	0.00	0.00	1.71	(1.56)	3.45
PKSAX	0.74	(0.05)	0.00	(0.16)	0.00	0.00	1.75	(1.57)	3.74
CIPNX	0.87	(0.15)	0.00	(0.05)	0.00	0.00	1.94	(2.10)	4.64
TDMTX	0.75	0.12	0.06	0.96	0.90	(0.81)	1.53	(1.09)	4.85
TEDMX	0.76	0.12	0.06	1.04	0.88	(0.81)	1.54	(1.13)	4.85
CPODX	1.45	(0.17)	0.00	(0.04)	0.00	0.00	2.56	(3.91)	8.38
CPOAX	1.50	(0.18)	0.00	(0.04)	0.00	0.00	2.56	(3.92)	8.37

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