Alger Health Correlations

AHSCX Fund

USD 11.82 0.04 0.34%

The current 90-days correlation between Alger Health Sciences and Blackrock Health Sciences is 0.76 (i.e., Poor diversification). The correlation of Alger Health 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 Health Correlation With Market

Very weak diversification

The correlation between Alger Health Sciences and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Health Sciences 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 Health Sciences. 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 services.

Moving together with Alger Mutual Fund

0.66	AOFYX	Alger Small Cap	Pair Corr
0.66	AOFIX	Alger Small Cap	Pair Corr
0.65	AOFAX	Alger Small Cap	Pair Corr
0.66	AOFCX	Alger Small Cap	Pair Corr
0.63	ASIMX	Alger Smidcap Focus	Pair Corr
0.63	ASMZX	Alger Smidcap Focus	Pair Corr
0.62	ASYMX	Alger Weatherbie Spe	Pair Corr

Related Correlations Analysis

	BHSRX	FHCCX	HHCZX	LYFAX	PGHAX	LHCCX	HIAHX	XXGRX	SCHLX
BHSRX		0.96	0.67	0.96	0.93	0.88	0.25	0.36	0.89	BHSRX
FHCCX	0.96		0.68	0.96	0.89	0.94	0.14	0.28	0.79	FHCCX
HHCZX	0.67	0.68		0.71	0.41	0.65	-0.14	-0.26	0.41	HHCZX
LYFAX	0.96	0.96	0.71		0.88	0.96	0.04	0.21	0.74	LYFAX
PGHAX	0.93	0.89	0.41	0.88		0.81	0.34	0.55	0.92	PGHAX
LHCCX	0.88	0.94	0.65	0.96	0.81		-0.1	0.13	0.61	LHCCX
HIAHX	0.25	0.14	-0.14	0.04	0.34	-0.1		0.56	0.52	HIAHX
XXGRX	0.36	0.28	-0.26	0.21	0.55	0.13	0.56		0.63	XXGRX
SCHLX	0.89	0.79	0.41	0.74	0.92	0.61	0.52	0.63		SCHLX
	BHSRX	FHCCX	HHCZX	LYFAX	PGHAX	LHCCX	HIAHX	XXGRX	SCHLX

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

FHCCX	+ 0.96	BHSRX
LYFAX	+ 0.96	BHSRX
LYFAX	+ 0.96	FHCCX
LHCCX	+ 0.96	LYFAX
LHCCX	+ 0.94	FHCCX
PGHAX	+ 0.93	BHSRX

High negative correlations

XXGRX	- 0.26	HHCZX
HIAHX	- 0.14	HHCZX
HIAHX	- 0.1	LHCCX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Health 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 Health'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
BHSRX	0.60	0.00	(0.03)	0.11	0.68	(0.63)	1.39	(1.43)	3.59
FHCCX	0.67	0.01	0.00	0.12	0.70	(0.71)	1.61	(1.51)	3.82
HHCZX	0.22	0.02	(0.22)	0.16	0.00	(0.27)	0.53	(0.41)	1.12
LYFAX	0.65	0.02	0.00	0.14	0.67	(0.75)	1.49	(1.56)	3.95
PGHAX	0.70	0.01	(0.02)	0.13	0.74	(0.78)	1.37	(1.59)	4.16
LHCCX	0.64	0.08	0.05	0.22	0.61	(0.70)	1.50	(1.24)	3.95
HIAHX	0.81	(0.14)	0.00	(0.02)	0.00	0.00	1.46	(1.67)	9.48
XXGRX	0.74	(0.11)	(0.09)	0.00	1.05	(0.76)	1.37	(1.49)	4.33
SCHLX	0.70	(0.02)	(0.04)	0.08	0.84	(0.72)	1.56	(1.63)	4.73

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