Alger Small Correlations

AOFAX Fund

USD 19.41 0.18 0.92%

The current 90-days correlation between Alger Small Cap and Old Westbury Large is 0.62 (i.e., Poor diversification). The correlation of Alger Small 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 Small Correlation With Market

Significant diversification

The correlation between Alger Small Cap and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Small 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 Small 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 nation.

Moving together with Alger Mutual Fund

0.88	AMGCX	Alger Midcap Growth	Pair Corr
0.82	AOFYX	Alger Small Cap	Pair Corr
0.77	CHUCX	Alger Global Growth	Pair Corr
0.64	AAEMX	Alger Emerging Markets	Pair Corr
0.83	AAIYX	Alger Mid Cap	Pair Corr
0.62	ASIRX	Alger Smallcap Growth	Pair Corr
0.92	ASIMX	Alger Smidcap Focus	Pair Corr
0.78	ASMZX	Alger Smidcap Focus	Pair Corr
0.7	ASPZX	Alger Spectra	Pair Corr
0.7	ASPIX	Alger Spectra	Pair Corr
0.7	ACAZX	Alger Capital Apprec	Pair Corr
0.7	ACARX	Alger Capital Apprec	Pair Corr
0.74	ATVPX	Alger 35 Fund	Pair Corr
0.65	ADOCX	Alger Dynamic Opport	Pair Corr
0.7	CNEIX	Alger Concentrated Equity	Pair Corr
0.87	AFOZX	Alger Funds Mid	Pair Corr
0.65	AGIFX	Alger Responsible	Pair Corr
0.8	AZEMX	Alger Emerging Markets	Pair Corr
0.73	AHSAX	Alger Health Sciences	Pair Corr
0.87	ALOAX	Alger Mid Cap	Pair Corr
0.9	ALSAX	Alger Smallcap Growth	Pair Corr
0.71	ALSCX	Alger Smallcap Growth	Pair Corr
0.72	ALZFX	Alger Capital Apprec	Pair Corr
0.73	AMCZX	Alger Midcap Growth	Pair Corr

Moving against Alger Mutual Fund

0.52	IIF	Morgan Stanley India	Pair Corr
0.32	IFN	India Closed	Pair Corr

Related Correlations Analysis

	OWLSX	GMADX	GSXMX	VHGEX	DFVEX	AUUIX	LEQCX
OWLSX		0.98	0.96	0.96	0.96	0.98	0.92	OWLSX
GMADX	0.98		0.99	0.93	0.95	0.95	0.89	GMADX
GSXMX	0.96	0.99		0.9	0.92	0.92	0.83	GSXMX
VHGEX	0.96	0.93	0.9		0.98	0.99	0.93	VHGEX
DFVEX	0.96	0.95	0.92	0.98		0.98	0.94	DFVEX
AUUIX	0.98	0.95	0.92	0.99	0.98		0.93	AUUIX
LEQCX	0.92	0.89	0.83	0.93	0.94	0.93		LEQCX
	OWLSX	GMADX	GSXMX	VHGEX	DFVEX	AUUIX	LEQCX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Small 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 Small'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
OWLSX	0.39	0.11	0.00	(0.75)	0.21	(0.48)	0.97	(0.72)	2.22
GMADX	0.50	0.13	0.04	(1.62)	0.39	(0.58)	1.30	(0.94)	2.68
GSXMX	0.53	0.12	0.03	(1.82)	0.44	(0.61)	1.33	(1.05)	3.52
VHGEX	0.56	0.04	0.04	0.13	0.47	(0.66)	1.47	(1.10)	3.58
DFVEX	0.57	0.05	0.08	0.14	0.39	(0.66)	1.19	(1.01)	2.96
AUUIX	0.43	0.06	0.07	0.18	0.22	(0.53)	1.13	(0.68)	2.75
LEQCX	0.46	0.10	0.01	8.40	0.29	(0.54)	1.30	(0.76)	2.78

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