Alger Small Correlations

AOFYX Fund

USD 20.22 0.35 1.70%

The current 90-days correlation between Alger Small Cap and Franklin Emerging Market is 0.39 (i.e., Weak 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

Poor diversification

The correlation between Alger Small Cap and DJI is 0.63 (i.e., Poor 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 commodities.

Moving together with Alger Mutual Fund

0.86	VSGAX	Vanguard Small Cap	Pair Corr
0.86	VSGIX	Vanguard Small-cap Growth	Pair Corr
0.86	VISGX	Vanguard Small Cap	Pair Corr
0.87	VEXPX	Vanguard Explorer	Pair Corr
0.87	VEXRX	Vanguard Explorer	Pair Corr
0.82	JGMIX	Janus Triton	Pair Corr
0.82	JGMRX	Janus Triton	Pair Corr
0.82	JGMAX	Janus Triton	Pair Corr
0.82	JGMCX	Janus Triton	Pair Corr
0.82	JGMNX	Janus Triton	Pair Corr
0.84	ASG	Liberty All Star	Pair Corr
0.9	CII	Blackrock Enhanced	Pair Corr
0.85	ETV	Eaton Vance Tax	Pair Corr
0.88	CLM	Cornerstone Strategic	Pair Corr
0.86	CRF	Cornerstone Strategic	Pair Corr
0.87	ETY	Eaton Vance Tax	Pair Corr
0.82	NFJ	Virtus Dividend Interest	Pair Corr
0.68	HD	Home Depot	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.64	MSFT	Microsoft	Pair Corr

Moving against Alger Mutual Fund

0.5	IFN	India Closed	Pair Corr
0.56	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	FEMDX	EPASX	HCEMX	GEMUX	RALAX	SEDAX
FEMDX		0.96	0.95	0.95	0.97	0.99	FEMDX
EPASX	0.96		0.95	0.96	0.96	0.96	EPASX
HCEMX	0.95	0.95		1.0	0.98	0.96	HCEMX
GEMUX	0.95	0.96	1.0		0.98	0.96	GEMUX
RALAX	0.97	0.96	0.98	0.98		0.97	RALAX
SEDAX	0.99	0.96	0.96	0.96	0.97		SEDAX
	FEMDX	EPASX	HCEMX	GEMUX	RALAX	SEDAX

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
FEMDX	0.13	0.07	0.05	0.68	0.00	(0.20)	0.34	(0.16)	0.91
EPASX	0.45	0.12	0.13	0.35	0.28	(0.55)	1.20	(0.85)	2.82
HCEMX	0.51	0.11	0.11	0.37	0.33	(0.60)	1.07	(0.95)	3.35
GEMUX	0.53	0.09	0.08	0.21	0.40	(0.63)	1.40	(1.02)	4.18
RALAX	0.40	0.07	0.08	0.18	0.23	(0.48)	0.96	(0.62)	2.50
SEDAX	0.19	0.08	0.08	0.58	0.00	(0.27)	0.45	(0.23)	1.25

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