Alger Small Correlations

Mutual Funds . USA . 
Fund . Alger Small Cap
AOFYX Fund  USD 18.90  0.33  1.72%   
The current 90-days correlation between Alger Small Cap and Alger Midcap Growth is 0.95 (i.e., Almost no 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

Very poor diversification

The correlation between Alger Small Cap and DJI is 0.89 (i.e., Very 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 manufacturing.

Moving together with Alger Mutual Fund

  0.94AMGAX Alger Midcap GrowthPairCorr
  0.94AMGCX Alger Midcap GrowthPairCorr
  0.94AMGOX Alger Mid CapPairCorr
  1.0AOFIX Alger Small CapPairCorr
  1.0AOFAX Alger Small CapPairCorr
  1.0AOFCX Alger Small CapPairCorr
  0.92CHUSX Alger Global GrowthPairCorr
  0.92CHUCX Alger Global GrowthPairCorr
  0.93AAEMX Alger Emerging MarketsPairCorr
  0.91AAGOX Alger Large CapPairCorr
  0.91AAICX Alger Ai EnablersPairCorr
  0.86AAIZX Alger Ai EnablersPairCorr
  0.9AAIYX Alger Mid CapPairCorr
  0.99ASCYX Alger FundsPairCorr
  0.99ASCZX Alger Smallcap GrowthPairCorr
  0.99AASOX Alger Small CapPairCorr
  0.98ASIRX Alger Smallcap GrowthPairCorr
  0.95ASIMX Alger Smidcap FocusPairCorr
  0.95ASMZX Alger Smidcap FocusPairCorr
  0.91ASPCX Alger SpectraPairCorr
  0.91ASPZX Alger SpectraPairCorr
  0.91ASPYX Alger SpectraPairCorr
  0.91ASPIX Alger SpectraPairCorr
  0.95ASYMX Alger Weatherbie SpePairCorr
  0.97ABLOX Alger Balanced PortfolioPairCorr
  0.92ACAYX Alger Capital ApprecPairCorr
  0.92ACAZX Alger Capital ApprecPairCorr
  0.92ACARX Alger Capital ApprecPairCorr
  0.92ACAAX Alger Capital ApprecPairCorr
  0.9ATVPX Alger 35 FundPairCorr
  0.93ACEMX Alger Emerging MarketsPairCorr
  0.92ACIZX Alger Capital ApprecPairCorr
  0.79ADOCX Alger Dynamic OpportPairCorr
  0.78ADOZX Alger Dynamic OpportPairCorr
  0.91CNEIX Alger Concentrated EquityPairCorr
  0.91CNEYX Alger Concentrated EquityPairCorr
  0.91CNEZX Alger Concentrated EquityPairCorr
  0.92AFGZX Alger Global GrowthPairCorr
  0.88AFGPX Alger InternationalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
AMGAX  1.46  0.17  0.07  0.17  2.13 
(1.39)
 3.10 
(2.97)
 14.35 
AMGCX  1.47  0.17  0.07  0.16  2.21 
(1.39)
 3.05 
(3.10)
 14.33 
AMGOX  1.50  0.17  0.07  0.17  2.27 
(1.39)
 3.12 
(3.05)
 14.60 
AOFYX  1.61  0.06  0.03  0.08  2.06 
(1.77)
 2.92 
(3.02)
 14.79 
AOFIX  1.61  0.05  0.03  0.08  2.07 
(1.72)
 2.90 
(3.00)
 14.84 
AOFAX  1.61  0.05  0.03  0.08  2.10 
(1.77)
 2.95 
(2.99)
 14.94 
AOFCX  1.61  0.05  0.03  0.07  2.02 
(1.71)
 2.88 
(3.06)
 14.90 
CHUSX  1.11  0.12  0.06  0.15  1.72 
(1.12)
 2.36 
(2.05)
 12.90 
CHUCX  1.09  0.12  0.06  0.15  1.69 
(1.11)
 2.37 
(2.07)
 12.82 
AAEMX  0.84  0.06  0.03  0.12  1.17 
(0.94)
 1.89 
(1.67)
 7.58 

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