Alger Spectra Correlations

Mutual Funds . USA . 
Fund . Alger Spectra Fund
ASPZX Fund  USD 37.94  0.27  0.72%   
The current 90-days correlation between Alger Spectra and Alger Midcap Growth is -0.04 (i.e., Good diversification). The correlation of Alger Spectra 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 Spectra Correlation With Market

Significant diversification

The correlation between Alger Spectra Fund and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Spectra Fund 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 Spectra Fund. 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

  0.61AMGOX Alger Mid CapPairCorr
  0.78CHUSX Alger Global GrowthPairCorr
  0.77CHUCX Alger Global GrowthPairCorr
  0.8AAGOX Alger Large CapPairCorr
  0.69AAICX Alger Ai EnablersPairCorr
  0.81AAIZX Alger Ai EnablersPairCorr
  0.81AAIYX Alger Mid CapPairCorr
  0.99ASPCX Alger SpectraPairCorr
  1.0ASPYX Alger SpectraPairCorr
  1.0ASPIX Alger SpectraPairCorr
  0.8ACAYX Alger Capital ApprecPairCorr
  0.8ACAZX Alger Capital ApprecPairCorr
  0.79ACARX Alger Capital ApprecPairCorr
  0.79ACAAX Alger Capital ApprecPairCorr
  0.89ATVPX Alger 35 FundPairCorr
  0.99ACIZX Alger Capital ApprecPairCorr
  0.67ADOCX Alger Dynamic OpportPairCorr
  0.69ADOZX Alger Dynamic OpportPairCorr
  0.81CNEIX Alger Concentrated EquityPairCorr
  0.81CNEYX Alger Concentrated EquityPairCorr
  0.81CNEZX Alger Concentrated EquityPairCorr
  0.72AFGPX Alger InternationalPairCorr
  0.78AFGIX Alger Global GrowthPairCorr
  0.64AFOIX Alger Mid CapPairCorr
  0.69AFOZX Alger Funds MidPairCorr

Moving against Alger Mutual Fund

  0.43AHSZX Alger Health SciencesPairCorr
  0.41AHSCX Alger Health SciencesPairCorr
  0.41AHSAX Alger Health SciencesPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Spectra 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 Spectra'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  0.95 (0.06) 0.00 (0.28) 0.00 
 0.00 
 1.54 
(2.30)
 5.28 
AMGCX  0.96 (0.06) 0.00 (0.25) 0.00 
 0.00 
 1.60 
(2.76)
 5.24 
AMGOX  1.00 (0.10) 0.00 (0.03) 0.00 
 0.00 
 1.51 
(2.42)
 5.47 
AOFYX  1.34  0.06  0.00 (0.36) 1.78 
(1.29)
 2.51 
(2.52)
 7.97 
AOFIX  1.34 (0.01) 0.01  0.05  1.80 
(1.28)
 2.50 
(2.52)
 7.97 
AOFAX  1.32  0.01 (0.01) 0.10  1.78 
(1.25)
 2.49 
(2.56)
 7.97 
AOFCX  1.34  0.05 (0.01)(0.34) 1.76 
(1.28)
 2.51 
(2.55)
 7.95 
CHUSX  1.03 (0.26) 0.00 (0.14) 0.00 
 0.00 
 1.46 
(2.41)
 12.74 
CHUCX  1.05 (0.28) 0.00 (0.16) 0.00 
 0.00 
 1.48 
(2.41)
 13.93 
AAEMX  0.70 (0.01)(0.06) 0.00  0.93 
(0.75)
 1.39 
(1.36)
 4.47 

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