Allianzgi Convertible Correlations

NCV Fund

USD 15.25 0.07 0.46%

The current 90-days correlation between Allianzgi Convertible and Pimco Strategic Income is 0.06 (i.e., Significant diversification). The correlation of Allianzgi Convertible 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.

Allianzgi Convertible Correlation With Market

Significant diversification

The correlation between Allianzgi Convertible Income 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 Allianzgi Convertible Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Allianzgi Convertible Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in private.

Moving together with Allianzgi Fund

0.61	CII	Blackrock Enhanced	Pair Corr
0.76	ETV	Eaton Vance Tax	Pair Corr
0.7	CLM	Cornerstone Strategic	Pair Corr
0.81	CRF	Cornerstone Total Return	Pair Corr
0.66	MNDAX	Mfs New Discovery	Pair Corr
0.62	AACGX	Strategic Allocation	Pair Corr
0.67	NCIDX	Columbia Convertible	Pair Corr
0.71	FPADX	Fidelity Emerging Markets	Pair Corr
0.61	MUE	Blackrock Muniholdings	Pair Corr
0.66	NUW	Nuveen Amt Free	Pair Corr
0.67	TBDQX	Pgim Jennison Diversified	Pair Corr
0.65	DWTNX	Arrow Dwa Tactical	Pair Corr
0.75	CVMAX	Calvert Emerging Markets	Pair Corr

Related Correlations Analysis

	RCS	NAN	PFL	WAMVX	HFRO	ACV	BRW	ASG	AFB	JRI
RCS		-0.86	-0.09	0.46	0.61	-0.69	0.56	0.6	-0.54	0.48	RCS
NAN	-0.86		0.08	-0.42	-0.47	0.71	-0.63	-0.48	0.73	-0.42	NAN
PFL	-0.09	0.08		0.31	-0.12	0.37	-0.07	0.11	-0.09	0.38	PFL
WAMVX	0.46	-0.42	0.31		0.56	-0.11	0.49	0.88	-0.24	0.73	WAMVX
HFRO	0.61	-0.47	-0.12	0.56		-0.34	0.59	0.69	-0.15	0.37	HFRO
ACV	-0.69	0.71	0.37	-0.11	-0.34		-0.53	-0.33	0.51	-0.2	ACV
BRW	0.56	-0.63	-0.07	0.49	0.59	-0.53		0.53	-0.58	0.24	BRW
ASG	0.6	-0.48	0.11	0.88	0.69	-0.33	0.53		-0.16	0.69	ASG
AFB	-0.54	0.73	-0.09	-0.24	-0.15	0.51	-0.58	-0.16		-0.16	AFB
JRI	0.48	-0.42	0.38	0.73	0.37	-0.2	0.24	0.69	-0.16		JRI
	RCS	NAN	PFL	WAMVX	HFRO	ACV	BRW	ASG	AFB	JRI

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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

ASG	+ 0.88	WAMVX
AFB	+ 0.73	NAN
JRI	+ 0.73	WAMVX
ACV	+ 0.71	NAN
ASG	+ 0.69	HFRO
JRI	+ 0.69	ASG

High negative correlations

NAN	- 0.86	RCS
ACV	- 0.69	RCS
BRW	- 0.63	NAN
AFB	- 0.58	BRW
AFB	- 0.54	RCS
BRW	- 0.53	ACV

Risk-Adjusted Indicators

There is a big difference between Allianzgi Fund performing well and Allianzgi Convertible 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 Allianzgi Convertible'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
RCS	1.03	(0.08)	0.00	1.90	0.00	0.00	2.42	(2.58)	6.63
NAN	0.29	0.01	(0.19)	0.24	0.33	(0.33)	0.61	(0.60)	1.95
PFL	0.37	0.00	(0.18)	0.04	0.46	(0.40)	1.09	(0.73)	2.76
WAMVX	0.89	0.03	(0.04)	0.20	1.02	(1.14)	1.80	(1.98)	5.10
HFRO	0.88	(0.13)	0.00	(0.09)	0.00	0.00	1.68	(1.70)	9.06
ACV	0.70	0.16	0.06	3.68	0.79	(0.78)	1.57	(1.30)	5.16
BRW	0.75	(0.19)	0.00	(0.39)	0.00	0.00	1.26	(1.24)	6.85
ASG	0.76	(0.05)	0.00	(0.18)	0.00	0.00	1.48	(1.87)	4.22
AFB	0.33	(0.02)	(0.21)	0.02	0.38	(0.34)	0.64	(0.65)	1.84
JRI	0.55	(0.08)	0.00	(0.03)	0.00	0.00	1.17	(1.26)	3.54

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