Alger Capital Correlations

ACATX Fund

USD 7.62 0.02 0.26%

The current 90-days correlation between Alger Capital Apprec and Alger Midcap Growth is 0.28 (i.e., Modest diversification). The correlation of Alger Capital 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 Capital Correlation With Market

Significant diversification

The correlation between Alger Capital Appreciation and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Capital Appreciation 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 Capital Appreciation. 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 estimate.

Moving together with Alger Mutual Fund

0.83	RSDIX	Rbc Short Duration	Pair Corr
0.81	RSHFX	Rbc Short Duration	Pair Corr
0.71	RBESX	Rbc Bluebay Emerging	Pair Corr
0.71	RBERX	Rbc Bluebay Emerging	Pair Corr
0.91	RCPAX	Rbc Bluebay Core	Pair Corr
0.91	RCPIX	Rbc Funds Trust	Pair Corr
0.91	RCPRX	Rbc Bluebay Core	Pair Corr
0.7	RULFX	Rbc Ultra Short	Pair Corr
0.99	ACASX	Access Capital Munity	Pair Corr
0.72	RUSIX	Rbc Ultra Short	Pair Corr
0.88	ACCSX	Access Capital Munity	Pair Corr
0.73	RESAX	Rbc Bluebay Emerging	Pair Corr

Related Correlations Analysis

	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX
AMGAX		1.0	0.98	0.96	0.96	0.0	0.99	0.99	0.98	AMGAX
AMGCX	1.0		0.98	0.96	0.96	0.0	0.99	0.99	0.97	AMGCX
AMGOX	0.98	0.98		0.94	0.95	0.0	0.98	0.98	0.96	AMGOX
ADOCX	0.96	0.96	0.94		1.0	0.0	0.96	0.96	0.95	ADOCX
ADOZX	0.96	0.96	0.95	1.0		0.0	0.96	0.96	0.96	ADOZX
AEMYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	AEMYX
CNEIX	0.99	0.99	0.98	0.96	0.96	0.0		1.0	0.99	CNEIX
CNEYX	0.99	0.99	0.98	0.96	0.96	0.0	1.0		0.99	CNEYX
CNEZX	0.98	0.97	0.96	0.95	0.96	0.0	0.99	0.99		CNEZX
	AMGAX	AMGCX	AMGOX	ADOCX	ADOZX	AEMYX	CNEIX	CNEYX	CNEZX

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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

AMGCX	+ 1.0	AMGAX
ADOZX	+ 1.0	ADOCX
CNEYX	+ 1.0	CNEIX
CNEIX	+ 0.99	AMGAX
CNEYX	+ 0.99	AMGAX
CNEIX	+ 0.99	AMGCX

High negative correlations

CNEZX	- 0.0	AEMYX
CNEYX	- 0.0	AEMYX
CNEIX	- 0.0	AEMYX
AEMYX	- 0.0	ADOZX
AEMYX	- 0.0	ADOCX
AEMYX	- 0.0	AMGOX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Capital 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 Capital'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
AMGAX	0.89	0.39	0.09	(0.97)	0.69	(1.00)	2.53	(1.20)	5.74
AMGCX	0.89	0.38	0.09	(0.95)	0.73	(1.00)	2.55	(1.16)	5.75
AMGOX	0.90	0.13	0.12	0.33	0.67	(1.00)	2.62	(1.22)	5.79
ADOCX	0.44	0.12	(0.16)	(0.98)	0.44	(0.49)	0.92	(0.70)	3.11
ADOZX	0.42	0.13	(0.16)	(1.03)	0.42	(0.46)	0.95	(0.72)	3.13
AEMYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CNEIX	1.05	0.57	0.27	(1.65)	0.47	(1.40)	2.85	(1.33)	7.15
CNEYX	1.05	0.57	0.27	(1.59)	0.47	(1.33)	2.92	(1.32)	7.21
CNEZX	1.08	0.43	0.20	2.28	0.71	(1.40)	2.84	(1.47)	7.21

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