Alger Capital Correlations

Mutual Funds . USA . 
Fund . Alger Capital Appreciation
ACAYX Fund  USD 52.97  0.66  1.23%   
The current 90-days correlation between Alger Capital Apprec and Alger Midcap Growth is 0.06 (i.e., Significant 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

Average diversification

The correlation between Alger Capital Appreciation and DJI is 0.1 (i.e., Average 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 manufacturing.

Moving together with Alger Mutual Fund

  0.98AMGAX Alger Midcap GrowthPairCorr
  0.98AMGCX Alger Midcap GrowthPairCorr
  0.97AMGOX Alger Mid CapPairCorr
  0.94AOFAX Alger Small CapPairCorr
  0.94AOFCX Alger Small CapPairCorr
  0.97CHUCX Alger Global GrowthPairCorr
  0.98AAGOX Alger Large CapPairCorr
  0.97ASCZX Alger Smallcap GrowthPairCorr
  0.98AASOX Alger Small CapPairCorr
  0.95ASIMX Alger Smidcap FocusPairCorr
  0.95ASMZX Alger Smidcap FocusPairCorr
  1.0ASPCX Alger SpectraPairCorr
  1.0ASPZX Alger SpectraPairCorr
  0.99ASPYX Alger SpectraPairCorr
  0.98ASPIX Alger SpectraPairCorr
  0.97ABLOX Alger Balanced PortfolioPairCorr
  0.98ACAZX Alger Capital ApprecPairCorr
  0.98ACEMX Alger Emerging MarketsPairCorr
  0.96ADOCX Alger Dynamic OpportPairCorr
  0.96ADOZX Alger Dynamic OpportPairCorr
  0.98CNEIX Alger Concentrated EquityPairCorr
  0.99CNEYX Alger Concentrated EquityPairCorr
  0.99CNEZX Alger Concentrated EquityPairCorr
  0.97AFGZX Alger Global GrowthPairCorr
  0.98AFGPX Alger InternationalPairCorr
  0.99AFOZX Alger Funds MidPairCorr
  0.96AGIRX Alger Midcap GrowthPairCorr
  0.98AGIFX Alger ResponsiblePairCorr
  0.94AGOZX Alger Small CapPairCorr
  0.98AGSCX Alger Smallcap GrowthPairCorr
  0.98AIEMX Alger Emerging MarketsPairCorr
  0.97AIGOX Alger Growth IncomePairCorr
  0.98AISZX Alger Smallcap GrowthPairCorr
  0.99SPECX Alger SpectraPairCorr
  0.96SPEDX Alger Dynamic OpportPairCorr
  0.99SPEGX Alger ResponsiblePairCorr
  0.98ALARX Alger Capital ApprecPairCorr

Related Correlations Analysis

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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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
AMGAX  0.91  0.34  0.11 (1.19) 0.74 
(1.00)
 2.53 
(1.30)
 5.74 
AMGCX  0.91  0.34  0.11 (1.16) 0.78 
(1.00)
 2.55 
(1.29)
 5.75 
AMGOX  0.89  0.16  0.14  0.33  0.67 
(0.98)
 2.62 
(1.22)
 5.79 
AOFYX  1.07  0.21  0.02 (1.41) 1.02 
(1.26)
 2.58 
(2.14)
 6.55 
AOFIX  1.07  0.21  0.02 (1.35) 1.02 
(1.22)
 2.61 
(2.11)
 6.55 
AOFAX  1.11  0.21  0.02 (1.42) 1.06 
(1.30)
 2.57 
(2.13)
 6.54 
AOFCX  1.07  0.21  0.01 (1.31) 1.03 
(1.21)
 2.61 
(2.11)
 6.66 
CHUSX  0.65  0.30  0.14 (1.81) 0.26 
(0.78)
 1.99 
(1.16)
 3.93 
CHUCX  0.60  0.17  0.19  0.41  0.00 
(0.75)
 2.01 
(0.90)
 3.89 
AAEMX  0.52  0.20  0.05  17.17  0.17 
(0.66)
 1.81 
(1.11)
 4.01 

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