Alger Midcap Correlations

Mutual Funds . USA . 
Fund . Alger Midcap Growth
AMCGX Fund  USD 10.48  0.12  1.16%   
The current 90-days correlation between Alger Midcap Growth and Vanguard Health Care is 0.42 (i.e., Very weak diversification). The correlation of Alger Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Alger Midcap Growth and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Midcap Growth 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 Midcap Growth. 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 price.

Moving together with Alger Mutual Fund

  0.98PAMCX T Rowe PricePairCorr
  0.98TRQZX T Rowe PricePairCorr
  0.92PRJIX T Rowe PricePairCorr
  0.92TRUZX T Rowe PricePairCorr
  0.89PCBIX Midcap Fund InstitutionalPairCorr
  0.89PEMGX Midcap Fund ClassPairCorr
  0.89PMBCX Midcap Fund ClassPairCorr
  0.97VTSAX Vanguard Total StockPairCorr
  0.97VFIAX Vanguard 500 IndexPairCorr
  0.97VTSMX Vanguard Total StockPairCorr
  0.97VSMPX Vanguard Total StockPairCorr
  0.97VSTSX Vanguard Total StockPairCorr
  0.97VITSX Vanguard Total StockPairCorr
  0.97VFINX Vanguard 500 IndexPairCorr
  0.97VFFSX Vanguard 500 IndexPairCorr
  0.97VGTSX Vanguard Total InterPairCorr
  0.97VTIAX Vanguard Total InterPairCorr
  0.65CSCO Cisco SystemsPairCorr
  0.64CVX Chevron CorpPairCorr
  0.61BAC Bank of America Aggressive PushPairCorr

Moving against Alger Mutual Fund

  0.67MCD McDonaldsPairCorr

Related Correlations Analysis

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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   
HCPIX
+ 0.94
VHCIX
VGHCX
+ 0.91
VHCIX
VGHCX
+ 0.91
DLHAX
DLHAX
+ 0.9
VHCIX
VGHCX
+ 0.88
HCPIX
HHCZX
+ 0.84
ETAHX
  
High negative correlations   
HHCZX
- 0.16
HCPIX
HHCZX
- 0.02
VGHCX

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Midcap 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 Midcap'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.

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