Alger Small Correlations

Mutual Funds . USA . 
Fund . Alger Small Cap
AOFYX Fund  USD 19.50  0.05  0.26%   
The current 90-days correlation between Alger Small Cap and Semiconductor Ultrasector Profund is 0.58 (i.e., Very weak diversification). The correlation of Alger Small 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 Small Correlation With Market

Poor diversification

The correlation between Alger Small Cap and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Small Cap 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 Small Cap. 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

  0.97AMGAX Alger Midcap GrowthPairCorr
  0.97AMGOX Alger Mid CapPairCorr
  1.0AOFAX Alger Small CapPairCorr
  1.0AOFCX Alger Small CapPairCorr
  0.96AAGOX Alger Large CapPairCorr
  0.99ASCZX Alger Smallcap GrowthPairCorr
  0.99AASOX Alger Small CapPairCorr
  0.95ASIMX Alger Smidcap FocusPairCorr
  0.95ASMZX Alger Smidcap FocusPairCorr
  0.96ASPCX Alger SpectraPairCorr
  0.96ASPZX Alger SpectraPairCorr
  0.96ASPIX Alger SpectraPairCorr
  0.96ABLOX Alger Balanced PortfolioPairCorr
  0.96ACAZX Alger Capital ApprecPairCorr
  0.96ACEMX Alger Emerging MarketsPairCorr
  0.92ADOCX Alger Dynamic OpportPairCorr
  0.93ADOZX Alger Dynamic OpportPairCorr
  0.96CNEIX Alger Concentrated EquityPairCorr
  0.96AFGZX Alger Global GrowthPairCorr
  0.98AFOZX Alger Funds MidPairCorr
  0.97AGIRX Alger Midcap GrowthPairCorr
  0.96AGIFX Alger ResponsiblePairCorr
  1.0AGOZX Alger Small CapPairCorr
  0.99AGSCX Alger Smallcap GrowthPairCorr
  0.96AIEMX Alger Emerging MarketsPairCorr
  0.96AIGOX Alger Growth IncomePairCorr
  0.96ALARX Alger Capital ApprecPairCorr
  0.96ALAFX Alger Capital ApprecPairCorr
  0.96ALCZX Alger InternationalPairCorr
  0.96ALCFX Alger Capital ApprecPairCorr
  0.97ALMRX Alger Midcap GrowthPairCorr
  0.94ALMAX Alger Smidcap FocusPairCorr
  0.98ALSAX Alger Smallcap GrowthPairCorr
  0.98ALSCX Alger Smallcap GrowthPairCorr
  0.98ALSRX Alger Smallcap GrowthPairCorr
  0.96ALVOX Alger Capital ApprecPairCorr
  0.96ALZFX 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 Small 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 Small'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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