Alger Smidcap Correlations

Mutual Funds . USA . 
Fund . Alger Smidcap Focus
ASMZX Fund  USD 14.73  0.04  0.27%   
The current 90-days correlation between Alger Smidcap Focus and Pimco Inflation Response is -0.23 (i.e., Very good diversification). The correlation of Alger Smidcap 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 Smidcap Correlation With Market

Poor diversification

The correlation between Alger Smidcap Focus and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Smidcap Focus 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 Smidcap Focus. 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 nation.

Moving together with Alger Mutual Fund

  0.89VSGAX Vanguard Small CapPairCorr
  0.89VSGIX Vanguard Small CapPairCorr
  0.89VISGX Vanguard Small CapPairCorr
  0.89VEXPX Vanguard ExplorerPairCorr
  0.89VEXRX Vanguard ExplorerPairCorr
  0.86JGMIX Janus TritonPairCorr
  0.86JGMRX Janus TritonPairCorr
  0.87JGMCX Janus TritonPairCorr
  0.87JGMNX Janus TritonPairCorr
  0.68FSMMX Fs Multi StrategyPairCorr
  0.84BTMPX Ishares Msci EafePairCorr
  0.83BTMKX Blackrock InternationalPairCorr
  0.83MDIIX Blackrock Intern IndexPairCorr
  0.88FDEGX Fidelity Growth StraPairCorr
  0.79PSHAX Short Term FundPairCorr
  0.83RIVKX American Funds InterPairCorr
  0.61CAT CaterpillarPairCorr
  0.65IBM International BusinessPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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