Alger Spectra Correlations

ASPIX Fund  USD 32.88  0.48  1.44%   
The current 90-days correlation between Alger Spectra and Blackrock Financial Institutions is 0.2 (i.e., Modest diversification). The correlation of Alger Spectra 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 Spectra Correlation With Market

Poor diversification

The correlation between Alger Spectra Fund and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Spectra Fund 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 Spectra Fund. 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 gross domestic product.

Moving together with Alger Mutual Fund

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

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   
FNPIXPSSRX
FIDAXPSSRX
ICFAXPSSRX
FNPIXFIDAX
FIDAXPGFMX
FIDAXICFAX
  
High negative correlations   
XFINXPGFMX
XFINXFIDAX
XFINXPSSRX
XFINXICFAX
XFINXFNPIX
XFINXMCBXX

Risk-Adjusted Indicators

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