Azzad Ethical Correlations

ADJEX Fund

USD 14.98 0.02 0.13%

The current 90-days correlation between Azzad Ethical and Iman Fund Class is 0.75 (i.e., Poor diversification). The correlation of Azzad Ethical 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.

Azzad Ethical Correlation With Market

Poor diversification

The correlation between Azzad Ethical Fund and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azzad Ethical 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 Azzad Ethical 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 income.

Moving together with Azzad Mutual Fund

0.99	PAMCX	T Rowe Price	Pair Corr
0.99	RRMGX	T Rowe Price	Pair Corr
0.99	TRQZX	T Rowe Price	Pair Corr
0.99	RPMGX	T Rowe Price	Pair Corr
0.99	PRJIX	T Rowe Price	Pair Corr
0.99	PRNHX	T Rowe Price	Pair Corr
0.99	TRUZX	T Rowe Price	Pair Corr
0.77	PCBIX	Midcap Fund Institutional	Pair Corr
0.77	PEMGX	Midcap Fund Class	Pair Corr
0.78	PMBCX	Midcap Fund Class	Pair Corr

Moving against Azzad Mutual Fund

0.66	WISEX	Azzad Wise Capital	Pair Corr
0.51	PFN	Pimco Income Strategy	Pair Corr
0.76	VSGDX	Vanguard Short Term	Pair Corr
0.69	PUCAX	Prudential Unconstrained	Pair Corr
0.66	EPDPX	Europac International	Pair Corr
0.6	RIGEX	International Growth And	Pair Corr
0.56	VWICX	Vanguard International	Pair Corr
0.56	FGDIX	Fidelity Advisor Gold	Pair Corr
0.43	JHVTX	Hancock J Variable	Pair Corr
0.42	BXITX	Barings Global Credit	Pair Corr
0.38	CRSCX	Credit Suisse Modity	Pair Corr
0.38	EILTX	Ev Tab Lad	Pair Corr
0.37	PCF	Putnam High Income	Pair Corr
0.37	BLSCX	Blackrock Emerging	Pair Corr
0.36	DABLX	Dreyfus Yield Enhancement	Pair Corr
0.33	VWINX	Vanguard Wellesley Income	Pair Corr
0.75	TASTX	Transamerica Short Term	Pair Corr
0.75	PYSBX	Payden Low Duration	Pair Corr
0.72	PSHIX	Short Term Income	Pair Corr
0.71	VTAPX	Vanguard Short Term	Pair Corr

Related Correlations Analysis

	IMANX	WISEX	AMDWX	AMANX	AMAGX
IMANX		-0.63	0.88	0.52	0.9	IMANX
WISEX	-0.63		-0.6	0.13	-0.6	WISEX
AMDWX	0.88	-0.6		0.44	0.83	AMDWX
AMANX	0.52	0.13	0.44		0.69	AMANX
AMAGX	0.9	-0.6	0.83	0.69		AMAGX
	IMANX	WISEX	AMDWX	AMANX	AMAGX

Click cells to compare fundamentals

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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

AMAGX	+ 0.9	IMANX
AMDWX	+ 0.88	IMANX
AMAGX	+ 0.83	AMDWX
AMAGX	+ 0.69	AMANX
AMANX	+ 0.52	IMANX
AMANX	+ 0.44	AMDWX

High negative correlations

WISEX	- 0.63	IMANX
AMAGX	- 0.6	WISEX
AMDWX	- 0.6	WISEX

Risk-Adjusted Indicators

There is a big difference between Azzad Mutual Fund performing well and Azzad Ethical 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 Azzad Ethical'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IMANX	0.87	(0.09)	0.00	(0.16)	0.00	1.41	(2.41)	4.73
WISEX	0.06	0.00	0.50	0.03	(0.12)	0.19	(0.19)	0.37
AMDWX	0.69	(0.04)	0.00	(0.15)	0.00	1.17	(1.56)	4.58
AMANX	0.73	(0.09)	0.00	(0.26)	0.00	1.10	(1.47)	5.13
AMAGX	0.94	(0.15)	0.00	(0.28)	0.00	1.30	(2.71)	5.16

Trending Assets

IMANX

Iman Fund Class

15.26 -0.02 -0.13

AMANX

Amana Income

64.11 -0.14 -0.22

AMAGX

Amana Growth

75.02 -0.11 -0.15

AMDWX

Amana Developing World

12.97 -0.07 -0.54

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