Alger Small Correlations

AGOZX Fund

USD 21.59 0.55 2.61%

The current 90-days correlation between Alger Small Cap and Alger Spectra Fund is 0.71 (i.e., Poor 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

Weak diversification

The correlation between Alger Small Cap and DJI is 0.35 (i.e., Weak 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 nation.

Moving together with Alger Mutual Fund

0.95	AMGCX	Alger Midcap Growth	Pair Corr
1.0	AOFYX	Alger Small Cap	Pair Corr
1.0	AOFAX	Alger Small Cap	Pair Corr
0.9	ASPZX	Alger Spectra	Pair Corr
0.77	ATVPX	Alger 35 Fund	Pair Corr
0.77	CNEIX	Alger Concentrated Equity	Pair Corr
0.77	CNEYX	Alger Concentrated Equity	Pair Corr
0.93	AFOZX	Alger Funds Mid	Pair Corr
0.83	AISZX	Alger Smallcap Growth	Pair Corr
0.88	ALSAX	Alger Smallcap Growth	Pair Corr
0.97	VSGAX	Vanguard Small Cap	Pair Corr
0.97	VSGIX	Vanguard Small Cap	Pair Corr
0.98	VISGX	Vanguard Small Cap	Pair Corr
0.71	KSCOX	Kinetics Small Cap	Pair Corr
0.76	KNPYX	Kinetics Paradigm Steady Growth	Pair Corr
0.7	LETRX	Voya Russia Fund	Pair Corr
0.76	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.69	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.69	LSHCX	Horizon Spin Off Steady Growth	Pair Corr
0.71	KSCYX	Kinetics Small Cap	Pair Corr
0.76	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.76	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.76	SHYIX	Guggenheim High Yield	Pair Corr
0.76	MFHIX	Mesirow Financial High	Pair Corr
0.72	PFONX	Pimco International Bond	Pair Corr

Moving against Alger Mutual Fund

0.38	AAEMX	Alger Emerging Markets	Pair Corr
0.37	AZEMX	Alger Emerging Markets	Pair Corr

Related Correlations Analysis

	ASPZX	ASMZX	AFOZX	ALZFX	CMGIX
ASPZX		0.88	0.91	0.78	0.92	ASPZX
ASMZX	0.88		0.95	0.83	0.97	ASMZX
AFOZX	0.91	0.95		0.93	0.99	AFOZX
ALZFX	0.78	0.83	0.93		0.89	ALZFX
CMGIX	0.92	0.97	0.99	0.89		CMGIX
	ASPZX	ASMZX	AFOZX	ALZFX	CMGIX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ASPZX	1.11	0.11	0.05	0.25	1.75	(1.02)	2.25	(2.74)	8.74
ASMZX	1.07	0.12	0.08	0.23	1.31	(1.15)	2.31	(2.17)	9.52
AFOZX	1.10	0.18	0.10	0.31	1.48	(1.11)	2.36	(2.36)	8.08
ALZFX	0.98	0.20	0.13	0.44	1.18	(1.00)	2.20	(2.30)	6.59
CMGIX	1.03	0.14	0.09	0.27	1.26	(1.11)	2.00	(1.98)	7.83

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