Alpine Global Correlations

AIAFX Fund

USD 29.07 0.27 0.94%

The current 90-days correlation between Alpine Global Infras and Janus Henderson Global is 0.53 (i.e., Very weak diversification). The correlation of Alpine Global 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.

Alpine Global Correlation With Market

Poor diversification

The correlation between Alpine Global Infrastructure and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alpine Global Infrastructure 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 Alpine Global Infrastructure. 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 price.

Moving together with Alpine Mutual Fund

0.92	GEGAX	Aberdeen Emerging Markets	Pair Corr
0.87	GEGCX	Aberdeen Emerging Markets	Pair Corr
0.87	GEMRX	Aberdeen Emerging Markets	Pair Corr
0.94	GWLIX	Aberdeen Gbl Eq	Pair Corr
0.94	GWLRX	Aberdeen Gbl Eq	Pair Corr
0.78	STK	Columbia Seligman Premium	Pair Corr
0.92	CGFIX	Aberdeen Global Fixed	Pair Corr
0.83	AAHMX	Aberdeen Short Duration	Pair Corr
0.94	ASEMX	Abrdn Em Sma	Pair Corr
0.87	ABEMX	Aberdeen Emerging Markts	Pair Corr
0.73	ABNIX	Aberdeen Global Small	Pair Corr
0.79	ATOAX	Alpine Ultra Short	Pair Corr
0.82	ADAVX	Alpine Dynamic Dividend	Pair Corr
0.83	ADVDX	Alpine Dynamic Dividend	Pair Corr
0.94	GLLAX	Aberdeen Gbl Eq	Pair Corr
0.94	GLLCX	Aberdeen Gbl Eq	Pair Corr
0.94	GLLSX	Aberdeen Global Equty	Pair Corr
0.87	AEMSX	Aberden Emerng Mrkts	Pair Corr
0.84	BJBHX	Aberdeen Global High	Pair Corr
0.84	JHYIX	Aberdeen Global High	Pair Corr
0.77	GNSRX	Aberdeen Small Cap	Pair Corr
0.83	AHYMX	Alpine High Yield	Pair Corr
0.88	AIAGX	Alpine Realty Income	Pair Corr
0.94	AIFRX	Alpine Global Infras	Pair Corr
0.88	AIGYX	Alpine Realty Income	Pair Corr
0.77	GSCIX	Aberdeen Small Cap	Pair Corr
0.77	GSXAX	Aberdeen Small Cap	Pair Corr
0.76	GSXCX	Aberdeen Small Cap	Pair Corr
0.77	GSXIX	Aberdeen Small Cap	Pair Corr
0.93	CUGAX	Aberdeen Global Unco	Pair Corr
0.97	GLIFX	Lazard Global Listed	Pair Corr
0.97	GLFOX	Lazard Global Listed	Pair Corr
0.87	TOLSX	Deutsche Global Infr	Pair Corr
0.87	TOLZX	Deutsche Global Infr	Pair Corr
0.95	VCRAX	Voya Cbre Global	Pair Corr

Moving against Alpine Mutual Fund

0.6	GGLIX	Aberdeen Multi Cap	Pair Corr
0.36	NXJ	Nuveen New Jersey	Pair Corr

Related Correlations Analysis

	PGJZX	SISLX	SISEX	ENTIX	JEUIX	JESSX	JETNX	JECTX	JEASX
PGJZX		0.93	0.93	-0.49	0.8	0.8	0.8	0.79	0.79	PGJZX
SISLX	0.93		1.0	-0.43	0.82	0.82	0.82	0.81	0.81	SISLX
SISEX	0.93	1.0		-0.43	0.82	0.82	0.82	0.81	0.81	SISEX
ENTIX	-0.49	-0.43	-0.43		-0.01	-0.02	-0.01	0.0	-0.01	ENTIX
JEUIX	0.8	0.82	0.82	-0.01		1.0	1.0	1.0	1.0	JEUIX
JESSX	0.8	0.82	0.82	-0.02	1.0		1.0	1.0	1.0	JESSX
JETNX	0.8	0.82	0.82	-0.01	1.0	1.0		1.0	1.0	JETNX
JECTX	0.79	0.81	0.81	0.0	1.0	1.0	1.0		1.0	JECTX
JEASX	0.79	0.81	0.81	-0.01	1.0	1.0	1.0	1.0		JEASX
	PGJZX	SISLX	SISEX	ENTIX	JEUIX	JESSX	JETNX	JECTX	JEASX

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

SISEX	+ 1.0	SISLX
JESSX	+ 1.0	JEUIX
JETNX	+ 1.0	JEUIX
JECTX	+ 1.0	JEUIX
JEASX	+ 1.0	JEUIX
JETNX	+ 1.0	JESSX

High negative correlations

ENTIX	- 0.49	PGJZX
ENTIX	- 0.43	SISEX
ENTIX	- 0.43	SISLX
JESSX	- 0.02	ENTIX
JEASX	- 0.01	ENTIX
JETNX	- 0.01	ENTIX

Risk-Adjusted Indicators

There is a big difference between Alpine Mutual Fund performing well and Alpine Global 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 Alpine Global'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
PGJZX	0.55	0.22	0.30	0.76	0.00	(0.71)	1.37	(0.76)	6.54
SISLX	0.60	0.16	0.16	0.50	0.54	(0.71)	1.46	(1.16)	3.56
SISEX	0.60	0.16	0.16	0.51	0.53	(0.72)	1.48	(1.15)	3.57
ENTIX	1.05	(0.31)	0.00	(0.25)	0.00	0.00	1.89	(2.82)	6.16
JEUIX	0.66	(0.04)	(0.05)	0.01	0.90	(0.64)	0.99	(1.49)	4.02
JESSX	0.66	(0.04)	(0.05)	0.01	0.92	(0.62)	1.05	(1.55)	4.02
JETNX	0.66	(0.04)	(0.05)	0.01	0.90	(0.64)	1.01	(1.48)	3.99
JECTX	0.67	(0.04)	(0.05)	0.01	0.95	(0.62)	1.05	(1.55)	4.04
JEASX	0.67	(0.04)	(0.05)	0.01	0.94	(0.61)	0.99	(1.49)	4.02

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