Alger Smallcap Correlations

Mutual Funds . USA . 
Fund . Alger Smallcap Growth
ALSAX Fund  USD 10.84  0.29  2.75%   
The current 90-days correlation between Alger Smallcap Growth and Eagle Mlp Strategy is 0.32 (i.e., Weak diversification). The correlation of Alger Smallcap 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 Smallcap Correlation With Market

Poor diversification

The correlation between Alger Smallcap Growth and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Smallcap Growth 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 Smallcap Growth. 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

  0.91AMGCX Alger Midcap GrowthPairCorr
  0.77AOFYX Alger Small CapPairCorr
  0.91AOFAX Alger Small CapPairCorr
  0.85ASPZX Alger SpectraPairCorr
  0.7ACARX Alger Capital ApprecPairCorr
  0.76AFOZX Alger Funds MidPairCorr
  0.91AGOZX Alger Small CapPairCorr
  0.98AISZX Alger Smallcap GrowthPairCorr
  0.77VSGAX Vanguard Small CapPairCorr
  0.8VSGIX Vanguard Small CapPairCorr
  0.81VISGX Vanguard Small CapPairCorr
  0.77VEXPX Vanguard ExplorerPairCorr
  0.77VEXRX Vanguard ExplorerPairCorr
  0.64KSCOX Kinetics Small CapPairCorr
  0.65KNPYX Kinetics Paradigm Steady GrowthPairCorr
  0.65WWNPX Kinetics Paradigm Steady GrowthPairCorr
  0.65LSHUX Horizon Spin Off Steady GrowthPairCorr
  0.66LSHCX Horizon Spin Off Steady GrowthPairCorr
  0.64KSCYX Kinetics Small CapPairCorr
  0.65KNPAX Kinetics Paradigm Steady GrowthPairCorr
  0.65KNPCX Kinetics Paradigm Steady GrowthPairCorr

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   
EGLNX
+ 1.0
EGLAX
MBXAX
+ 0.89
EGLAX
MBXAX
+ 0.89
EGLNX
BXECX
+ 0.38
ARTYX
ARTYX
+ 0.23
EGLAX
EGLNX
+ 0.23
ARTYX
  
High negative correlations   
BXECX
- 0.27
EGLNX
BXECX
- 0.26
EGLAX
MBXAX
- 0.21
BXECX

Risk-Adjusted Indicators

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