Alger Midcap Correlations

AMGCX Fund

USD 9.72 0.06 0.62%

The current 90-days correlation between Alger Midcap Growth and Payden High Income is 0.5 (i.e., Very weak diversification). The correlation of Alger Midcap 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 Midcap Correlation With Market

Weak diversification

The correlation between Alger Midcap Growth and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Midcap 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 Midcap 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 main economic indicators.

Moving together with Alger Mutual Fund

1.0	AMGAX	Alger Midcap Growth	Pair Corr
1.0	AMGOX	Alger Mid Cap	Pair Corr
0.67	AAEMX	Alger Emerging Markets	Pair Corr
0.72	AAICX	Alger Ai Enablers	Pair Corr
0.71	AAIZX	Alger Ai Enablers	Pair Corr
0.71	AAIYX	Alger Mid Cap	Pair Corr
0.72	ASPCX	Alger Spectra	Pair Corr
0.83	ASPZX	Alger Spectra	Pair Corr
0.83	ASPYX	Alger Spectra	Pair Corr
0.81	ASPIX	Alger Spectra	Pair Corr
0.72	ABLOX	Alger Balanced Portfolio	Pair Corr
0.66	ACEMX	Alger Emerging Markets	Pair Corr
0.69	AFGPX	Alger International	Pair Corr

Related Correlations Analysis

	PYRLX	IPIMX	NMHYX	MRHYX	PRHYX	GHVIX
PYRLX		0.95	0.99	0.98	0.95	0.98	PYRLX
IPIMX	0.95		0.95	0.96	0.98	0.96	IPIMX
NMHYX	0.99	0.95		0.98	0.95	0.97	NMHYX
MRHYX	0.98	0.96	0.98		0.95	0.98	MRHYX
PRHYX	0.95	0.98	0.95	0.95		0.95	PRHYX
GHVIX	0.98	0.96	0.97	0.98	0.95		GHVIX
	PYRLX	IPIMX	NMHYX	MRHYX	PRHYX	GHVIX

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Midcap 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 Midcap'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
PYRLX	0.13	0.01	0.05	0.21	0.00	(0.20)	0.31	(0.32)	0.79
IPIMX	0.15	0.01	0.04	0.29	0.07	(0.20)	0.46	(0.23)	1.04
NMHYX	0.11	0.01	0.04	0.14	0.00	(0.15)	0.24	(0.24)	0.71
MRHYX	0.12	0.01	0.08	0.28	0.00	(0.16)	0.24	(0.24)	0.59
PRHYX	0.14	0.01	0.05	0.20	0.00	(0.27)	0.51	(0.34)	1.18
GHVIX	0.15	0.01	0.05	0.16	0.10	(0.18)	0.30	(0.36)	0.90

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Alger Midcap Correlations

Alger Midcap Correlation With Market

Weak diversification

Moving together with Alger Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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