Allianzgi Convertible Correlations

ANZCX Fund

USD 38.72 0.27 0.70%

The correlation of Allianzgi Convertible 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.

Allianzgi Convertible Correlation With Market

Poor diversification

The correlation between Allianzgi Vertible Fund and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Vertible 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 Allianzgi Vertible 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 main economic indicators.

Moving together with ALLIANZGI Mutual Fund

0.76	ANNPX	Allianzgi Convertible	Pair Corr
0.84	ANVIX	Allianzgi Nfj Large	Pair Corr
0.76	ANZAX	Allianzgi Convertible	Pair Corr
0.83	PGWCX	Allianzgi Focused Growth	Pair Corr
0.83	PGWAX	Allianzgi Focused Growth	Pair Corr
0.9	RAGTX	Allianzgi Technology	Pair Corr
0.91	ASCFX	Allianzgi Small Cap	Pair Corr
0.76	ASHIX	Allianzgi Short Duration	Pair Corr
0.76	ASHAX	Allianzgi Short Duration	Pair Corr
0.76	ASHCX	Allianzgi Short Duration	Pair Corr
0.9	RCGTX	Allianzgi Technology	Pair Corr
0.83	PNBCX	Allianzgi Nfj Large	Pair Corr
0.64	PNECX	Allianzgi Nfj Dividend	Pair Corr
0.68	PNEAX	Allianzgi Nfj Dividend	Pair Corr
0.68	NFJEX	Allianzgi Nfj Dividend	Pair Corr
0.81	DRGTX	Allianzgi Technology	Pair Corr
0.96	DRMCX	Allianzgi Mid Cap	Pair Corr
0.86	RGLIX	Allianzgi Global Natural	Pair Corr
0.73	PQNCX	Allianzgi Nfj Mid	Pair Corr
0.75	PQNAX	Allianzgi Nfj Mid	Pair Corr
0.75	PRNIX	Allianzgi Nfj Mid	Pair Corr
0.91	AZBIX	Allianzgi Small Cap	Pair Corr
0.9	AZNIX	Allianzgi Income Growth	Pair Corr

Moving against ALLIANZGI Mutual Fund

0.79	RAGHX	Allianzgi Health Sciences	Pair Corr
0.76	HLHIX	Allianzgi Health Sciences	Pair Corr
0.61	AOPCX	Allianzgi International	Pair Corr

Related Correlations Analysis

	ANPRX	PGFIX	ANVIX	AOPAX	AOPCX	AOTIX	AOTAX	AOTCX
ANPRX		0.8	0.95	-0.13	-0.14	0.49	0.48	0.47	ANPRX
PGFIX	0.8		0.87	-0.54	-0.55	0.3	0.29	0.27	PGFIX
ANVIX	0.95	0.87		-0.33	-0.35	0.29	0.28	0.27	ANVIX
AOPAX	-0.13	-0.54	-0.33		1.0	0.43	0.43	0.45	AOPAX
AOPCX	-0.14	-0.55	-0.35	1.0		0.41	0.42	0.44	AOPCX
AOTIX	0.49	0.3	0.29	0.43	0.41		1.0	1.0	AOTIX
AOTAX	0.48	0.29	0.28	0.43	0.42	1.0		1.0	AOTAX
AOTCX	0.47	0.27	0.27	0.45	0.44	1.0	1.0		AOTCX
	ANPRX	PGFIX	ANVIX	AOPAX	AOPCX	AOTIX	AOTAX	AOTCX

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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

AOPCX	+ 1.0	AOPAX
AOTAX	+ 1.0	AOTIX
AOTCX	+ 1.0	AOTIX
AOTCX	+ 1.0	AOTAX
ANVIX	+ 0.95	ANPRX
ANVIX	+ 0.87	PGFIX

High negative correlations

AOPCX	- 0.55	PGFIX
AOPAX	- 0.54	PGFIX
AOPCX	- 0.35	ANVIX
AOPAX	- 0.33	ANVIX
AOPCX	- 0.14	ANPRX
AOPAX	- 0.13	ANPRX

Risk-Adjusted Indicators

There is a big difference between ALLIANZGI Mutual Fund performing well and Allianzgi Convertible 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 Allianzgi Convertible'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
ANPRX	0.59	0.08	(0.06)	(11.70)	0.54	(0.70)	1.16	(0.99)	3.12
PGFIX	0.76	0.13	0.01	16.21	1.03	(0.73)	1.71	(1.83)	5.08
ANVIX	0.53	0.08	(0.06)	(2.56)	0.46	(0.60)	1.14	(0.94)	3.33
AOPAX	0.48	(0.07)	0.00	(2.10)	0.00	0.00	1.00	(1.21)	3.11
AOPCX	0.48	(0.07)	0.00	(2.06)	0.00	0.00	1.03	(1.21)	3.15
AOTIX	0.65	(0.03)	0.00	0.51	0.00	0.00	1.39	(1.71)	4.01
AOTAX	0.65	(0.03)	0.00	0.54	0.00	0.00	1.39	(1.72)	4.03
AOTCX	0.65	(0.03)	0.00	0.62	0.00	0.00	1.39	(1.71)	4.00

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