Alliancebernstein Correlations

AWF Fund

USD 10.77 0.02 0.19%

The current 90-days correlation between Alliancebernstein and Doubleline Yield Opportunities is 0.51 (i.e., Very weak diversification). The correlation of Alliancebernstein 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.

Alliancebernstein Correlation With Market

Very weak diversification

The correlation between Alliancebernstein Global High and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alliancebernstein Global High 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 Alliancebernstein Global High. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Alliancebernstein Fund

0.66

PDI

Pimco Dynamic Income

Pair Corr

Moving against Alliancebernstein Fund

0.67	UIPIX	Ultrashort Mid Cap	Pair Corr
0.47	AHLPX	American Beacon Ahl	Pair Corr
0.45	MURSX	Msif Real Estate	Pair Corr
0.33	RPIEX	T Rowe Price	Pair Corr

Related Correlations Analysis

	DLY	HFRO	DBL	EMD	DSL	PDO	NBXG	EAD	DSU	ETW
DLY		0.28	0.51	0.69	0.78	0.27	0.77	0.66	0.5	0.67	DLY
HFRO	0.28		0.03	0.53	0.33	0.45	0.12	0.23	-0.18	0.3	HFRO
DBL	0.51	0.03		0.44	0.79	0.43	0.57	0.86	0.66	0.5	DBL
EMD	0.69	0.53	0.44		0.71	0.55	0.57	0.69	0.35	0.67	EMD
DSL	0.78	0.33	0.79	0.71		0.51	0.72	0.82	0.45	0.65	DSL
PDO	0.27	0.45	0.43	0.55	0.51		0.32	0.64	0.23	0.43	PDO
NBXG	0.77	0.12	0.57	0.57	0.72	0.32		0.69	0.52	0.74	NBXG
EAD	0.66	0.23	0.86	0.69	0.82	0.64	0.69		0.71	0.64	EAD
DSU	0.5	-0.18	0.66	0.35	0.45	0.23	0.52	0.71		0.45	DSU
ETW	0.67	0.3	0.5	0.67	0.65	0.43	0.74	0.64	0.45		ETW
	DLY	HFRO	DBL	EMD	DSL	PDO	NBXG	EAD	DSU	ETW

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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

EAD	+ 0.86	DBL
EAD	+ 0.82	DSL
DSL	+ 0.79	DBL
DSL	+ 0.78	DLY
NBXG	+ 0.77	DLY
ETW	+ 0.74	NBXG

High negative correlations

DSU

- 0.18

HFRO

Risk-Adjusted Indicators

There is a big difference between Alliancebernstein Fund performing well and Alliancebernstein 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 Alliancebernstein'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
DLY	0.53	(0.02)	0.00	(0.09)	0.00	0.00	0.85	(1.06)	3.58
HFRO	1.02	(0.05)	0.00	(0.30)	0.00	0.00	1.88	(2.14)	11.52
DBL	0.33	0.02	0.01	0.29	0.41	(0.33)	0.74	(0.65)	1.70
EMD	0.61	(0.03)	0.00	(0.08)	0.00	0.00	1.13	(1.30)	3.20
DSL	0.49	0.00	(0.03)	0.01	0.55	(0.61)	1.13	(1.04)	3.43
PDO	0.57	0.00	(0.02)	0.01	0.71	(0.55)	1.28	(1.06)	2.94
NBXG	0.81	0.03	0.02	0.11	1.15	(0.78)	1.79	(1.77)	4.70
EAD	0.43	0.01	0.00	0.06	0.52	(0.45)	1.03	(0.89)	3.08
DSU	0.48	(0.01)	(0.04)	(0.04)	0.57	(0.57)	0.94	(0.94)	2.44
ETW	0.53	0.00	(0.02)	0.02	0.72	(0.51)	1.10	(1.32)	3.23

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