Allianzgi Small-cap Correlations

AZBAX Fund

USD 27.01 0.04 0.15%

The current 90-days correlation between Allianzgi Small Cap and Vanguard Small Cap Index is 0.98 (i.e., Almost no diversification). The correlation of Allianzgi Small-cap 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 Small-cap Correlation With Market

Very poor diversification

The correlation between Allianzgi Small Cap Blend and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Small Cap Blend 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 Small Cap Blend. 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 Allianzgi Mutual Fund

0.95	ANNPX	Allianzgi Vertible	Pair Corr
0.88	ANPRX	Allianzgi Nfj Mid	Pair Corr
0.88	PGFIX	Allianzgi Focused Growth	Pair Corr
0.94	ANVIX	Allianzgi Nfj Large	Pair Corr
0.95	ANZCX	Allianzgi Convertible	Pair Corr
0.95	ANZAX	Allianzgi Convertible	Pair Corr
0.88	PGWCX	Allianzgi Focused Growth	Pair Corr
0.88	PGWAX	Allianzgi Focused Growth	Pair Corr
0.89	RAGTX	Allianzgi Technology	Pair Corr
1.0	ASCFX	Allianzgi Small Cap	Pair Corr
0.74	ASHIX	Allianzgi Short Duration	Pair Corr
0.73	ASHAX	Allianzgi Short Duration	Pair Corr
0.75	ASHCX	Allianzgi Short Duration	Pair Corr
0.89	RCGTX	Allianzgi Technology	Pair Corr
0.94	PNBAX	Allianzgi Nfj Large	Pair Corr
0.93	PNBCX	Allianzgi Nfj Large	Pair Corr
0.8	PNECX	Allianzgi Nfj Dividend	Pair Corr
0.82	PNEAX	Allianzgi Nfj Dividend	Pair Corr
0.83	NFJEX	Allianzgi Nfj Dividend	Pair Corr
0.89	DRGTX	Allianzgi Technology	Pair Corr
0.95	DRMCX	Allianzgi Mid Cap	Pair Corr
0.87	RGLIX	Allianzgi Global Natural	Pair Corr

Moving against Allianzgi Mutual Fund

0.57	RAGHX	Allianzgi Health Sciences	Pair Corr
0.56	HLHIX	Allianzgi Health Sciences	Pair Corr
0.46	AOPCX	Allianzgi International	Pair Corr
0.44	AOPAX	Allianzgi International	Pair Corr
0.57	RCGHX	Allianzgi Health Sciences	Pair Corr

Related Correlations Analysis

	VSMAX	PASVX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID
VSMAX		0.99	-0.63	0.68	0.0	-0.13	0.67	0.6	0.86	VSMAX
PASVX	0.99		-0.58	0.65	0.0	-0.15	0.64	0.53	0.84	PASVX
444859BR2	-0.63	-0.58		-0.53	0.0	0.06	-0.54	-0.45	-0.53	444859BR2
SCRYY	0.68	0.65	-0.53		0.0	0.14	0.48	0.34	0.73	SCRYY
AQUI	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AQUI
APAAX	-0.13	-0.15	0.06	0.14	0.0		0.49	0.25	-0.06	APAAX
LBHIX	0.67	0.64	-0.54	0.48	0.0	0.49		0.68	0.55	LBHIX
MSTSX	0.6	0.53	-0.45	0.34	0.0	0.25	0.68		0.42	MSTSX
ID	0.86	0.84	-0.53	0.73	0.0	-0.06	0.55	0.42		ID
	VSMAX	PASVX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID

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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

PASVX	+ 0.99	VSMAX
ID	+ 0.86	VSMAX
ID	+ 0.84	PASVX
ID	+ 0.73	SCRYY
SCRYY	+ 0.68	VSMAX
MSTSX	+ 0.68	LBHIX

High negative correlations

444859BR2	- 0.63	VSMAX
444859BR2	- 0.58	PASVX
LBHIX	- 0.54	444859BR2
ID	- 0.53	444859BR2
SCRYY	- 0.53	444859BR2
MSTSX	- 0.45	444859BR2

Risk-Adjusted Indicators

There is a big difference between Allianzgi Mutual Fund performing well and Allianzgi Small-cap 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 Small-cap'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
VSMAX	0.75	0.03	0.06	0.14	0.68	(0.84)	1.62	(1.25)	5.36
PASVX	0.75	0.00	0.03	0.11	0.70	(0.81)	1.74	(1.22)	6.47
444859BR2	1.36	(0.08)	0.00	(0.21)	0.00	0.00	5.93	(5.79)	16.62
SCRYY	2.07	0.29	0.08	1.93	2.02	(2.85)	5.61	(4.09)	12.99
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
APAAX	0.14	0.02	(0.35)	(0.09)	0.15	(0.18)	0.31	(0.31)	1.13
LBHIX	0.12	0.01	(0.39)	0.51	0.00	(0.28)	0.24	(0.24)	0.96
MSTSX	0.49	(0.03)	(0.12)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
ID	3.91	0.70	0.13	1.00	4.02	(5.25)	7.89	(6.67)	20.54

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