Alger Emerging Correlations

The current 90-days correlation between Alger Emerging Markets and Gamco Global Gold is 0.42 (i.e., Very weak diversification). The correlation of Alger Emerging 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 Emerging Correlation With Market

Weak diversification

The correlation between Alger Emerging Markets and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Emerging Markets and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios. 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 population.

Moving together with Alger Mutual Fund

0.66	AAEMX	Alger Emerging Markets	Pair Corr
0.66	ACEMX	Alger Emerging Markets	Pair Corr
0.63	AFGPX	Alger International	Pair Corr

Moving against Alger Mutual Fund

0.37	AAGOX	Alger Large Cap	Pair Corr
0.32	AAIZX	Alger Ai Enablers	Pair Corr
0.32	AAIYX	Alger Mid Cap	Pair Corr
0.31	AAICX	Alger Ai Enablers	Pair Corr
0.51	CNEYX	Alger Concentrated Equity	Pair Corr
0.45	ATVPX	Alger 35 Fund	Pair Corr
0.43	ADOCX	Alger Dynamic Opport	Pair Corr
0.43	ADOZX	Alger Dynamic Opport	Pair Corr
0.39	CNEIX	Alger Concentrated Equity	Pair Corr
0.39	CNEZX	Alger Concentrated Equity	Pair Corr
0.32	AIFIX	Salient Investment Grade	Pair Corr
0.32	AIFAX	Alger Ai Enablers	Pair Corr

Related Correlations Analysis

	XGGNX	GLRBX	SGDIX	UNWPX	QGLDX	VGSBX
XGGNX		0.67	0.9	0.74	0.64	0.54	XGGNX
GLRBX	0.67		0.44	0.13	0.04	0.73	GLRBX
SGDIX	0.9	0.44		0.87	0.81	0.51	SGDIX
UNWPX	0.74	0.13	0.87		0.86	0.11	UNWPX
QGLDX	0.64	0.04	0.81	0.86		0.13	QGLDX
VGSBX	0.54	0.73	0.51	0.11	0.13		VGSBX
	XGGNX	GLRBX	SGDIX	UNWPX	QGLDX	VGSBX

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Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Emerging 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 Emerging'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
XGGNX	0.72	(0.11)	0.00	(0.44)	0.00	0.00	1.25	(1.67)	4.75
GLRBX	0.38	(0.03)	0.00	(0.14)	0.00	0.00	0.62	(0.90)	3.20
SGDIX	1.31	(0.20)	0.00	(1.66)	0.00	0.00	2.35	(2.70)	7.56
UNWPX	1.21	(0.13)	0.00	(0.84)	0.00	0.00	2.60	(2.50)	6.71
QGLDX	0.84	0.00	(0.02)	0.00	1.31	(0.76)	1.37	(1.99)	4.89
VGSBX	0.25	(0.03)	0.00	(0.42)	0.00	0.00	0.43	(0.54)	1.83

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