Alger Mid Correlations

FRTY Etf

USD 21.81 0.36 1.68%

The current 90-days correlation between Alger Mid Cap and Direxion Shares ETF is 0.74 (i.e., Poor diversification). The correlation of Alger Mid 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 Mid Correlation With Market

Very weak diversification

The correlation between Alger Mid Cap and DJI is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Mid Cap and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Alger Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Alger Mid Cap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Alger Etf

0.93	VOT	Vanguard Mid Cap	Pair Corr
0.9	IWP	iShares Russell Mid	Pair Corr
0.94	ARKK	ARK Innovation ETF	Pair Corr
0.88	JKH	iShares Morningstar Mid	Pair Corr
0.93	KOMP	SPDR Kensho New	Pair Corr
0.93	ARKW	ARK Next Generation	Pair Corr
0.88	IMCG	iShares Morningstar Mid	Pair Corr
0.84	ARKQ	ARK Autonomous Technology Low Volatility	Pair Corr
0.82	SHLD	Global X Defense	Pair Corr
0.73	HUM	Humana Inc	Pair Corr
0.79	HD	Home Depot	Pair Corr
0.63	BA	Boeing	Pair Corr
0.76	MSFT	Microsoft Sell-off Trend	Pair Corr

Moving against Alger Etf

0.44	FB	ProShares Trust ProShares	Pair Corr
0.39	LUX	Tema Global	Pair Corr
0.75	CSCO	Cisco Systems	Pair Corr
0.73	DD	Dupont De Nemours	Pair Corr
0.71	JNJ	Johnson Johnson	Pair Corr
0.66	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.64	MRK	Merck Company	Pair Corr
0.56	MMM	3M Company	Pair Corr
0.56	MCD	McDonalds	Pair Corr
0.49	AXP	American Express	Pair Corr
0.41	WMT	Walmart Common Stock Sell-off Trend	Pair Corr
0.34	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	QQQU	DWUS	GRW	SSPY	IZRL	BKCG	IVVM	JHPI	CRTC	DECT
QQQU		0.78	0.11	0.48	0.51	0.91	0.77	0.44	0.83	0.78	QQQU
DWUS	0.78		0.59	0.54	0.6	0.76	0.55	0.71	0.95	0.56	DWUS
GRW	0.11	0.59		0.23	0.15	0.13	-0.16	0.64	0.53	-0.14	GRW
SSPY	0.48	0.54	0.23		0.84	0.67	0.77	0.71	0.53	0.8	SSPY
IZRL	0.51	0.6	0.15	0.84		0.71	0.78	0.68	0.59	0.8	IZRL
BKCG	0.91	0.76	0.13	0.67	0.71		0.88	0.55	0.85	0.88	BKCG
IVVM	0.77	0.55	-0.16	0.77	0.78	0.88		0.41	0.59	0.99	IVVM
JHPI	0.44	0.71	0.64	0.71	0.68	0.55	0.41		0.72	0.44	JHPI
CRTC	0.83	0.95	0.53	0.53	0.59	0.85	0.59	0.72		0.6	CRTC
DECT	0.78	0.56	-0.14	0.8	0.8	0.88	0.99	0.44	0.6		DECT
	QQQU	DWUS	GRW	SSPY	IZRL	BKCG	IVVM	JHPI	CRTC	DECT

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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

DECT	+ 0.99	IVVM
CRTC	+ 0.95	DWUS
BKCG	+ 0.91	QQQU
IVVM	+ 0.88	BKCG
DECT	+ 0.88	BKCG
CRTC	+ 0.85	BKCG

High negative correlations

IVVM	- 0.16	GRW
DECT	- 0.14	GRW

Alger Mid Constituents Risk-Adjusted Indicators

There is a big difference between Alger Etf performing well and Alger Mid ETF 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 Mid'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
QQQU	2.00	(0.05)	0.00	0.03	2.92	(1.85)	4.53	(4.51)	11.68
DWUS	0.77	(0.06)	(0.05)	0.00	1.16	(0.73)	1.61	(2.18)	4.55
GRW	0.62	(0.10)	0.00	(0.06)	0.00	0.00	1.15	(1.39)	3.88
SSPY	0.54	(0.02)	(0.04)	0.03	0.72	(0.52)	1.06	(1.03)	2.74
IZRL	0.97	0.02	0.02	0.08	1.21	(0.95)	1.79	(1.59)	4.83
BKCG	0.56	(0.02)	(0.03)	0.03	0.82	(0.51)	1.08	(1.42)	3.46
IVVM	0.32	0.00	(0.05)	0.06	0.44	(0.31)	0.74	(0.81)	1.89
JHPI	0.14	(0.01)	(0.21)	0.02	0.17	(0.17)	0.31	(0.31)	1.06
CRTC	0.64	(0.04)	(0.05)	0.01	0.94	(0.63)	1.08	(1.82)	3.73
DECT	0.42	0.00	(0.02)	0.06	0.60	(0.39)	0.92	(0.84)	2.67

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