Allianzgi Convertible Correlations

NCZ Fund

USD 14.82 0.03 0.20%

The current 90-days correlation between Allianzgi Convertible and Abrdn Emerging Markets is 0.44 (i.e., Very weak diversification). 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

Very poor diversification

The correlation between Allianzgi Convertible Income 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 Convertible Income and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Allianzgi Convertible Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with Allianzgi Fund

0.72	NYM	AB Active ETFs	Pair Corr
0.89	TDF	Templeton Dragon Closed	Pair Corr
0.87	PEO	Adams Natural Resources	Pair Corr
0.83	EMD	Western Asset Emerging	Pair Corr
0.71	ASGI	Aberdeen Standard Global Normal Trading	Pair Corr
0.89	IAF	Aberdeen Australia	Pair Corr
0.85	EMSLX	Shelton Emerging Markets	Pair Corr
0.79	STABX	Pioneer Short Term	Pair Corr
0.87	FONPX	Tributary Nebraska Tax	Pair Corr
0.94	INPFX	American Funds Income	Pair Corr
0.94	AAEUX	American Century One	Pair Corr
0.77	IRGIX	Vy Clarion Global	Pair Corr
0.81	LMISX	Qs Large Cap	Pair Corr
0.75	JGMNX	Janus Triton	Pair Corr
0.72	SAPYX	Clearbridge Appreciation	Pair Corr
0.67	PLAAX	Pace Large Growth	Pair Corr
0.76	SMAPX	Salient Mlp Energy	Pair Corr
0.86	WFCPX	Wells Fargo	Pair Corr

Related Correlations Analysis

	AEF	BKT	RMM	SCD	MCR	PMM	MMT	SABA	FCT	BYM
AEF		0.9	0.74	0.97	0.65	0.78	0.89	-0.84	0.76	0.88	AEF
BKT	0.9		0.68	0.9	0.65	0.7	0.83	-0.8	0.69	0.79	BKT
RMM	0.74	0.68		0.72	0.45	0.54	0.72	-0.52	0.3	0.88	RMM
SCD	0.97	0.9	0.72		0.76	0.83	0.94	-0.79	0.75	0.84	SCD
MCR	0.65	0.65	0.45	0.76		0.65	0.77	-0.48	0.53	0.5	MCR
PMM	0.78	0.7	0.54	0.83	0.65		0.83	-0.74	0.73	0.68	PMM
MMT	0.89	0.83	0.72	0.94	0.77	0.83		-0.68	0.7	0.8	MMT
SABA	-0.84	-0.8	-0.52	-0.79	-0.48	-0.74	-0.68		-0.78	-0.71	SABA
FCT	0.76	0.69	0.3	0.75	0.53	0.73	0.7	-0.78		0.58	FCT
BYM	0.88	0.79	0.88	0.84	0.5	0.68	0.8	-0.71	0.58		BYM
	AEF	BKT	RMM	SCD	MCR	PMM	MMT	SABA	FCT	BYM

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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

SCD	+ 0.97	AEF
MMT	+ 0.94	SCD
BKT	+ 0.9	AEF
SCD	+ 0.9	BKT
MMT	+ 0.89	AEF
BYM	+ 0.88	AEF

High negative correlations

SABA	- 0.84	AEF
SABA	- 0.8	BKT
SABA	- 0.79	SCD
FCT	- 0.78	SABA
SABA	- 0.74	PMM
BYM	- 0.71	SABA

Risk-Adjusted Indicators

There is a big difference between Allianzgi Fund performing well and Allianzgi Convertible 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
AEF	0.88	0.27	0.23	0.78	0.61	(1.05)	2.13	(1.64)	4.26
BKT	0.25	0.01	(0.15)	0.17	0.24	(0.32)	0.65	(0.56)	1.66
RMM	0.44	0.07	(0.01)	1.67	0.35	(0.51)	1.02	(0.71)	2.89
SCD	0.62	0.09	0.08	0.22	0.58	(0.69)	1.26	(1.18)	2.95
MCR	0.28	(0.01)	(0.18)	0.05	0.31	(0.31)	0.64	(0.48)	1.76
PMM	0.47	0.07	(0.01)	0.82	0.39	(0.58)	1.14	(0.97)	3.57
MMT	0.32	0.04	(0.07)	0.52	0.25	(0.38)	0.66	(0.65)	1.74
SABA	0.49	(0.09)	0.00	(0.49)	0.00	0.00	0.85	(1.06)	3.46
FCT	0.41	0.07	0.02	0.45	0.27	(0.54)	0.86	(0.75)	6.29
BYM	0.27	0.03	(0.15)	(1.91)	0.21	(0.36)	0.65	(0.46)	2.12

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