Allianzgi Convertible Correlations

NCZ Fund

USD 3.30 0.04 1.23%

The current 90-days correlation between Allianzgi Convertible and Nuveen Municipal Credit is 0.27 (i.e., Modest 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 weak diversification

The correlation between Allianzgi Convertible Income and DJI is 0.42 (i.e., Very weak 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 main economic indicators.

Moving together with Allianzgi Fund

0.63	WRHIX	Ivy High Income	Pair Corr
0.64	WHIAX	Ivy High Income	Pair Corr
0.67	IHIFX	Ivy High Income	Pair Corr
0.68	IVHIX	Ivy High Income	Pair Corr
0.83	RQECX	Resq Dynamic Allocation	Pair Corr
0.92	VTSMX	Vanguard Total Stock	Pair Corr
0.87	FBALX	Fidelity Balanced	Pair Corr
0.82	GAB	Gabelli Equity Trust	Pair Corr
0.69	RIV	Rivernorth Opportunities	Pair Corr
0.79	SCRYX	Small Cap Core	Pair Corr
0.85	LLPFX	Longleaf Partners	Pair Corr
0.84	FEMDX	Franklin Emerging Market	Pair Corr
0.88	LTFOX	Lord Abbett Affiliated	Pair Corr
0.74	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.71	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.78	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.86	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.81	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.81	HPQ	HP Inc	Pair Corr
0.73	T	ATT Inc Sell-off Trend	Pair Corr
0.87	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.83	HD	Home Depot	Pair Corr
0.86	WMT	Walmart Aggressive Push	Pair Corr

Moving against Allianzgi Fund

0.47	LIIAX	Columbia Porate Income	Pair Corr
0.46	SRINX	Columbia Porate Income	Pair Corr
0.44	CIFRX	Columbia Porate Income	Pair Corr
0.63	KO	Coca Cola Aggressive Push	Pair Corr

Related Correlations Analysis

	GLV	NMCO	PCF	NFJ	MYD	MUI	MQY	MYI	MUE	CMU
GLV		-0.08	0.73	0.73	0.36	0.55	0.31	0.17	0.19	0.32	GLV
NMCO	-0.08		-0.27	0.0	0.76	0.06	0.84	0.87	0.64	0.72	NMCO
PCF	0.73	-0.27		0.8	0.24	0.48	0.03	-0.04	0.29	0.28	PCF
NFJ	0.73	0.0	0.8		0.51	0.42	0.28	0.29	0.53	0.43	NFJ
MYD	0.36	0.76	0.24	0.51		0.26	0.83	0.88	0.8	0.83	MYD
MUI	0.55	0.06	0.48	0.42	0.26		0.33	0.19	0.27	0.43	MUI
MQY	0.31	0.84	0.03	0.28	0.83	0.33		0.95	0.66	0.88	MQY
MYI	0.17	0.87	-0.04	0.29	0.88	0.19	0.95		0.73	0.85	MYI
MUE	0.19	0.64	0.29	0.53	0.8	0.27	0.66	0.73		0.79	MUE
CMU	0.32	0.72	0.28	0.43	0.83	0.43	0.88	0.85	0.79		CMU
	GLV	NMCO	PCF	NFJ	MYD	MUI	MQY	MYI	MUE	CMU

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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

MYI	+ 0.95	MQY
MYI	+ 0.88	MYD
CMU	+ 0.88	MQY
MYI	+ 0.87	NMCO
CMU	+ 0.85	MYI
MQY	+ 0.84	NMCO

High negative correlations

PCF	- 0.27	NMCO
NMCO	- 0.08	GLV
MYI	- 0.04	PCF
NFJ	- 0.0	NMCO

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
GLV	0.61	(0.03)	(0.11)	0.05	0.78	(0.68)	1.38	(1.22)	4.91
NMCO	0.53	(0.03)	0.00	(5.35)	0.00	0.00	1.04	(1.35)	3.99
PCF	0.38	0.02	(0.16)	0.29	0.36	(0.47)	0.90	(0.89)	2.10
NFJ	0.49	(0.01)	(0.10)	0.11	0.54	(0.50)	1.04	(0.85)	2.62
MYD	0.50	0.01	(0.16)	0.35	0.54	(0.56)	1.08	(1.06)	2.65
MUI	0.30	0.01	(0.16)	(1.78)	0.50	(0.32)	0.73	(0.65)	3.31
MQY	0.41	(0.01)	(0.19)	1.84	0.60	(0.39)	0.85	(1.07)	2.74
MYI	0.38	(0.01)	(0.21)	(5.86)	0.53	(0.40)	0.87	(0.94)	2.59
MUE	0.40	0.06	(0.10)	23.61	0.43	(0.43)	0.86	(0.76)	2.47
CMU	0.39	0.04	(0.15)	(0.16)	0.44	(0.53)	0.85	(0.84)	2.54

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