Allianzgi Equity Correlations

NIE Fund

USD 24.98 0.21 0.85%

The current 90-days correlation between Allianzgi Equity Con and Blackrock Muni Intermediate is 0.24 (i.e., Modest diversification). The correlation of Allianzgi Equity 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.

Allianzgi Equity Correlation With Market

Modest diversification

The correlation between Allianzgi Equity Convertible and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Equity Convertible 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 Equity Convertible. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Allianzgi Fund

0.72	BXSL	Blackstone Secured	Pair Corr
0.71	AGTHX	Growth Fund	Pair Corr
0.64	VOLJX	Abr 7525 Volatility	Pair Corr
0.9	HGORX	Hartford Growth	Pair Corr
0.75	LGANX	Loomis Sayles Limited	Pair Corr
0.84	DGFZX	Destinations Global Fixed	Pair Corr
0.78	LFRIX	Floating Rate	Pair Corr
0.73	SSAGX	Virtus Seix Government	Pair Corr

Related Correlations Analysis

	RMI	MUI	MHN	NAN	KTF	CBH	EOT	IHTA	NXC	ETW
RMI		0.65	0.83	0.83	0.72	0.0	0.84	0.49	0.62	0.35	RMI
MUI	0.65		0.86	0.56	0.81	0.0	0.75	0.38	0.46	0.22	MUI
MHN	0.83	0.86		0.76	0.92	0.0	0.85	0.3	0.6	0.16	MHN
NAN	0.83	0.56	0.76		0.61	0.0	0.6	0.16	0.31	0.46	NAN
KTF	0.72	0.81	0.92	0.61		0.0	0.87	0.38	0.66	-0.03	KTF
CBH	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	CBH
EOT	0.84	0.75	0.85	0.6	0.87	0.0		0.51	0.8	0.12	EOT
IHTA	0.49	0.38	0.3	0.16	0.38	0.0	0.51		0.46	0.32	IHTA
NXC	0.62	0.46	0.6	0.31	0.66	0.0	0.8	0.46		-0.11	NXC
ETW	0.35	0.22	0.16	0.46	-0.03	0.0	0.12	0.32	-0.11		ETW
	RMI	MUI	MHN	NAN	KTF	CBH	EOT	IHTA	NXC	ETW

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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

KTF	+ 0.92	MHN
EOT	+ 0.87	KTF
MHN	+ 0.86	MUI
EOT	+ 0.85	MHN
EOT	+ 0.84	RMI
MHN	+ 0.83	RMI

High negative correlations

ETW	- 0.11	NXC
ETW	- 0.03	KTF
ETW	- 0.0	CBH
NXC	- 0.0	CBH
IHTA	- 0.0	CBH
EOT	- 0.0	CBH

Risk-Adjusted Indicators

There is a big difference between Allianzgi Fund performing well and Allianzgi Equity 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 Equity'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
RMI	0.53	0.00	(0.12)	0.07	0.64	(0.54)	1.00	(1.02)	2.78
MUI	0.44	(0.04)	0.00	(0.12)	0.00	0.00	0.72	(1.19)	3.94
MHN	0.48	(0.03)	0.00	(0.22)	0.00	0.00	0.93	(1.13)	2.69
NAN	0.44	0.02	(0.12)	0.88	0.47	(0.53)	0.98	(0.69)	2.92
KTF	0.42	(0.03)	0.00	(0.08)	0.00	0.00	0.97	(0.94)	2.84
CBH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EOT	0.47	(0.08)	0.00	(0.59)	0.00	0.00	0.82	(1.01)	2.88
IHTA	0.08	0.02	0.00	0.89	0.00	0.00	0.13	(0.13)	0.40
NXC	0.44	(0.07)	0.00	(0.25)	0.00	0.00	0.82	(0.97)	3.97
ETW	0.53	0.04	(0.03)	0.24	0.60	(0.57)	1.17	(1.06)	3.23

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