Azzad Wise Correlations

WISEX Fund

USD 10.72 0.02 0.19%

The current 90-days correlation between Azzad Wise Capital and Azzad Ethical Fund is 0.04 (i.e., Significant diversification). The correlation of Azzad Wise 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.

Azzad Wise Correlation With Market

Modest diversification

The correlation between Azzad Wise Capital and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Azzad Wise Capital and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Azzad Wise Capital. 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 income.

Moving together with Azzad Mutual Fund

0.72

ADJEX

Azzad Ethical

Pair Corr

Moving against Azzad Mutual Fund

0.39	EIDOX	Eaton Vance Emerging	Pair Corr
0.36	QSPRX	Aqr Style Premia	Pair Corr
0.41	XHGLX	Highland Global Allo	Pair Corr
0.35	BTTRX	Zero Pon 2025	Pair Corr

Related Correlations Analysis

	ADJEX	WISEX	LWHIX	HCMUX	SCFCX	ABYIX	FLAPX	JAMFX	QMHIX	RYVAX
ADJEX		0.72	-0.07	0.52	-0.03	-0.61	0.75	-0.06	-0.56	0.51	ADJEX
WISEX	0.72		0.04	0.55	0.08	-0.38	0.58	0.1	-0.28	0.14	WISEX
LWHIX	-0.07	0.04		0.68	0.92	0.6	0.46	0.89	0.75	0.4	LWHIX
HCMUX	0.52	0.55	0.68		0.74	0.15	0.88	0.77	0.3	0.51	HCMUX
SCFCX	-0.03	0.08	0.92	0.74		0.62	0.51	0.88	0.75	0.44	SCFCX
ABYIX	-0.61	-0.38	0.6	0.15	0.62		-0.08	0.64	0.89	0.02	ABYIX
FLAPX	0.75	0.58	0.46	0.88	0.51	-0.08		0.54	0.0	0.72	FLAPX
JAMFX	-0.06	0.1	0.89	0.77	0.88	0.64	0.54		0.77	0.29	JAMFX
QMHIX	-0.56	-0.28	0.75	0.3	0.75	0.89	0.0	0.77		0.05	QMHIX
RYVAX	0.51	0.14	0.4	0.51	0.44	0.02	0.72	0.29	0.05		RYVAX
	ADJEX	WISEX	LWHIX	HCMUX	SCFCX	ABYIX	FLAPX	JAMFX	QMHIX	RYVAX

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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

SCFCX	+ 0.92	LWHIX
JAMFX	+ 0.89	LWHIX
QMHIX	+ 0.89	ABYIX
FLAPX	+ 0.88	HCMUX
JAMFX	+ 0.88	SCFCX
JAMFX	+ 0.77	HCMUX

High negative correlations

ABYIX	- 0.61	ADJEX
QMHIX	- 0.56	ADJEX
ABYIX	- 0.38	WISEX
QMHIX	- 0.28	WISEX
FLAPX	- 0.08	ABYIX
LWHIX	- 0.07	ADJEX

Risk-Adjusted Indicators

There is a big difference between Azzad Mutual Fund performing well and Azzad Wise 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 Azzad Wise'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
ADJEX	0.90	(0.10)	0.00	(0.21)	0.00	0.00	1.72	(2.33)	8.53
WISEX	0.05	(0.01)	0.00	(0.52)	0.00	0.00	0.09	(0.19)	0.37
LWHIX	0.14	0.02	(0.02)	2.00	0.00	(0.26)	0.42	(0.21)	0.84
HCMUX	0.35	0.01	(0.01)	0.13	0.41	(0.38)	0.70	(0.69)	2.39
SCFCX	0.08	0.01	(0.08)	0.73	0.00	(0.13)	0.20	(0.10)	0.61
ABYIX	0.31	0.03	0.03	2.61	0.32	(0.34)	0.65	(0.56)	1.94
FLAPX	0.65	0.03	0.02	0.08	0.85	(0.71)	1.33	(1.01)	6.42
JAMFX	1.60	0.28	0.13	0.62	1.65	(1.85)	3.95	(2.62)	9.83
QMHIX	0.59	0.11	0.09	(2.93)	0.76	(0.62)	1.30	(1.05)	3.92
RYVAX	1.29	0.06	0.03	0.14	1.53	(1.41)	2.34	(2.57)	13.02

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