Alger Midcap Correlations

Mutual Funds . USA . 
Fund . Alger Midcap Growth
AMGCX Fund  USD 9.47  0.03  0.32%   
The current 90-days correlation between Alger Midcap Growth and T Rowe Price is 0.87 (i.e., Very poor diversification). The correlation of Alger Midcap 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 Midcap Correlation With Market

Poor diversification

The correlation between Alger Midcap Growth and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Alger Midcap Growth and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Alger Midcap Growth. 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 main economic indicators.

Moving together with Alger Mutual Fund

  1.0AMGAX Alger Midcap GrowthPairCorr
  1.0AMGOX Alger Mid CapPairCorr
  0.98AOFYX Alger Small CapPairCorr
  0.97AOFIX Alger Small CapPairCorr
  0.97AOFAX Alger Small CapPairCorr
  0.97AOFCX Alger Small CapPairCorr
  0.95CHUSX Alger Global GrowthPairCorr
  0.94CHUCX Alger Global GrowthPairCorr
  0.99AAGOX Alger Large CapPairCorr
  0.93ASCYX Alger FundsPairCorr
  0.93ASCZX Alger Smallcap GrowthPairCorr
  0.91AASOX Alger Small CapPairCorr
  0.93ASIRX Alger Smallcap GrowthPairCorr
  0.88ASIMX Alger Smidcap FocusPairCorr
  0.88ASMZX Alger Smidcap FocusPairCorr
  0.98ASPCX Alger SpectraPairCorr
  0.98ASPZX Alger SpectraPairCorr
  0.98ASPYX Alger SpectraPairCorr
  0.98ASPIX Alger SpectraPairCorr
  0.88ASYMX Alger Weatherbie SpePairCorr
  0.98ACAYX Alger Capital ApprecPairCorr
  0.98ACARX Alger Capital ApprecPairCorr
  0.98ADOCX Alger Dynamic OpportPairCorr
  0.98ADOZX Alger Dynamic OpportPairCorr
  0.98CNEIX Alger Concentrated EquityPairCorr
  0.98CNEYX Alger Concentrated EquityPairCorr
  0.98CNEZX Alger Concentrated EquityPairCorr
  1.0AFOZX Alger Funds MidPairCorr
  0.91AGIZX Alger Growth IncomePairCorr
  0.98AGOZX Alger Small CapPairCorr
  0.93AGSCX Alger Smallcap GrowthPairCorr
  0.98AIFIX Salient Investment GradePairCorr

Moving against Alger Mutual Fund

  0.45AFGPX Alger InternationalPairCorr
  0.45AIGIX Alger InternationalPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Alger Mutual Fund performing well and Alger Midcap 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 Alger Midcap'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PAMCX  0.61 (0.01)(0.03) 0.10  0.69 
(0.61)
 1.52 
(1.34)
 4.09 
RRMGX  0.61 (0.01)(0.03) 0.10  0.69 
(0.62)
 1.51 
(1.34)
 4.09 
TRQZX  0.61 (0.01)(0.02) 0.11  0.68 
(0.61)
 1.53 
(1.33)
 4.08 
RPMGX  0.61 (0.01)(0.02) 0.10  0.69 
(0.62)
 1.52 
(1.34)
 4.09 
PRJIX  0.78  0.03  0.05  0.14  1.01 
(0.82)
 1.79 
(1.28)
 6.84 
PRNHX  0.78  0.03  0.04  0.14  1.01 
(0.82)
 1.80 
(1.29)
 6.84 
TRUZX  0.78  0.04  0.05  0.15  1.01 
(0.82)
 1.79 
(1.29)
 6.84 
PCBIX  0.64  0.05  0.06  0.16  0.56 
(0.71)
 1.41 
(1.23)
 4.44 
PEMGX  0.64  0.05  0.06  0.17  0.56 
(0.72)
 1.43 
(1.24)
 4.44 
PMBCX  0.63  0.05  0.06  0.16  0.56 
(0.71)
 1.41 
(1.21)
 4.44 

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