Artisan Small Correlations

APDSX Fund

USD 39.33 0.70 1.81%

The current 90-days correlation between Artisan Small Cap and Artisan Value Income is 0.64 (i.e., Poor diversification). The correlation of Artisan Small 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.

Artisan Small Correlation With Market

Poor diversification

The correlation between Artisan Small Cap 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 Artisan Small Cap 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 Artisan Small Cap. 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 state.

Moving together with Artisan Mutual Fund

0.86	APDWX	Artisan Value Income	Pair Corr
0.84	APDYX	Artisan Developing World	Pair Corr
0.87	APDTX	Artisan Thematic	Pair Corr
0.72	APDUX	Artisan Floating Rate	Pair Corr
0.8	APDPX	Artisan Global Uncon	Pair Corr
0.88	APDOX	Artisan Emerging Markets	Pair Corr
0.87	APDRX	Artisan Global Oppor	Pair Corr
0.85	APDQX	Artisan Mid Cap	Pair Corr
0.95	APDMX	Artisan Mid Cap	Pair Corr
0.88	APDLX	Artisan Value	Pair Corr
0.77	APDFX	Artisan High Income	Pair Corr
0.79	APDHX	Artisan Global Equity	Pair Corr
0.98	APDDX	Artisan Global Discovery	Pair Corr
0.86	APFWX	Artisan Value Income	Pair Corr
0.8	APFPX	Artisan Global Uncon	Pair Corr
0.87	APFOX	Artisan Emerging Markets	Pair Corr
0.86	APHWX	Artisan Value Income	Pair Corr
0.8	APHPX	Artisan Global Uncon	Pair Corr
0.85	ARTQX	Artisan Mid Cap	Pair Corr
1.0	ARTSX	Artisan Small Cap	Pair Corr
0.87	ARTRX	Artisan Global Oppor	Pair Corr
0.95	ARTMX	Artisan Mid Cap	Pair Corr
0.88	ARTLX	Artisan Value	Pair Corr
0.79	ARTHX	Artisan Global Equity	Pair Corr
0.76	ARTFX	Artisan High Income	Pair Corr
0.84	ARTYX	Artisan Developing World	Pair Corr
0.87	ARTTX	Artisan Thematic	Pair Corr
0.93	VSGAX	Vanguard Small Cap	Pair Corr

Moving against Artisan Mutual Fund

0.36	APDKX	Artisan International	Pair Corr
0.36	ARTKX	Artisan International	Pair Corr

Related Correlations Analysis

	APDWX	APDYX	APDTX	APDUX	APDPX	APDOX	APDRX	APDQX	APDKX
APDWX		0.82	0.89	0.78	0.76	0.88	0.85	0.87	-0.25	APDWX
APDYX	0.82		0.92	0.92	0.89	0.94	0.9	0.67	-0.32	APDYX
APDTX	0.89	0.92		0.84	0.85	0.92	0.91	0.77	-0.39	APDTX
APDUX	0.78	0.92	0.84		0.92	0.88	0.75	0.53	-0.47	APDUX
APDPX	0.76	0.89	0.85	0.92		0.87	0.71	0.55	-0.66	APDPX
APDOX	0.88	0.94	0.92	0.88	0.87		0.87	0.71	-0.36	APDOX
APDRX	0.85	0.9	0.91	0.75	0.71	0.87		0.79	-0.09	APDRX
APDQX	0.87	0.67	0.77	0.53	0.55	0.71	0.79		-0.08	APDQX
APDKX	-0.25	-0.32	-0.39	-0.47	-0.66	-0.36	-0.09	-0.08		APDKX
	APDWX	APDYX	APDTX	APDUX	APDPX	APDOX	APDRX	APDQX	APDKX

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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

APDOX	+ 0.94	APDYX
APDTX	+ 0.92	APDYX
APDUX	+ 0.92	APDYX
APDOX	+ 0.92	APDTX
APDPX	+ 0.92	APDUX
APDRX	+ 0.91	APDTX

High negative correlations

APDKX	- 0.66	APDPX
APDKX	- 0.47	APDUX
APDKX	- 0.39	APDTX
APDKX	- 0.36	APDOX
APDKX	- 0.32	APDYX
APDKX	- 0.25	APDWX

Risk-Adjusted Indicators

There is a big difference between Artisan Mutual Fund performing well and Artisan Small 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 Artisan Small'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
APDWX	0.46	0.00	(0.09)	0.12	0.39	(0.53)	0.86	(0.76)	2.45
APDYX	0.77	0.07	0.04	0.21	0.88	(0.85)	1.48	(1.61)	5.44
APDTX	0.76	0.05	0.03	0.18	0.99	(0.77)	1.73	(1.27)	5.07
APDUX	0.09	0.02	(0.77)	5.07	0.00	(0.22)	0.53	(0.11)	0.85
APDPX	0.09	0.04	(0.76)	(10.02)	0.00	(0.14)	0.20	(0.10)	0.40
APDOX	0.14	0.03	(0.54)	0.48	0.00	(0.21)	0.39	(0.19)	0.78
APDRX	0.65	(0.03)	(0.07)	0.08	0.83	(0.67)	1.28	(1.32)	4.61
APDQX	0.63	(0.05)	(0.07)	0.07	0.60	(0.73)	1.49	(1.08)	4.74
APDKX	0.46	(0.09)	0.00	(0.11)	0.00	0.00	0.96	(0.99)	2.78

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