Artisan Developing Correlations

APHYX Fund

USD 22.33 0.13 0.58%

The current 90-days correlation between Artisan Developing World and Artisan Select Equity is 0.65 (i.e., Poor diversification). The correlation of Artisan Developing 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 Developing Correlation With Market

Very weak diversification

The correlation between Artisan Developing World and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Developing World 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 Developing World. 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 manufacturing.

Moving together with Artisan Mutual Fund

0.83	APDNX	Artisan Select Equity	Pair Corr
0.92	APHTX	Artisan Focus	Pair Corr
0.84	APHSX	Artisan Small Cap	Pair Corr
0.83	APHNX	Artisan Select Equity	Pair Corr
0.9	APHRX	Artisan Global Oppor	Pair Corr
0.67	APHQX	Artisan Mid Cap	Pair Corr
0.88	APHMX	Artisan Mid Cap	Pair Corr
0.91	APHFX	Artisan High Income	Pair Corr
0.9	APHDX	Artisan Global Discovery	Pair Corr
0.83	ARTNX	Artisan Select Equity	Pair Corr
0.78	VEMAX	Vanguard Emerging Markets	Pair Corr
0.78	VEIEX	Vanguard Emerging Markets	Pair Corr
0.78	VEMIX	Vanguard Emerging Markets	Pair Corr
0.78	VEMRX	Vanguard Emerging Markets	Pair Corr
0.83	LETRX	Voya Russia Fund	Pair Corr
0.78	KNPAX	Kinetics Paradigm Steady Growth	Pair Corr
0.79	LSHCX	Horizon Spin Off Steady Growth	Pair Corr
0.77	KMKCX	Kinetics Market Oppo Steady Growth	Pair Corr
0.78	KNPCX	Kinetics Paradigm Steady Growth	Pair Corr
0.78	KNPYX	Kinetics Paradigm Steady Growth	Pair Corr
0.79	LSHUX	Horizon Spin Off Steady Growth	Pair Corr
0.84	SMPSX	Semiconductor Ultrasector	Pair Corr
0.78	WWNPX	Kinetics Paradigm Steady Growth	Pair Corr
0.77	KMKAX	Kinetics Market Oppo Steady Growth	Pair Corr
0.91	VIIIX	Vanguard Institutional	Pair Corr
0.9	GUHYX	Victory High Yield	Pair Corr
0.68	VTMSX	Vanguard Tax Managed	Pair Corr

Moving against Artisan Mutual Fund

0.32	APHKX	Artisan International	Pair Corr
0.31	APHJX	Artisan International	Pair Corr

Related Correlations Analysis

	APDNX	APHTX	APHSX	APHNX	APHRX	APHQX	APHKX	APHJX	APHMX
APDNX		0.88	0.9	1.0	0.82	0.89	-0.3	-0.17	0.91	APDNX
APHTX	0.88		0.87	0.88	0.91	0.77	-0.39	-0.3	0.94	APHTX
APHSX	0.9	0.87		0.9	0.87	0.85	-0.36	-0.15	0.95	APHSX
APHNX	1.0	0.88	0.9		0.82	0.89	-0.3	-0.17	0.91	APHNX
APHRX	0.82	0.91	0.87	0.82		0.79	-0.08	0.03	0.85	APHRX
APHQX	0.89	0.77	0.85	0.89	0.79		-0.08	0.11	0.81	APHQX
APHKX	-0.3	-0.39	-0.36	-0.3	-0.08	-0.08		0.87	-0.51	APHKX
APHJX	-0.17	-0.3	-0.15	-0.17	0.03	0.11	0.87		-0.35	APHJX
APHMX	0.91	0.94	0.95	0.91	0.85	0.81	-0.51	-0.35		APHMX
	APDNX	APHTX	APHSX	APHNX	APHRX	APHQX	APHKX	APHJX	APHMX

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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

APHNX	+ 1.0	APDNX
APHMX	+ 0.95	APHSX
APHMX	+ 0.94	APHTX
APHMX	+ 0.91	APDNX
APHRX	+ 0.91	APHTX
APHMX	+ 0.91	APHNX

High negative correlations

APHMX	- 0.51	APHKX
APHKX	- 0.39	APHTX
APHKX	- 0.36	APHSX
APHMX	- 0.35	APHJX
APHKX	- 0.3	APHNX
APHJX	- 0.3	APHTX

Risk-Adjusted Indicators

There is a big difference between Artisan Mutual Fund performing well and Artisan Developing 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 Developing'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
APDNX	0.55	(0.01)	(0.07)	0.10	0.47	(0.65)	1.17	(0.99)	3.41
APHTX	0.76	0.05	0.03	0.18	0.99	(0.77)	1.72	(1.31)	5.01
APHSX	0.95	0.01	0.03	0.13	1.14	(0.94)	1.96	(1.99)	5.86
APHNX	0.55	(0.01)	(0.07)	0.10	0.45	(0.66)	1.11	(0.99)	3.43
APHRX	0.65	(0.03)	(0.07)	0.08	0.83	(0.68)	1.29	(1.32)	4.61
APHQX	0.63	(0.05)	(0.07)	0.07	0.60	(0.71)	1.44	(1.05)	4.80
APHKX	0.46	(0.09)	0.00	(0.11)	0.00	0.00	0.95	(1.00)	2.78
APHJX	0.68	(0.15)	0.00	(0.07)	0.00	0.00	1.26	(1.43)	3.76
APHMX	0.78	0.05	0.04	0.17	0.99	(0.76)	1.58	(1.53)	4.94

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