Correlation Between Artisan Select and City National
Can any of the company-specific risk be diversified away by investing in both Artisan Select and City National at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Artisan Select and City National into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Artisan Select Equity and City National Rochdale, you can compare the effects of market volatilities on Artisan Select and City National and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Artisan Select with a short position of City National. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Select and City National.
Diversification Opportunities for Artisan Select and City National
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Artisan and City is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Select Equity and City National Rochdale in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on City National Rochdale and Artisan Select is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Artisan Select Equity are associated (or correlated) with City National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of City National Rochdale has no effect on the direction of Artisan Select i.e., Artisan Select and City National go up and down completely randomly.
Pair Corralation between Artisan Select and City National
Assuming the 90 days horizon Artisan Select Equity is expected to generate 3.85 times more return on investment than City National. However, Artisan Select is 3.85 times more volatile than City National Rochdale. It trades about 0.11 of its potential returns per unit of risk. City National Rochdale is currently generating about 0.09 per unit of risk. If you would invest 1,058 in Artisan Select Equity on September 12, 2024 and sell it today you would earn a total of 545.00 from holding Artisan Select Equity or generate 51.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 23.48% |
| Values | Daily Returns |
Artisan Select Equity vs. City National Rochdale
Performance |
| Timeline |
| Artisan Select Equity |
| City National Rochdale |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Artisan Select and City National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Select and City National
The main advantage of trading using opposite Artisan Select and City National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Select position performs unexpectedly, City National can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in City National will offset losses from the drop in City National's long position.| Artisan Select vs. Versatile Bond Portfolio | Artisan Select vs. Pace High Yield | Artisan Select vs. Artisan High Income | Artisan Select vs. Ambrus Core Bond |
| City National vs. Pender Real Estate | City National vs. Commonwealth Real Estate | City National vs. Fidelity Real Estate | City National vs. Short Real Estate |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |