Correlation Between Artisan Emerging and Dunham Real
Can any of the company-specific risk be diversified away by investing in both Artisan Emerging and Dunham Real 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 Emerging and Dunham Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Artisan Emerging Markets and Dunham Real Estate, you can compare the effects of market volatilities on Artisan Emerging and Dunham Real 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 Emerging with a short position of Dunham Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Emerging and Dunham Real.
Diversification Opportunities for Artisan Emerging and Dunham Real
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Artisan and Dunham is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Emerging Markets and Dunham Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dunham Real Estate and Artisan Emerging 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 Emerging Markets are associated (or correlated) with Dunham Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dunham Real Estate has no effect on the direction of Artisan Emerging i.e., Artisan Emerging and Dunham Real go up and down completely randomly.
Pair Corralation between Artisan Emerging and Dunham Real
Assuming the 90 days horizon Artisan Emerging Markets is expected to generate 0.27 times more return on investment than Dunham Real. However, Artisan Emerging Markets is 3.72 times less risky than Dunham Real. It trades about -0.26 of its potential returns per unit of risk. Dunham Real Estate is currently generating about -0.27 per unit of risk. If you would invest 1,039 in Artisan Emerging Markets on September 22, 2024 and sell it today you would lose (17.00) from holding Artisan Emerging Markets or give up 1.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan Emerging Markets vs. Dunham Real Estate
Performance |
| Timeline |
| Artisan Emerging Markets |
| Dunham Real Estate |
Artisan Emerging and Dunham Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Emerging and Dunham Real
The main advantage of trading using opposite Artisan Emerging and Dunham Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Emerging position performs unexpectedly, Dunham Real 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 Dunham Real will offset losses from the drop in Dunham Real's long position.| Artisan Emerging vs. Putnam Convertible Incm Gwth | Artisan Emerging vs. Advent Claymore Convertible | Artisan Emerging vs. Gabelli Convertible And | Artisan Emerging vs. Absolute Convertible Arbitrage |
| Dunham Real vs. Realty Income | Dunham Real vs. Dynex Capital | Dunham Real vs. First Industrial Realty | Dunham Real vs. Healthcare Realty Trust |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |