Correlation Between Artisan Thematic and The Dreyfus
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and The Dreyfus 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 Thematic and The Dreyfus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Artisan Thematic Fund and The Dreyfus Sustainable, you can compare the effects of market volatilities on Artisan Thematic and The Dreyfus 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 Thematic with a short position of The Dreyfus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and The Dreyfus.
Diversification Opportunities for Artisan Thematic and The Dreyfus
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Artisan and The is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and The Dreyfus Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Dreyfus Sustainable and Artisan Thematic 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 Thematic Fund are associated (or correlated) with The Dreyfus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Dreyfus Sustainable has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and The Dreyfus go up and down completely randomly.
Pair Corralation between Artisan Thematic and The Dreyfus
Assuming the 90 days horizon Artisan Thematic Fund is expected to generate 1.12 times more return on investment than The Dreyfus. However, Artisan Thematic is 1.12 times more volatile than The Dreyfus Sustainable. It trades about 0.33 of its potential returns per unit of risk. The Dreyfus Sustainable is currently generating about 0.27 per unit of risk. If you would invest 2,339 in Artisan Thematic Fund on September 1, 2024 and sell it today you would earn a total of 159.00 from holding Artisan Thematic Fund or generate 6.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Artisan Thematic Fund vs. The Dreyfus Sustainable
Performance |
| Timeline |
| Artisan Thematic |
| The Dreyfus Sustainable |
Artisan Thematic and The Dreyfus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and The Dreyfus
The main advantage of trading using opposite Artisan Thematic and The Dreyfus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, The Dreyfus 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 The Dreyfus will offset losses from the drop in The Dreyfus' long position.| Artisan Thematic vs. Rbc Funds Trust | Artisan Thematic vs. Nasdaq 100 Index Fund | Artisan Thematic vs. Victory Incore Fund | Artisan Thematic vs. Shelton Funds |
| The Dreyfus vs. Artisan Thematic Fund | The Dreyfus vs. Commonwealth Global Fund | The Dreyfus vs. Auer Growth Fund | The Dreyfus vs. Small Cap Stock |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |