Correlation Between Artisan Thematic and Guggenheim Macro
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Guggenheim Macro 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 Guggenheim Macro 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 Guggenheim Macro Opportunities, you can compare the effects of market volatilities on Artisan Thematic and Guggenheim Macro 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 Guggenheim Macro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Guggenheim Macro.
Diversification Opportunities for Artisan Thematic and Guggenheim Macro
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Artisan and Guggenheim is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Guggenheim Macro Opportunities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guggenheim Macro Opp 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 Guggenheim Macro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guggenheim Macro Opp has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Guggenheim Macro go up and down completely randomly.
Pair Corralation between Artisan Thematic and Guggenheim Macro
Assuming the 90 days horizon Artisan Thematic Fund is expected to generate 9.89 times more return on investment than Guggenheim Macro. However, Artisan Thematic is 9.89 times more volatile than Guggenheim Macro Opportunities. It trades about 0.16 of its potential returns per unit of risk. Guggenheim Macro Opportunities is currently generating about 0.29 per unit of risk. If you would invest 2,404 in Artisan Thematic Fund on August 29, 2024 and sell it today you would earn a total of 88.00 from holding Artisan Thematic Fund or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan Thematic Fund vs. Guggenheim Macro Opportunities
Performance |
| Timeline |
| Artisan Thematic |
| Guggenheim Macro Opp |
Artisan Thematic and Guggenheim Macro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and Guggenheim Macro
The main advantage of trading using opposite Artisan Thematic and Guggenheim Macro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Guggenheim Macro 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 Guggenheim Macro will offset losses from the drop in Guggenheim Macro's long position.| Artisan Thematic vs. Ppm High Yield | Artisan Thematic vs. Dunham High Yield | Artisan Thematic vs. Gmo High Yield | Artisan Thematic vs. Pace High Yield |
| Guggenheim Macro vs. Nasdaq 100 Index Fund | Guggenheim Macro vs. Artisan Thematic Fund | Guggenheim Macro vs. Growth Fund Of | Guggenheim Macro vs. Eic Value Fund |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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