Correlation Between Artisan Thematic and Eagle Mid
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Eagle Mid 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 Eagle Mid 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 Eagle Mid Cap, you can compare the effects of market volatilities on Artisan Thematic and Eagle Mid 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 Eagle Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Eagle Mid.
Diversification Opportunities for Artisan Thematic and Eagle Mid
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Artisan and Eagle is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Eagle Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Mid Cap 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 Eagle Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Mid Cap has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Eagle Mid go up and down completely randomly.
Pair Corralation between Artisan Thematic and Eagle Mid
Assuming the 90 days horizon Artisan Thematic is expected to generate 1.38 times less return on investment than Eagle Mid. But when comparing it to its historical volatility, Artisan Thematic Fund is 1.09 times less risky than Eagle Mid. It trades about 0.07 of its potential returns per unit of risk. Eagle Mid Cap is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 7,129 in Eagle Mid Cap on September 13, 2024 and sell it today you would earn a total of 1,046 from holding Eagle Mid Cap or generate 14.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 29.35% |
| Values | Daily Returns |
Artisan Thematic Fund vs. Eagle Mid Cap
Performance |
| Timeline |
| Artisan Thematic |
| Eagle Mid Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Artisan Thematic and Eagle Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and Eagle Mid
The main advantage of trading using opposite Artisan Thematic and Eagle Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Eagle Mid 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 Eagle Mid will offset losses from the drop in Eagle Mid's long position.| Artisan Thematic vs. Ab Global Risk | Artisan Thematic vs. Ppm High Yield | Artisan Thematic vs. Intal High Relative | Artisan Thematic vs. Lgm Risk Managed |
| Eagle Mid vs. Franklin Growth Opportunities | Eagle Mid vs. Praxis Growth Index | Eagle Mid vs. L Abbett Growth | Eagle Mid vs. Pace Smallmedium Growth |
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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