Correlation Between Artisan Thematic and Mainstay Winslow
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Mainstay Winslow 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 Mainstay Winslow 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 Mainstay Winslow Large, you can compare the effects of market volatilities on Artisan Thematic and Mainstay Winslow 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 Mainstay Winslow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Mainstay Winslow.
Diversification Opportunities for Artisan Thematic and Mainstay Winslow
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Artisan and Mainstay is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Mainstay Winslow Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Winslow Large 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 Mainstay Winslow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Winslow Large has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Mainstay Winslow go up and down completely randomly.
Pair Corralation between Artisan Thematic and Mainstay Winslow
Assuming the 90 days horizon Artisan Thematic Fund is expected to generate 0.6 times more return on investment than Mainstay Winslow. However, Artisan Thematic Fund is 1.68 times less risky than Mainstay Winslow. It trades about 0.11 of its potential returns per unit of risk. Mainstay Winslow Large is currently generating about 0.05 per unit of risk. If you would invest 1,588 in Artisan Thematic Fund on September 12, 2024 and sell it today you would earn a total of 929.00 from holding Artisan Thematic Fund or generate 58.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan Thematic Fund vs. Mainstay Winslow Large
Performance |
| Timeline |
| Artisan Thematic |
| Mainstay Winslow Large |
Artisan Thematic and Mainstay Winslow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and Mainstay Winslow
The main advantage of trading using opposite Artisan Thematic and Mainstay Winslow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Mainstay Winslow 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 Mainstay Winslow will offset losses from the drop in Mainstay Winslow's long position.| Artisan Thematic vs. Huber Capital Diversified | Artisan Thematic vs. Western Asset Diversified | Artisan Thematic vs. Jhancock Diversified Macro | Artisan Thematic vs. T Rowe Price |
| Mainstay Winslow vs. Mainstay Sp 500 | Mainstay Winslow vs. Mainstay Balanced Fund | Mainstay Winslow vs. Mainstay Balanced 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |