Correlation Between Artisan Thematic and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Cohen Steers 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 Cohen Steers 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 Cohen Steers Real, you can compare the effects of market volatilities on Artisan Thematic and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Cohen Steers.
Diversification Opportunities for Artisan Thematic and Cohen Steers
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Artisan and Cohen is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Cohen Steers Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Real 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 Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Real has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Cohen Steers go up and down completely randomly.
Pair Corralation between Artisan Thematic and Cohen Steers
Assuming the 90 days horizon Artisan Thematic Fund is expected to generate 2.03 times more return on investment than Cohen Steers. However, Artisan Thematic is 2.03 times more volatile than Cohen Steers Real. It trades about 0.22 of its potential returns per unit of risk. Cohen Steers Real is currently generating about 0.1 per unit of risk. If you would invest 2,215 in Artisan Thematic Fund on September 3, 2024 and sell it today you would earn a total of 308.00 from holding Artisan Thematic Fund or generate 13.91% 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. Cohen Steers Real
Performance |
| Timeline |
| Artisan Thematic |
| Cohen Steers Real |
Artisan Thematic and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and Cohen Steers
The main advantage of trading using opposite Artisan Thematic and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Artisan Thematic vs. Gmo High Yield | Artisan Thematic vs. Maryland Tax Free Bond | Artisan Thematic vs. T Rowe Price | Artisan Thematic vs. California Bond Fund |
| Cohen Steers vs. Fidelity Advisor Gold | Cohen Steers vs. Oppenheimer Gold Special | Cohen Steers vs. Global Gold Fund | Cohen Steers vs. Gabelli Gold 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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