Correlation Between Artisan Thematic and Steward Large
Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Steward Large 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 Steward Large 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 Steward Large Cap, you can compare the effects of market volatilities on Artisan Thematic and Steward Large 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 Steward Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Steward Large.
Diversification Opportunities for Artisan Thematic and Steward Large
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Artisan and Steward is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Steward Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steward Large 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 Steward Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steward Large Cap has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Steward Large go up and down completely randomly.
Pair Corralation between Artisan Thematic and Steward Large
Assuming the 90 days horizon Artisan Thematic Fund is expected to generate 1.11 times more return on investment than Steward Large. However, Artisan Thematic is 1.11 times more volatile than Steward Large Cap. It trades about 0.11 of its potential returns per unit of risk. Steward Large Cap is currently generating about 0.11 per unit of risk. If you would invest 1,642 in Artisan Thematic Fund on September 3, 2024 and sell it today you would earn a total of 881.00 from holding Artisan Thematic Fund or generate 53.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan Thematic Fund vs. Steward Large Cap
Performance |
| Timeline |
| Artisan Thematic |
| Steward Large Cap |
Artisan Thematic and Steward Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan Thematic and Steward Large
The main advantage of trading using opposite Artisan Thematic and Steward Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Steward Large 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 Steward Large will offset losses from the drop in Steward Large's 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 |
| Steward Large vs. Cref Inflation Linked Bond | Steward Large vs. Arrow Managed Futures | Steward Large vs. Aqr Managed Futures | Steward Large vs. Blackrock Inflation Protected |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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