Correlation Between Keeley Small-mid and Artisan Select
Can any of the company-specific risk be diversified away by investing in both Keeley Small-mid and Artisan Select 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 Keeley Small-mid and Artisan Select into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Keeley Small Mid Cap and Artisan Select Equity, you can compare the effects of market volatilities on Keeley Small-mid and Artisan Select 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 Keeley Small-mid with a short position of Artisan Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeley Small-mid and Artisan Select.
Diversification Opportunities for Keeley Small-mid and Artisan Select
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keeley and Artisan is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Keeley Small Mid Cap and Artisan Select Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Select Equity and Keeley Small-mid 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 Keeley Small Mid Cap are associated (or correlated) with Artisan Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Select Equity has no effect on the direction of Keeley Small-mid i.e., Keeley Small-mid and Artisan Select go up and down completely randomly.
Pair Corralation between Keeley Small-mid and Artisan Select
Assuming the 90 days horizon Keeley Small Mid Cap is expected to generate 1.57 times more return on investment than Artisan Select. However, Keeley Small-mid is 1.57 times more volatile than Artisan Select Equity. It trades about 0.34 of its potential returns per unit of risk. Artisan Select Equity is currently generating about 0.34 per unit of risk. If you would invest 1,036 in Keeley Small Mid Cap on September 1, 2024 and sell it today you would earn a total of 91.00 from holding Keeley Small Mid Cap or generate 8.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Keeley Small Mid Cap vs. Artisan Select Equity
Performance |
| Timeline |
| Keeley Small Mid |
| Artisan Select Equity |
Keeley Small-mid and Artisan Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeley Small-mid and Artisan Select
The main advantage of trading using opposite Keeley Small-mid and Artisan Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeley Small-mid position performs unexpectedly, Artisan Select 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 Artisan Select will offset losses from the drop in Artisan Select's long position.| Keeley Small-mid vs. Keeley Mid Cap | Keeley Small-mid vs. Keeley Mid Cap | Keeley Small-mid vs. Keeley Small Cap | Keeley Small-mid vs. Keeley Small Cap |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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