Correlation Between Mainstay Map and Artisan Small
Can any of the company-specific risk be diversified away by investing in both Mainstay Map and Artisan Small 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 Mainstay Map and Artisan Small into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Map Equity and Artisan Small Cap, you can compare the effects of market volatilities on Mainstay Map and Artisan Small 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 Mainstay Map with a short position of Artisan Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Map and Artisan Small.
Diversification Opportunities for Mainstay Map and Artisan Small
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mainstay and Artisan is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Map Equity and Artisan Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Small Cap and Mainstay Map 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 Mainstay Map Equity are associated (or correlated) with Artisan Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Small Cap has no effect on the direction of Mainstay Map i.e., Mainstay Map and Artisan Small go up and down completely randomly.
Pair Corralation between Mainstay Map and Artisan Small
Assuming the 90 days horizon Mainstay Map is expected to generate 1.82 times less return on investment than Artisan Small. But when comparing it to its historical volatility, Mainstay Map Equity is 1.7 times less risky than Artisan Small. It trades about 0.23 of its potential returns per unit of risk. Artisan Small Cap is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 3,731 in Artisan Small Cap on September 4, 2024 and sell it today you would earn a total of 286.00 from holding Artisan Small Cap or generate 7.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Map Equity vs. Artisan Small Cap
Performance |
| Timeline |
| Mainstay Map Equity |
| Artisan Small Cap |
Mainstay Map and Artisan Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Map and Artisan Small
The main advantage of trading using opposite Mainstay Map and Artisan Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Map position performs unexpectedly, Artisan Small 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 Small will offset losses from the drop in Artisan Small's long position.| Mainstay Map vs. Artisan Small Cap | Mainstay Map vs. Fisher Small Cap | Mainstay Map vs. Qs Small Capitalization | Mainstay Map vs. The Hartford Small |
| Artisan Small vs. Fuller Thaler Behavioral | Artisan Small vs. Small Cap Stock | Artisan Small vs. Legg Mason Bw | Artisan Small vs. Principal Lifetime Hybrid |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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