Correlation Between Massmutual Premier and Artisan Thematic
Can any of the company-specific risk be diversified away by investing in both Massmutual Premier and Artisan Thematic 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 Massmutual Premier and Artisan Thematic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Massmutual Premier E and Artisan Thematic Fund, you can compare the effects of market volatilities on Massmutual Premier and Artisan Thematic 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 Massmutual Premier with a short position of Artisan Thematic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Massmutual Premier and Artisan Thematic.
Diversification Opportunities for Massmutual Premier and Artisan Thematic
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Massmutual and Artisan is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Massmutual Premier E and Artisan Thematic Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Thematic and Massmutual Premier 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 Massmutual Premier E are associated (or correlated) with Artisan Thematic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Thematic has no effect on the direction of Massmutual Premier i.e., Massmutual Premier and Artisan Thematic go up and down completely randomly.
Pair Corralation between Massmutual Premier and Artisan Thematic
Assuming the 90 days horizon Massmutual Premier is expected to generate 1.41 times less return on investment than Artisan Thematic. But when comparing it to its historical volatility, Massmutual Premier E is 3.38 times less risky than Artisan Thematic. It trades about 0.11 of its potential returns per unit of risk. Artisan Thematic Fund is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,497 in Artisan Thematic Fund on September 12, 2024 and sell it today you would earn a total of 20.00 from holding Artisan Thematic Fund or generate 0.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Massmutual Premier E vs. Artisan Thematic Fund
Performance |
| Timeline |
| Massmutual Premier |
| Artisan Thematic |
Massmutual Premier and Artisan Thematic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Massmutual Premier and Artisan Thematic
The main advantage of trading using opposite Massmutual Premier and Artisan Thematic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Massmutual Premier position performs unexpectedly, Artisan Thematic 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 Thematic will offset losses from the drop in Artisan Thematic's long position.| Massmutual Premier vs. Dana Large Cap | Massmutual Premier vs. Avantis Large Cap | Massmutual Premier vs. Large Cap Growth Profund | Massmutual Premier vs. Qs Large Cap |
| Artisan Thematic vs. Huber Capital Diversified | Artisan Thematic vs. Western Asset Diversified | Artisan Thematic vs. Jhancock Diversified Macro | Artisan Thematic vs. T Rowe Price |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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