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 Balanced 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
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Massmutual and Artisan is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Massmutual Premier Balanced 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 Balanced 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 Balanced is expected to generate 0.14 times more return on investment than Artisan Thematic. However, Massmutual Premier Balanced is 6.92 times less risky than Artisan Thematic. It trades about 0.09 of its potential returns per unit of risk. Artisan Thematic Fund is currently generating about -0.17 per unit of risk. If you would invest 1,308 in Massmutual Premier Balanced on September 13, 2024 and sell it today you would earn a total of 9.00 from holding Massmutual Premier Balanced or generate 0.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Massmutual Premier Balanced 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. Global Gold Fund | Massmutual Premier vs. Sprott Gold Equity | Massmutual Premier vs. Invesco Gold Special | Massmutual Premier vs. Vy Goldman Sachs |
| Artisan Thematic vs. Ab Global Risk | Artisan Thematic vs. Ppm High Yield | Artisan Thematic vs. Intal High Relative | Artisan Thematic vs. Lgm Risk Managed |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Stocks Directory Find actively traded stocks across global markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |