Correlation Between Artisan High and Fidelity Small
Can any of the company-specific risk be diversified away by investing in both Artisan High and Fidelity 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 Artisan High and Fidelity Small into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Artisan High Income and Fidelity Small Cap, you can compare the effects of market volatilities on Artisan High and Fidelity 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 Artisan High with a short position of Fidelity Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan High and Fidelity Small.
Diversification Opportunities for Artisan High and Fidelity Small
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Artisan and Fidelity is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Artisan High Income and Fidelity Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Small Cap and Artisan High 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 High Income are associated (or correlated) with Fidelity Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Small Cap has no effect on the direction of Artisan High i.e., Artisan High and Fidelity Small go up and down completely randomly.
Pair Corralation between Artisan High and Fidelity Small
Assuming the 90 days horizon Artisan High is expected to generate 6.55 times less return on investment than Fidelity Small. But when comparing it to its historical volatility, Artisan High Income is 9.79 times less risky than Fidelity Small. It trades about 0.2 of its potential returns per unit of risk. Fidelity Small Cap is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,059 in Fidelity Small Cap on June 8, 2025 and sell it today you would earn a total of 145.00 from holding Fidelity Small Cap or generate 7.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan High Income vs. Fidelity Small Cap
Performance |
| Timeline |
| Artisan High Income |
| Fidelity Small Cap |
Artisan High and Fidelity Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan High and Fidelity Small
The main advantage of trading using opposite Artisan High and Fidelity Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan High position performs unexpectedly, Fidelity 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 Fidelity Small will offset losses from the drop in Fidelity Small's long position.| Artisan High vs. Artisan Value Income | Artisan High vs. Artisan Developing World | Artisan High vs. Artisan Thematic Fund | Artisan High vs. Artisan Small Cap |
| Fidelity Small vs. Fidelity Freedom 2015 | Fidelity Small vs. Fidelity Puritan Fund | Fidelity Small vs. Fidelity Puritan Fund | Fidelity Small vs. Fidelity Pennsylvania Municipal |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |