Correlation Between Artisan High and Old Westbury
Can any of the company-specific risk be diversified away by investing in both Artisan High and Old Westbury 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 Old Westbury 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 Old Westbury Municipal, you can compare the effects of market volatilities on Artisan High and Old Westbury 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 Old Westbury. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan High and Old Westbury.
Diversification Opportunities for Artisan High and Old Westbury
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Artisan and Old is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Artisan High Income and Old Westbury Municipal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Old Westbury Municipal 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 Old Westbury. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Old Westbury Municipal has no effect on the direction of Artisan High i.e., Artisan High and Old Westbury go up and down completely randomly.
Pair Corralation between Artisan High and Old Westbury
Assuming the 90 days horizon Artisan High Income is expected to generate 2.02 times more return on investment than Old Westbury. However, Artisan High is 2.02 times more volatile than Old Westbury Municipal. It trades about 0.29 of its potential returns per unit of risk. Old Westbury Municipal is currently generating about 0.24 per unit of risk. If you would invest 896.00 in Artisan High Income on May 2, 2025 and sell it today you would earn a total of 28.00 from holding Artisan High Income or generate 3.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Artisan High Income vs. Old Westbury Municipal
Performance |
| Timeline |
| Artisan High Income |
| Old Westbury Municipal |
Artisan High and Old Westbury Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Artisan High and Old Westbury
The main advantage of trading using opposite Artisan High and Old Westbury positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan High position performs unexpectedly, Old Westbury 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 Old Westbury will offset losses from the drop in Old Westbury's long position.| Artisan High vs. Rbc Global Equity | Artisan High vs. Qs Moderate Growth | Artisan High vs. Tfa Alphagen Growth | Artisan High vs. Astor Star Fund |
| Old Westbury vs. Flexible Bond Portfolio | Old Westbury vs. Artisan High Income | Old Westbury vs. Multisector Bond Sma | Old Westbury vs. Barings High Yield |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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