Correlation Between Artisan Thematic and Harbor High

Can any of the company-specific risk be diversified away by investing in both Artisan Thematic and Harbor High 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 Thematic and Harbor High into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Artisan Thematic Fund and Harbor High Yield Bond, you can compare the effects of market volatilities on Artisan Thematic and Harbor High 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 Thematic with a short position of Harbor High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Artisan Thematic and Harbor High.

Diversification Opportunities for Artisan Thematic and Harbor High

0.0

Correlation Coefficient

Artisan Thematic  Harbor High

Pay attention - limited upside

The 3 months correlation between Artisan and Harbor is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Artisan Thematic Fund and Harbor High Yield Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor High Yield and Artisan Thematic 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 Thematic Fund are associated (or correlated) with Harbor High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor High Yield has no effect on the direction of Artisan Thematic i.e., Artisan Thematic and Harbor High go up and down completely randomly.

Pair Corralation between Artisan Thematic and Harbor High

If you would invest (100.00) in Harbor High Yield Bond on December 29, 2024 and sell it today you would earn a total of  100.00  from holding Harbor High Yield Bond or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Artisan Thematic Fund  vs.  Harbor High Yield Bond

Artisan Thematic

Risk-Adjusted Performance

Very Weak

Over the last 90 days Artisan Thematic Fund has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Artisan Thematic is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Harbor High Yield

Risk-Adjusted Performance

Very Weak

Over the last 90 days Harbor High Yield Bond has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Harbor High is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Artisan Thematic and Harbor High

The main advantage of trading using opposite Artisan Thematic and Harbor High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Artisan Thematic position performs unexpectedly, Harbor High 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 Harbor High will offset losses from the drop in Harbor High's long position.

The idea behind Artisan Thematic Fund and Harbor High Yield Bond pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.