We propose a theoretical study of the optimization of one dimensional metal-dielectric metamaterials in order to approach -1 effective optical index. Taking into account actual values of dielectric constants of metal (silver) and dielectrics (HfO2, GaP), and taking advantage of the dispersion relation of Bloch modes, we get a silver/HfO2 metamaterial with suitable parameters that possesses a near –1 effective optical index for all angles of incidence at a visible wavelength for H-polarized light (i.e. the magnetic field is parallel to the interfaces). The absorption losses of materials appear to be a crucial factor that affects the effective properties of the metamaterial. We show that the losses not only decrease the transmission of the stack, but also change the negative refraction effect. Then, we propose another silver/GaP structure design that is less sensitive to losses. When considering finite thickness structures, and with adequate thickness for the terminating layers, it is possible to achieve a high transmittance of the structure. A near –1 effective index and high transmittance metal-dielectric metamaterial may pave the way to the realization of negative refraction in the visible or ultraviolet wavelength range.