Correlation Between Putnam Floating and Putnam Floating
Can any of the company-specific risk be diversified away by investing in both Putnam Floating and Putnam Floating 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 Putnam Floating and Putnam Floating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Floating Rate and Putnam Floating Rate, you can compare the effects of market volatilities on Putnam Floating and Putnam Floating 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 Putnam Floating with a short position of Putnam Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Floating and Putnam Floating.
Diversification Opportunities for Putnam Floating and Putnam Floating
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Putnam and Putnam is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Floating Rate and Putnam Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Putnam Floating Rate and Putnam Floating 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 Putnam Floating Rate are associated (or correlated) with Putnam Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Putnam Floating Rate has no effect on the direction of Putnam Floating i.e., Putnam Floating and Putnam Floating go up and down completely randomly.
Pair Corralation between Putnam Floating and Putnam Floating
If you would invest 793.00 in Putnam Floating Rate on August 25, 2024 and sell it today you would earn a total of 7.00 from holding Putnam Floating Rate or generate 0.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Putnam Floating Rate vs. Putnam Floating Rate
Performance |
| Timeline |
| Putnam Floating Rate |
| Putnam Floating Rate |
Putnam Floating and Putnam Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Floating and Putnam Floating
The main advantage of trading using opposite Putnam Floating and Putnam Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Floating position performs unexpectedly, Putnam Floating 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 Putnam Floating will offset losses from the drop in Putnam Floating's long position.| Putnam Floating vs. Putnam Equity Income | Putnam Floating vs. Putnam Tax Exempt | Putnam Floating vs. Putnam Floating Rate | Putnam Floating vs. Putnam High Yield |
| Putnam Floating vs. Putnam Equity Income | Putnam Floating vs. Putnam Tax Exempt | Putnam Floating vs. Putnam Floating Rate | Putnam Floating vs. Putnam 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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |