Correlation Between George Putnam and 70082LAB3
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By analyzing existing cross correlation between George Putnam Fund and US70082LAB36, you can compare the effects of market volatilities on George Putnam and 70082LAB3 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 George Putnam with a short position of 70082LAB3. Check out your portfolio center. Please also check ongoing floating volatility patterns of George Putnam and 70082LAB3.
Diversification Opportunities for George Putnam and 70082LAB3
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between George and 70082LAB3 is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding George Putnam Fund and US70082LAB36 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US70082LAB36 and George Putnam 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 George Putnam Fund are associated (or correlated) with 70082LAB3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US70082LAB36 has no effect on the direction of George Putnam i.e., George Putnam and 70082LAB3 go up and down completely randomly.
Pair Corralation between George Putnam and 70082LAB3
Assuming the 90 days horizon George Putnam Fund is expected to generate 0.57 times more return on investment than 70082LAB3. However, George Putnam Fund is 1.75 times less risky than 70082LAB3. It trades about -0.08 of its potential returns per unit of risk. US70082LAB36 is currently generating about -0.22 per unit of risk. If you would invest 2,649 in George Putnam Fund on August 30, 2024 and sell it today you would lose (43.00) from holding George Putnam Fund or give up 1.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 56.52% |
| Values | Daily Returns |
George Putnam Fund vs. US70082LAB36
Performance |
| Timeline |
| George Putnam |
| US70082LAB36 |
George Putnam and 70082LAB3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with George Putnam and 70082LAB3
The main advantage of trading using opposite George Putnam and 70082LAB3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if George Putnam position performs unexpectedly, 70082LAB3 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 70082LAB3 will offset losses from the drop in 70082LAB3's long position.| George Putnam vs. Putnam Equity Income | George Putnam vs. Putnam Tax Exempt | George Putnam vs. Putnam Floating Rate | George Putnam vs. Putnam High Yield |
| 70082LAB3 vs. Aris Water Solutions | 70082LAB3 vs. Viemed Healthcare | 70082LAB3 vs. PGE Corp | 70082LAB3 vs. HUTCHMED DRC |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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