Correlation Between Polen Global and Putnam Multi
Can any of the company-specific risk be diversified away by investing in both Polen Global and Putnam Multi 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 Polen Global and Putnam Multi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Polen Global Growth and Putnam Multi Cap Growth, you can compare the effects of market volatilities on Polen Global and Putnam Multi 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 Polen Global with a short position of Putnam Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Polen Global and Putnam Multi.
Diversification Opportunities for Polen Global and Putnam Multi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Polen and Putnam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Polen Global Growth and Putnam Multi Cap Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Putnam Multi Cap and Polen Global 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 Polen Global Growth are associated (or correlated) with Putnam Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Putnam Multi Cap has no effect on the direction of Polen Global i.e., Polen Global and Putnam Multi go up and down completely randomly.
Pair Corralation between Polen Global and Putnam Multi
If you would invest 2,293 in Polen Global Growth on September 12, 2024 and sell it today you would earn a total of 497.00 from holding Polen Global Growth or generate 21.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Polen Global Growth vs. Putnam Multi Cap Growth
Performance |
| Timeline |
| Polen Global Growth |
| Putnam Multi Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Polen Global and Putnam Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Polen Global and Putnam Multi
The main advantage of trading using opposite Polen Global and Putnam Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Polen Global position performs unexpectedly, Putnam Multi 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 Multi will offset losses from the drop in Putnam Multi's long position.| Polen Global vs. American Funds New | Polen Global vs. American Funds New | Polen Global vs. New Perspective Fund | Polen Global vs. New Perspective Fund |
| Putnam Multi vs. Fidelity Capital Income | Putnam Multi vs. Buffalo High Yield | Putnam Multi vs. Voya High Yield | Putnam Multi vs. Pax 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 CEOs Directory module to screen CEOs from public companies around the world.
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