Correlation Between Putnam Growth and HUMANA
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By analyzing existing cross correlation between Putnam Growth Opportunities and HUMANA INC, you can compare the effects of market volatilities on Putnam Growth and HUMANA 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 Growth with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Growth and HUMANA.
Diversification Opportunities for Putnam Growth and HUMANA
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Putnam and HUMANA is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Growth Opportunities and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Putnam Growth 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 Growth Opportunities are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Putnam Growth i.e., Putnam Growth and HUMANA go up and down completely randomly.
Pair Corralation between Putnam Growth and HUMANA
Assuming the 90 days horizon Putnam Growth Opportunities is expected to generate 1.09 times more return on investment than HUMANA. However, Putnam Growth is 1.09 times more volatile than HUMANA INC. It trades about -0.03 of its potential returns per unit of risk. HUMANA INC is currently generating about -0.09 per unit of risk. If you would invest 6,978 in Putnam Growth Opportunities on November 27, 2024 and sell it today you would lose (51.00) from holding Putnam Growth Opportunities or give up 0.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Putnam Growth Opportunities vs. HUMANA INC
Performance |
| Timeline |
| Putnam Growth Opport |
| HUMANA INC |
Putnam Growth and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Growth and HUMANA
The main advantage of trading using opposite Putnam Growth and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Growth position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.| Putnam Growth vs. Putnam Equity Income | Putnam Growth vs. Putnam Multi Cap Growth | Putnam Growth vs. Putnam Global Health | Putnam Growth vs. Putnam International Equity |
| HUMANA vs. Amkor Technology | HUMANA vs. Primo Brands | HUMANA vs. The Coca Cola | HUMANA vs. Brandywine Realty Trust |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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