Correlation Between Putnam Diversified and Mainstay Epoch
Can any of the company-specific risk be diversified away by investing in both Putnam Diversified and Mainstay Epoch 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 Diversified and Mainstay Epoch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Diversified Income and Mainstay Epoch International, you can compare the effects of market volatilities on Putnam Diversified and Mainstay Epoch 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 Diversified with a short position of Mainstay Epoch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Diversified and Mainstay Epoch.
Diversification Opportunities for Putnam Diversified and Mainstay Epoch
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Putnam and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Diversified Income and Mainstay Epoch International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Epoch Inter and Putnam Diversified 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 Diversified Income are associated (or correlated) with Mainstay Epoch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Epoch Inter has no effect on the direction of Putnam Diversified i.e., Putnam Diversified and Mainstay Epoch go up and down completely randomly.
Pair Corralation between Putnam Diversified and Mainstay Epoch
If you would invest 3,754 in Mainstay Epoch International on October 25, 2024 and sell it today you would earn a total of 122.00 from holding Mainstay Epoch International or generate 3.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Putnam Diversified Income vs. Mainstay Epoch International
Performance |
| Timeline |
| Putnam Diversified Income |
| Mainstay Epoch Inter |
Putnam Diversified and Mainstay Epoch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Diversified and Mainstay Epoch
The main advantage of trading using opposite Putnam Diversified and Mainstay Epoch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Diversified position performs unexpectedly, Mainstay Epoch 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 Mainstay Epoch will offset losses from the drop in Mainstay Epoch's long position.| Putnam Diversified vs. Prudential Government Money | Putnam Diversified vs. Putnam Money Market | Putnam Diversified vs. Edward Jones Money | Putnam Diversified vs. Pioneer Money Market |
| Mainstay Epoch vs. Altegris Futures Evolution | Mainstay Epoch vs. Atac Inflation Rotation | Mainstay Epoch vs. Aqr Managed Futures | Mainstay Epoch vs. Fidelity Sai Inflationfocused |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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