Correlation Between Siit High and Putman Absolute
Can any of the company-specific risk be diversified away by investing in both Siit High and Putman Absolute 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 Siit High and Putman Absolute into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siit High Yield and Putman Absolute Return, you can compare the effects of market volatilities on Siit High and Putman Absolute 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 Siit High with a short position of Putman Absolute. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siit High and Putman Absolute.
Diversification Opportunities for Siit High and Putman Absolute
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Siit and Putman is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Siit High Yield and Putman Absolute Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Putman Absolute Return and Siit High 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 Siit High Yield are associated (or correlated) with Putman Absolute. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Putman Absolute Return has no effect on the direction of Siit High i.e., Siit High and Putman Absolute go up and down completely randomly.
Pair Corralation between Siit High and Putman Absolute
If you would invest 678.00 in Siit High Yield on September 3, 2024 and sell it today you would earn a total of 40.00 from holding Siit High Yield or generate 5.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.8% |
| Values | Daily Returns |
Siit High Yield vs. Putman Absolute Return
Performance |
| Timeline |
| Siit High Yield |
| Putman Absolute Return |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Siit High and Putman Absolute Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siit High and Putman Absolute
The main advantage of trading using opposite Siit High and Putman Absolute positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siit High position performs unexpectedly, Putman Absolute 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 Putman Absolute will offset losses from the drop in Putman Absolute's long position.| Siit High vs. Lord Abbett Emerging | Siit High vs. Dws Government Money | Siit High vs. Matson Money Equity | Siit High vs. Ashmore Emerging Markets |
| Putman Absolute vs. Siit Global Managed | Putman Absolute vs. 361 Global Longshort | Putman Absolute vs. Franklin Mutual Global | Putman Absolute vs. Doubleline Global Bond |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |