Correlation Between Ambrus Core and George Putnam
Can any of the company-specific risk be diversified away by investing in both Ambrus Core and George Putnam 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 Ambrus Core and George Putnam into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ambrus Core Bond and George Putnam Fund, you can compare the effects of market volatilities on Ambrus Core and George Putnam 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 Ambrus Core with a short position of George Putnam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ambrus Core and George Putnam.
Diversification Opportunities for Ambrus Core and George Putnam
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ambrus and George is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ambrus Core Bond and George Putnam Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on George Putnam and Ambrus Core 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 Ambrus Core Bond are associated (or correlated) with George Putnam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of George Putnam has no effect on the direction of Ambrus Core i.e., Ambrus Core and George Putnam go up and down completely randomly.
Pair Corralation between Ambrus Core and George Putnam
Assuming the 90 days horizon Ambrus Core Bond is expected to generate 0.17 times more return on investment than George Putnam. However, Ambrus Core Bond is 5.89 times less risky than George Putnam. It trades about 0.29 of its potential returns per unit of risk. George Putnam Fund is currently generating about -0.12 per unit of risk. If you would invest 992.00 in Ambrus Core Bond on September 13, 2024 and sell it today you would earn a total of 8.00 from holding Ambrus Core Bond or generate 0.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ambrus Core Bond vs. George Putnam Fund
Performance |
| Timeline |
| Ambrus Core Bond |
| George Putnam |
Ambrus Core and George Putnam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ambrus Core and George Putnam
The main advantage of trading using opposite Ambrus Core and George Putnam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ambrus Core position performs unexpectedly, George Putnam 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 George Putnam will offset losses from the drop in George Putnam's long position.| Ambrus Core vs. Loomis Sayles Inflation | Ambrus Core vs. Simt Multi Asset Inflation | Ambrus Core vs. Ab Bond Inflation | Ambrus Core vs. Schwab Treasury Inflation |
| George Putnam vs. Blackrock Short Term Inflat Protected | George Putnam vs. Aqr Long Short Equity | George Putnam vs. Lord Abbett Short | George Putnam vs. Quantitative Longshort Equity |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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