Correlation Between HUMANA and George Putnam
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By analyzing existing cross correlation between HUMANA INC and George Putnam Fund, you can compare the effects of market volatilities on HUMANA 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 HUMANA with a short position of George Putnam. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and George Putnam.
Diversification Opportunities for HUMANA and George Putnam
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HUMANA and George is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and George Putnam Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on George Putnam and HUMANA 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 HUMANA INC 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 HUMANA i.e., HUMANA and George Putnam go up and down completely randomly.
Pair Corralation between HUMANA and George Putnam
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the George Putnam. In addition to that, HUMANA is 1.53 times more volatile than George Putnam Fund. It trades about -0.04 of its total potential returns per unit of risk. George Putnam Fund is currently generating about 0.07 per unit of volatility. If you would invest 2,427 in George Putnam Fund on September 1, 2024 and sell it today you would earn a total of 96.00 from holding George Putnam Fund or generate 3.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.41% |
| Values | Daily Returns |
HUMANA INC vs. George Putnam Fund
Performance |
| Timeline |
| HUMANA INC |
| George Putnam |
HUMANA and George Putnam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and George Putnam
The main advantage of trading using opposite HUMANA and George Putnam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA 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.| HUMANA vs. NI Holdings | HUMANA vs. Naked Wines plc | HUMANA vs. Kinsale Capital Group | HUMANA vs. Diageo PLC ADR |
| George Putnam vs. Putnam Equity Income | George Putnam vs. Putnam Tax Exempt | George Putnam vs. Putnam Floating Rate | George Putnam vs. Putnam 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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