Projected Return Density against MarketAssuming 30 trading days horizon, Putnam has beta of 0.83 . This implies as returns on market go up, Putnam avarage returns are expected to increase less than the benchmark. However during bear market, the loss on holding Putnam Voyager B will be expected to be much smaller as well. Moreover, Putnam Voyager B has alpha of 0.1241 implying that it can potentially generate 0.1241% excess return over NYSE after adjusting for the inherited market risk (beta). Assuming 30 trading days horizon, the coefficient of variation of Putnam is 393.28. The daily returns are destributed with a variance of 0.34 and standard deviation of 0.59. The mean deviation of Putnam Voyager B is currently at 0.45. For similar time horizon, the selected benchmark (NYSE) has volatility of 0.63
Actual Return VolatilityPutnam Voyager B shows 0.59% volatility of returns over 30 trading days. NYSE inherits 0.63% risk (volatility on return distribution) over the 30 days horizon.
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NYSE has a standard deviation of returns of 0.63 and is 1.07 times more volatile than Putnam Voyager B. 6% of all equities and portfolios are less risky than Putnam. Compared with the overall equity markets, volatility of historical daily returns of Putnam Voyager B is lower than 6 (%) of all global equities and portfolios over the last 30 days. Use Putnam Voyager B to protect against small markets fluctuations. The fund experiences normal downward trend and little activity. Check odds of Putnam to be traded at $25.37 in 30 days. As returns on market increase, Putnam returns are expected to increase less than the market. However during bear market, the loss on holding Putnam will be expected to be smaller as well.
Putnam correlation with market
Putnam Current Risk Indicators
Suggested Divercification Pairs