Correlation Between Putnam Short and HUMANA
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By analyzing existing cross correlation between Putnam Short Duration and HUMANA INC, you can compare the effects of market volatilities on Putnam Short and HUMANA 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 Short with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Short and HUMANA.
Diversification Opportunities for Putnam Short and HUMANA
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Putnam and HUMANA is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Short Duration and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Putnam Short 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 Short Duration are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Putnam Short i.e., Putnam Short and HUMANA go up and down completely randomly.
Pair Corralation between Putnam Short and HUMANA
Assuming the 90 days horizon Putnam Short is expected to generate 5.39 times less return on investment than HUMANA. But when comparing it to its historical volatility, Putnam Short Duration is 19.11 times less risky than HUMANA. It trades about 0.19 of its potential returns per unit of risk. HUMANA INC is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 7,809 in HUMANA INC on February 27, 2024 and sell it today you would earn a total of 149.00 from holding HUMANA INC or generate 1.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Putnam Short Duration vs. HUMANA INC
Performance |
Timeline |
Putnam Short Duration |
HUMANA INC |
Putnam Short and HUMANA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Putnam Short and HUMANA
The main advantage of trading using opposite Putnam Short and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Short position performs unexpectedly, HUMANA 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 HUMANA will offset losses from the drop in HUMANA's long position.Putnam Short vs. Short Term Fund R | Putnam Short vs. HUMANA INC | Putnam Short vs. Aquagold International | Putnam Short vs. Barloworld Ltd ADR |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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