Correlation Between Putnam Money and Tennessee Tax-free
Can any of the company-specific risk be diversified away by investing in both Putnam Money and Tennessee Tax-free 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 Putnam Money and Tennessee Tax-free into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Money Market and Tennessee Tax Free Income, you can compare the effects of market volatilities on Putnam Money and Tennessee Tax-free 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 Money with a short position of Tennessee Tax-free. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Money and Tennessee Tax-free.
Diversification Opportunities for Putnam Money and Tennessee Tax-free
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Putnam and Tennessee is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Money Market and Tennessee Tax Free Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tennessee Tax Free and Putnam Money 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 Money Market are associated (or correlated) with Tennessee Tax-free. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tennessee Tax Free has no effect on the direction of Putnam Money i.e., Putnam Money and Tennessee Tax-free go up and down completely randomly.
Pair Corralation between Putnam Money and Tennessee Tax-free
If you would invest 1,035 in Tennessee Tax Free Income on September 10, 2025 and sell it today you would earn a total of 22.00 from holding Tennessee Tax Free Income or generate 2.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Putnam Money Market vs. Tennessee Tax Free Income
Performance |
| Timeline |
| Putnam Money Market |
| Tennessee Tax Free |
Putnam Money and Tennessee Tax-free Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Money and Tennessee Tax-free
The main advantage of trading using opposite Putnam Money and Tennessee Tax-free positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Money position performs unexpectedly, Tennessee Tax-free 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 Tennessee Tax-free will offset losses from the drop in Tennessee Tax-free's long position.| Putnam Money vs. Artisan Select Equity | Putnam Money vs. Monteagle Enhanced Equity | Putnam Money vs. Dws Equity Sector | Putnam Money vs. Crossmark Steward Equity |
| Tennessee Tax-free vs. Janus Global Unconstrained | Tennessee Tax-free vs. Janus Global Unconstrained | Tennessee Tax-free vs. First Trust Mortgage | Tennessee Tax-free vs. Icon Utilities Fund |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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