Correlation Between Putnam Global and Gabelli Global
Can any of the company-specific risk be diversified away by investing in both Putnam Global and Gabelli Global 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 Global and Gabelli Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Global Financials and Gabelli Global Financial, you can compare the effects of market volatilities on Putnam Global and Gabelli Global 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 Global with a short position of Gabelli Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Global and Gabelli Global.
Diversification Opportunities for Putnam Global and Gabelli Global
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Putnam and Gabelli is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Global Financials and Gabelli Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Global Financial and Putnam Global 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 Global Financials are associated (or correlated) with Gabelli Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Global Financial has no effect on the direction of Putnam Global i.e., Putnam Global and Gabelli Global go up and down completely randomly.
Pair Corralation between Putnam Global and Gabelli Global
Assuming the 90 days horizon Putnam Global Financials is expected to generate 0.5 times more return on investment than Gabelli Global. However, Putnam Global Financials is 2.02 times less risky than Gabelli Global. It trades about 0.2 of its potential returns per unit of risk. Gabelli Global Financial is currently generating about 0.09 per unit of risk. If you would invest 1,088 in Putnam Global Financials on August 16, 2025 and sell it today you would earn a total of 48.00 from holding Putnam Global Financials or generate 4.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Putnam Global Financials vs. Gabelli Global Financial
Performance |
| Timeline |
| Putnam Global Financials |
| Gabelli Global Financial |
Putnam Global and Gabelli Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Global and Gabelli Global
The main advantage of trading using opposite Putnam Global and Gabelli Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Global position performs unexpectedly, Gabelli Global 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 Gabelli Global will offset losses from the drop in Gabelli Global's long position.| Putnam Global vs. Blrc Sgy Mnp | Putnam Global vs. Old Westbury California | Putnam Global vs. Transamerica Intermediate Muni | Putnam Global vs. Alliancebernstein National Municipalome |
| Gabelli Global vs. Allianzgi Diversified Income | Gabelli Global vs. Shelton Funds | Gabelli Global vs. Semiconductor Ultrasector Profund | Gabelli Global vs. Wilmington Diversified Income |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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