Correlation Between Putnam Global and Tiaa-cref Real
Can any of the company-specific risk be diversified away by investing in both Putnam Global and Tiaa-cref Real 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 Tiaa-cref Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Global Health and Tiaa Cref Real Estate, you can compare the effects of market volatilities on Putnam Global and Tiaa-cref Real 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 Tiaa-cref Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Global and Tiaa-cref Real.
Diversification Opportunities for Putnam Global and Tiaa-cref Real
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Putnam and Tiaa-cref is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Global Health and Tiaa Cref Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Real 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 Health are associated (or correlated) with Tiaa-cref Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiaa Cref Real has no effect on the direction of Putnam Global i.e., Putnam Global and Tiaa-cref Real go up and down completely randomly.
Pair Corralation between Putnam Global and Tiaa-cref Real
Assuming the 90 days horizon Putnam Global Health is expected to generate 1.1 times more return on investment than Tiaa-cref Real. However, Putnam Global is 1.1 times more volatile than Tiaa Cref Real Estate. It trades about 0.23 of its potential returns per unit of risk. Tiaa Cref Real Estate is currently generating about 0.03 per unit of risk. If you would invest 6,402 in Putnam Global Health on August 26, 2025 and sell it today you would earn a total of 807.00 from holding Putnam Global Health or generate 12.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Putnam Global Health vs. Tiaa Cref Real Estate
Performance |
| Timeline |
| Putnam Global Health |
| Tiaa Cref Real |
Putnam Global and Tiaa-cref Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Global and Tiaa-cref Real
The main advantage of trading using opposite Putnam Global and Tiaa-cref Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Global position performs unexpectedly, Tiaa-cref Real 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 Tiaa-cref Real will offset losses from the drop in Tiaa-cref Real's long position.| Putnam Global vs. Federated Government Income | Putnam Global vs. Short Term Government Fund | Putnam Global vs. Us Government Securities | Putnam Global vs. Franklin Adjustable Government |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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