Correlation Between Jpmorgan Floating and Putnam Money

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Can any of the company-specific risk be diversified away by investing in both Jpmorgan Floating and Putnam Money 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 Jpmorgan Floating and Putnam Money into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jpmorgan Floating Rate and Putnam Money Market, you can compare the effects of market volatilities on Jpmorgan Floating and Putnam Money 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 Jpmorgan Floating with a short position of Putnam Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jpmorgan Floating and Putnam Money.

Diversification Opportunities for Jpmorgan Floating and Putnam Money

JpmorganPutnamDiversified AwayJpmorganPutnamDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Jpmorgan and Putnam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jpmorgan Floating Rate and Putnam Money Market in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Putnam Money Market and Jpmorgan Floating 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 Jpmorgan Floating Rate are associated (or correlated) with Putnam Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Putnam Money Market has no effect on the direction of Jpmorgan Floating i.e., Jpmorgan Floating and Putnam Money go up and down completely randomly.

Pair Corralation between Jpmorgan Floating and Putnam Money

If you would invest  829.00  in Jpmorgan Floating Rate on November 22, 2024 and sell it today you would earn a total of  4.00  from holding Jpmorgan Floating Rate or generate 0.48% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy96.67%
ValuesDaily Returns

Jpmorgan Floating Rate  vs.  Putnam Money Market

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb 0.20.40.60.81.01.2
JavaScript chart by amCharts 3.21.15JPHCX PFCXX
       Timeline  
Jpmorgan Floating Rate 

Risk-Adjusted Performance

OK

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Jpmorgan Floating Rate are ranked lower than 7 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong fundamental indicators, Jpmorgan Floating is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb8.288.298.38.318.328.338.348.35
Putnam Money Market 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Putnam Money Market has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Putnam Money is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb11.05

Jpmorgan Floating and Putnam Money Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-0.13-0.078-0.0524-0.0268-0.0012310.02340.05050.07760.130.35 1020304050
JavaScript chart by amCharts 3.21.15JPHCX PFCXX
       Returns  

Pair Trading with Jpmorgan Floating and Putnam Money

The main advantage of trading using opposite Jpmorgan Floating and Putnam Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jpmorgan Floating position performs unexpectedly, Putnam Money 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 Putnam Money will offset losses from the drop in Putnam Money's long position.
The idea behind Jpmorgan Floating Rate and Putnam Money Market pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.

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