Putnam Dynamic Correlations

PABAX Fund

USD 16.31 0.07 0.43%

The current 90-days correlation between Putnam Dynamic Asset and Putnam Equity Income is 0.44 (i.e., Very weak diversification). The correlation of Putnam Dynamic is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Putnam Dynamic Correlation With Market

Average diversification

The correlation between Putnam Dynamic Asset and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Dynamic Asset and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Putnam Dynamic Asset. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Putnam Mutual Fund

0.8	PEYAX	Putnam Equity Income	Pair Corr
0.76	PGFMX	Putnam Global Financials	Pair Corr
0.78	PIIRX	Putnam International	Pair Corr
0.82	PNOYX	Putnam Multi Cap	Pair Corr
0.8	PNORX	Putnam Multi Cap	Pair Corr
0.77	PNOTX	Putnam Sustainable Future	Pair Corr
0.76	PNSAX	Putnam Small Cap	Pair Corr
0.77	PNSCX	Putnam Small Cap	Pair Corr
0.68	PRRTX	Putnman Retirement Ready	Pair Corr
0.67	PALZX	Putnam Retirement	Pair Corr
0.93	FBONX	American Funds American	Pair Corr
0.93	FBAFX	American Funds American	Pair Corr
0.94	ABALX	American Balanced	Pair Corr
0.94	BALCX	American Balanced	Pair Corr
0.94	BALFX	American Balanced	Pair Corr
0.94	RLBCX	American Balanced	Pair Corr
0.94	RLBBX	American Balanced	Pair Corr
0.94	CLBAX	American Balanced	Pair Corr
0.94	CLBEX	American Balanced	Pair Corr
0.93	RLBFX	American Balanced	Pair Corr
0.83	LIIAX	Columbia Porate Income	Pair Corr
0.8	SRINX	Columbia Porate Income	Pair Corr
0.79	CIFRX	Columbia Porate Income	Pair Corr
0.83	WRHIX	Ivy High Income	Pair Corr
0.78	WHIAX	Ivy High Income	Pair Corr
0.8	IHIFX	Ivy High Income	Pair Corr
0.8	IVHIX	Ivy High Income	Pair Corr
0.68	GSWPX	Goldman Sachs Smallmid	Pair Corr
0.79	AA	Alcoa Corp	Pair Corr

Moving against Putnam Mutual Fund

0.73	BA	Boeing	Pair Corr
0.63	SSAGX	Virtus Seix Government	Pair Corr
0.56	LFRIX	Floating Rate	Pair Corr
0.4	LALDX	Lord Abbett Short	Pair Corr
0.34	CSCO	Cisco Systems	Pair Corr
0.31	PFE	Pfizer Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PEYAX	PEXTX	PFICX	PFLRX	PFLLX	PFRBX	PFRYX	PFRZX	PXMAX	PXMNX
PEYAX		0.38	-0.62	-0.6	-0.59	0.0	-0.6	-0.63	0.47	0.38	PEYAX
PEXTX	0.38		0.07	0.11	0.09	0.0	0.11	0.03	0.99	0.93	PEXTX
PFICX	-0.62	0.07		0.98	0.98	0.0	0.98	0.99	-0.08	-0.01	PFICX
PFLRX	-0.6	0.11	0.98		0.99	0.0	1.0	0.97	-0.04	0.01	PFLRX
PFLLX	-0.59	0.09	0.98	0.99		0.0	1.0	0.98	-0.06	0.0	PFLLX
PFRBX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	PFRBX
PFRYX	-0.6	0.11	0.98	1.0	1.0	0.0		0.98	-0.04	0.01	PFRYX
PFRZX	-0.63	0.03	0.99	0.97	0.98	0.0	0.98		-0.12	-0.05	PFRZX
PXMAX	0.47	0.99	-0.08	-0.04	-0.06	0.0	-0.04	-0.12		0.94	PXMAX
PXMNX	0.38	0.93	-0.01	0.01	0.0	0.0	0.01	-0.05	0.94		PXMNX
	PEYAX	PEXTX	PFICX	PFLRX	PFLLX	PFRBX	PFRYX	PFRZX	PXMAX	PXMNX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PFRYX	+ 1.0	PFLRX
PFRYX	+ 1.0	PFLLX
PXMAX	+ 0.99	PEXTX
PFRZX	+ 0.99	PFICX
PFLLX	+ 0.99	PFLRX
PFLRX	+ 0.98	PFICX

High negative correlations

PFRZX	- 0.63	PEYAX
PFICX	- 0.62	PEYAX
PFRYX	- 0.6	PEYAX
PFLRX	- 0.6	PEYAX
PFLLX	- 0.59	PEYAX
PXMAX	- 0.12	PFRZX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Dynamic Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Putnam Dynamic's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PEYAX	0.61	(0.09)	0.00	(0.11)	0.00	0.00	1.09	(0.95)	7.71
PEXTX	0.21	0.00	(0.18)	0.04	0.31	(0.25)	0.51	(0.51)	1.67
PFICX	0.07	0.02	(0.53)	(1.27)	0.00	(0.25)	0.25	(0.13)	0.64
PFLRX	0.07	0.02	(0.52)	2.76	0.00	(0.23)	0.13	(0.13)	0.88
PFLLX	0.06	0.00	0.00	0.00	0.00	0.00	0.13	(0.12)	0.64
PFRBX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PFRYX	0.07	0.02	0.00	6.45	0.00	0.00	0.13	(0.12)	0.76
PFRZX	0.07	0.02	0.00	(0.83)	0.00	0.00	0.25	(0.13)	0.76
PXMAX	0.18	(0.01)	(0.21)	(0.09)	0.28	(0.22)	0.34	(0.44)	1.56
PXMNX	0.20	0.00	(0.20)	(0.36)	0.30	(0.24)	0.35	(0.46)	1.84

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