Putnam Convertible Correlations

PCNTX Fund

USD 26.40 0.17 0.64%

The current 90-days correlation between Putnam Convertible and Fkhemx is 0.03 (i.e., Significant diversification). The correlation of Putnam Convertible 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 Convertible Correlation With Market

Significant diversification

The correlation between Putnam Convertible Securities and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Convertible Securities 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 Convertible Securities. 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 estimate.

Moving together with Putnam Mutual Fund

0.71	PEXTX	Putnam Tax Exempt	Pair Corr
0.87	PFJAX	Putnam High Yield	Pair Corr
0.65	PXMAX	Putnam Massachusetts Tax	Pair Corr
0.67	PXMNX	Putnam Minnesota Tax	Pair Corr
0.71	PXOHX	Putnam Ohio Tax	Pair Corr
0.77	PGFMX	Putnam Global Financials	Pair Corr
0.74	PGODX	Putnam Growth Opport Potential Growth	Pair Corr
0.74	PGOEX	Putnam Growth Opport Potential Growth	Pair Corr
0.71	PGORX	Putnam Growth Opport Potential Growth	Pair Corr
0.8	PGOYX	Putnam Growth Opport Potential Growth	Pair Corr

Related Correlations Analysis

	FKHEMX	FWNHTX	FZNOPX	WMCANX	FVKVWX	FABWX	MSSGX
FKHEMX		0.17	0.7	0.77	0.73	0.69	-0.17	FKHEMX
FWNHTX	0.17		0.35	0.37	0.08	0.28	-0.33	FWNHTX
FZNOPX	0.7	0.35		0.65	0.64	0.73	-0.21	FZNOPX
WMCANX	0.77	0.37	0.65		0.43	0.71	-0.2	WMCANX
FVKVWX	0.73	0.08	0.64	0.43		0.45	-0.17	FVKVWX
FABWX	0.69	0.28	0.73	0.71	0.45		0.05	FABWX
MSSGX	-0.17	-0.33	-0.21	-0.2	-0.17	0.05		MSSGX
	FKHEMX	FWNHTX	FZNOPX	WMCANX	FVKVWX	FABWX	MSSGX

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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

WMCANX	+ 0.77	FKHEMX
FVKVWX	+ 0.73	FKHEMX
FABWX	+ 0.73	FZNOPX
FABWX	+ 0.71	WMCANX
FZNOPX	+ 0.7	FKHEMX
FABWX	+ 0.69	FKHEMX

High negative correlations

MSSGX	- 0.33	FWNHTX
MSSGX	- 0.21	FZNOPX
MSSGX	- 0.2	WMCANX
MSSGX	- 0.17	FVKVWX
MSSGX	- 0.17	FKHEMX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Convertible 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 Convertible'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
FKHEMX	0.62	0.24	0.00	5.45	0.00	0.00	1.42	(2.41)	3.83
FWNHTX	0.02	0.00	(3.12)	0.00	0.00	(0.03)	0.07	(0.04)	0.12
FZNOPX	0.77	0.18	0.10	3.96	0.60	(0.91)	1.55	(1.17)	3.75
WMCANX	0.50	0.13	0.00	1.04	0.00	0.00	1.07	(0.93)	2.41
FVKVWX	0.53	0.28	0.00	6.00	0.00	0.00	1.28	(1.24)	2.52
FABWX	0.93	0.13	0.02	(25.70)	1.65	(0.98)	1.52	(1.12)	6.74
MSSGX	1.58	0.38	0.19	0.76	1.51	(2.01)	3.81	(2.32)	11.74

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