Putnam California Correlations

PCTBX Fund

USD 7.47 0.00 0.00%

The correlation of Putnam California 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 California Correlation With Market

Significant diversification

The correlation between Putnam California Tax and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam California Tax 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 California Tax. 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 bureau of labor statistics.

Moving together with Putnam Mutual Fund

0.69	PFJAX	Putnam High Yield	Pair Corr
0.95	PFRBX	Putnam Floating Rate	Pair Corr
0.86	PGLBX	Putnam Global Income	Pair Corr

Moving against Putnam Mutual Fund

0.86	PGEBX	George Putnam	Pair Corr
0.48	PGHAX	Putnam Global Health	Pair Corr
0.33	PGNBX	Putnam International	Pair Corr

Related Correlations Analysis

	PEYAX	PEXTX	PFICX	PFJAX	PFLRX	PFLLX	PFRBX	PFRYX	PFRZX	PXMAX
PEYAX		-0.29	0.83	0.79	0.84	0.82	0.34	0.83	0.82	-0.34	PEYAX
PEXTX	-0.29		-0.34	0.17	-0.35	-0.33	0.26	-0.33	-0.33	0.99	PEXTX
PFICX	0.83	-0.34		0.68	0.99	0.99	0.54	0.99	0.99	-0.39	PFICX
PFJAX	0.79	0.17	0.68		0.69	0.69	0.6	0.69	0.69	0.11	PFJAX
PFLRX	0.84	-0.35	0.99	0.69		0.99	0.51	1.0	0.99	-0.39	PFLRX
PFLLX	0.82	-0.33	0.99	0.69	0.99		0.56	1.0	1.0	-0.38	PFLLX
PFRBX	0.34	0.26	0.54	0.6	0.51	0.56		0.55	0.55	0.2	PFRBX
PFRYX	0.83	-0.33	0.99	0.69	1.0	1.0	0.55		1.0	-0.38	PFRYX
PFRZX	0.82	-0.33	0.99	0.69	0.99	1.0	0.55	1.0		-0.38	PFRZX
PXMAX	-0.34	0.99	-0.39	0.11	-0.39	-0.38	0.2	-0.38	-0.38		PXMAX
	PEYAX	PEXTX	PFICX	PFJAX	PFLRX	PFLLX	PFRBX	PFRYX	PFRZX	PXMAX

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

High negative correlations

PXMAX	- 0.39	PFLRX
PXMAX	- 0.39	PFICX
PXMAX	- 0.38	PFRZX
PXMAX	- 0.38	PFRYX
PXMAX	- 0.38	PFLLX
PFLRX	- 0.35	PEXTX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam California 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 California'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	0.50	0.00	(0.06)	0.11	0.39	(0.60)	1.08	(0.95)	3.16
PEXTX	0.17	0.01	(0.27)	0.02	0.27	(0.23)	0.38	(0.38)	1.78
PFICX	0.08	0.02	(0.74)	0.63	0.00	(0.23)	0.25	(0.13)	0.76
PFJAX	0.10	0.01	(0.41)	0.21	0.00	(0.21)	0.19	(0.19)	0.75
PFLRX	0.07	0.02	0.00	1.93	0.00	0.00	0.13	0.00	0.76
PFLLX	0.07	0.02	0.00	1.46	0.00	0.00	0.13	0.00	0.76
PFRBX	0.03	0.00	0.00	0.18	0.00	0.00	0.00	0.00	0.76
PFRYX	0.08	0.02	0.00	1.13	0.00	0.00	0.13	(0.13)	0.89
PFRZX	0.08	0.02	(0.72)	0.90	0.00	(0.28)	0.25	(0.13)	0.76
PXMAX	0.14	0.01	(0.32)	0.06	0.23	(0.19)	0.33	(0.33)	1.44

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