Putnam Massachusetts Correlations

PMABX Fund

USD 9.12 0.00 0.00%

The correlation of Putnam Massachusetts 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 Massachusetts Correlation With Market

Good diversification

The correlation between Putnam Massachusetts Tax and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Massachusetts 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 Massachusetts 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
0.93	PFRBX	Putnam Floating Rate	Pair Corr
0.9	PGLBX	Putnam Global Income	Pair Corr

Moving against Putnam Mutual Fund

0.88	PGEBX	George Putnam	Pair Corr
0.48	PGHAX	Putnam Global Health	Pair Corr
0.38	PGNBX	Putnam International	Pair Corr

Related Correlations Analysis

	PHIAX	CYBAX	GHYSX	NEAIX	HIMYX	PHDTX	CBSYX
PHIAX		0.84	0.3	0.39	0.35	0.99	0.49	PHIAX
CYBAX	0.84		0.5	0.27	0.54	0.84	0.44	CYBAX
GHYSX	0.3	0.5		-0.02	0.97	0.27	0.61	GHYSX
NEAIX	0.39	0.27	-0.02		-0.02	0.43	0.53	NEAIX
HIMYX	0.35	0.54	0.97	-0.02		0.32	0.6	HIMYX
PHDTX	0.99	0.84	0.27	0.43	0.32		0.45	PHDTX
CBSYX	0.49	0.44	0.61	0.53	0.6	0.45		CBSYX
	PHIAX	CYBAX	GHYSX	NEAIX	HIMYX	PHDTX	CBSYX

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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

PHDTX	+ 0.99	PHIAX
HIMYX	+ 0.97	GHYSX
CYBAX	+ 0.84	PHIAX
PHDTX	+ 0.84	CYBAX
CBSYX	+ 0.61	GHYSX
CBSYX	+ 0.6	HIMYX

High negative correlations

HIMYX	- 0.02	NEAIX
NEAIX	- 0.02	GHYSX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Massachusetts 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 Massachusetts' 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
PHIAX	0.10	0.01	(0.48)	0.30	0.00	(0.15)	0.23	(0.23)	0.80
CYBAX	0.10	0.00	(0.87)	0.17	0.00	(0.13)	0.24	(0.16)	0.73
GHYSX	0.16	0.02	(0.24)	(0.03)	0.26	(0.23)	0.43	(0.43)	1.72
NEAIX	1.09	(0.11)	(0.04)	0.05	1.31	(1.16)	2.62	(2.27)	6.76
HIMYX	0.14	0.01	(0.30)	0.00	0.18	(0.30)	0.33	(0.32)	1.47
PHDTX	0.09	0.02	(0.62)	0.39	0.00	(0.16)	0.23	(0.11)	0.56
CBSYX	0.33	(0.03)	(0.25)	0.05	0.35	(0.39)	0.69	(0.67)	2.27

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