Putnam Short Correlations

PSDRX Fund

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The current 90-days correlation between Putnam Short Duration and Putnam Equity Income is -0.01 (i.e., Good diversification). The correlation of Putnam Short 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 Short Correlation With Market

Good diversification

The correlation between Putnam Short Duration and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Short Duration 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 Short Duration. 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 metropolitan statistical area.

Moving together with Putnam Mutual Fund

0.73	PEYAX	Putnam Equity Income	Pair Corr
0.94	PFLLX	Putnam Floating Rate	Pair Corr
0.73	PGEMX	George Putnam	Pair Corr
0.83	PHAYX	Putnam High Yield	Pair Corr
0.75	PMABX	Putnam Massachusetts Tax	Pair Corr
0.77	PMYYX	Putnam Multicap Core	Pair Corr
0.64	PNOYX	Putnam Multi Cap	Pair Corr
0.63	PNORX	Putnam Multi Cap	Pair Corr
0.68	PNOTX	Putnam Sustainable Future	Pair Corr
0.66	PNSAX	Putnam Small Cap	Pair Corr
0.66	PNSCX	Putnam Small Cap	Pair Corr
0.77	PNRAX	Putnam Research	Pair Corr
0.81	PRCCX	Putnam Convertible Incm	Pair Corr
0.63	PAARX	Putnam Dynamic Asset	Pair Corr
0.69	PACJX	Putnam Retirement	Pair Corr
0.68	PACSX	Putnam Retirement	Pair Corr
0.99	PSDQX	Putnam Short Duration	Pair Corr
0.99	PSDTX	Putnam Short Duration	Pair Corr
0.99	PSDNX	Putnam Ultra Short	Pair Corr
0.99	PSDYX	Putnam Short Duration	Pair Corr
0.75	PCTBX	Putnam California Tax	Pair Corr
0.72	PEQCX	Putnam Equity Income	Pair Corr
0.96	PTSPX	Pimco Short Term	Pair Corr
0.96	PTSHX	Short Term Fund	Pair Corr
0.96	PSFAX	Short Term Fund	Pair Corr
0.96	PTSRX	Short Term Fund	Pair Corr
0.98	LUSNX	Lord Abbett Ultra	Pair Corr

Moving against Putnam Mutual Fund

0.83	PGHAX	Putnam Global Health	Pair Corr
0.7	PNSBX	Putnam Small Cap	Pair Corr
0.64	POVBX	Putnam International	Pair Corr
0.61	PUSYX	Putnam U S	Pair Corr
0.53	HLDCX	Hartford Emerging	Pair Corr
0.51	HLDRX	Hartford Emerging	Pair Corr
0.51	HLDAX	Hartford Emerging	Pair Corr
0.5	HLDIX	Hartford Emerging	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 Short 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 Short'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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