Putnam Short-term Correlations

Mutual Funds . USA . 
Fund . Putnam Short Term Municipal
PYSTX Fund  USD 9.88  0.01  0.10%   
The current 90-days correlation between Putnam Short Term and World Energy Fund is -0.04 (i.e., Good diversification). The correlation of Putnam Short-term 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-term Correlation With Market

Good diversification

The correlation between Putnam Short Term Municipal and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Short Term Municipal 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 Term Municipal. 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

  0.73PFICX Putnam Floating RatePairCorr
  0.89PFJAX Putnam High YieldPairCorr
  0.72PFLRX Putnam Floating RatePairCorr
  0.72PFLLX Putnam Floating RatePairCorr
  0.71PFRYX Putnam Floating RatePairCorr
  0.67PFRZX Putnam Floating RatePairCorr
  0.66PGFMX Putnam Global FinancialsPairCorr
  0.61PGGDX Putnam Global IncomePairCorr
  0.61PGGEX Putnam Global IncomePairCorr
  0.84PGLEX Putnam Global EquityPairCorr
  0.83PGLRX Putnam Global EquityPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Short-term 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-term'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.

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