Putnam Dynamic Correlations

PABYX Fund

USD 15.77 0.17 1.07%

The current 90-days correlation between Putnam Dynamic Asset and Tiaa Cref Large Cap Value is 0.08 (i.e., Significant diversification). The correlation of Putnam Dynamic 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 Dynamic Correlation With Market

Weak diversification

The correlation between Putnam Dynamic Asset and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Dynamic Asset 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 Dynamic Asset. 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 manufacturing.

Moving together with Putnam Mutual Fund

0.66	PGEYX	George Putnam	Pair Corr
0.66	PGEJX	George Putnam Balanced	Pair Corr
0.66	PGEOX	George Putnam	Pair Corr
0.65	PGELX	George Putnam Balanced	Pair Corr
0.66	PGEMX	George Putnam	Pair Corr
0.61	PGIEX	Putnam Global Industrials	Pair Corr
0.61	PGIOX	Putnam Global Industrials	Pair Corr
0.66	PGPRX	George Putnam	Pair Corr
0.66	PGPCX	George Putnam	Pair Corr

Related Correlations Analysis

	TRCPX	DOXGX	DNLVX	GMLVX	AMFFX	TACLX	SMVLX
TRCPX		0.98	0.51	0.5	0.86	0.91	0.41	TRCPX
DOXGX	0.98		0.39	0.57	0.83	0.91	0.26	DOXGX
DNLVX	0.51	0.39		0.2	0.64	0.52	0.68	DNLVX
GMLVX	0.5	0.57	0.2		0.55	0.57	-0.19	GMLVX
AMFFX	0.86	0.83	0.64	0.55		0.92	0.35	AMFFX
TACLX	0.91	0.91	0.52	0.57	0.92		0.23	TACLX
SMVLX	0.41	0.26	0.68	-0.19	0.35	0.23		SMVLX
	TRCPX	DOXGX	DNLVX	GMLVX	AMFFX	TACLX	SMVLX

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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

DOXGX	+ 0.98	TRCPX
TACLX	+ 0.92	AMFFX
TACLX	+ 0.91	TRCPX
TACLX	+ 0.91	DOXGX
AMFFX	+ 0.86	TRCPX
AMFFX	+ 0.83	DOXGX

High negative correlations

SMVLX

- 0.19

GMLVX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Dynamic 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 Dynamic'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
TRCPX	0.65	(0.04)	0.00	0.32	0.00	0.00	1.21	(1.53)	3.55
DOXGX	0.63	(0.02)	0.07	0.11	0.91	(0.61)	1.30	(1.41)	3.35
DNLVX	0.70	(0.05)	0.00	(0.14)	0.00	0.00	1.24	(1.35)	5.97
GMLVX	0.69	0.06	0.10	0.06	0.90	(0.75)	1.57	(1.62)	5.51
AMFFX	0.63	(0.10)	0.00	0.51	0.00	0.00	1.09	(1.46)	5.17
TACLX	0.68	(0.08)	0.00	0.85	0.00	0.00	1.26	(1.49)	3.10
SMVLX	0.80	(0.05)	0.00	(0.14)	0.00	0.00	1.31	(1.85)	3.48

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