Putnam High Correlations

PFJAX Fund

USD 5.24 0.01 0.19%

The current 90-days correlation between Putnam High Yield and Amg River Road is 0.38 (i.e., Weak diversification). The correlation of Putnam High 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 High Correlation With Market

Poor diversification

The correlation between Putnam High Yield and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam High Yield 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 High Yield. 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 nation.

Moving together with Putnam Mutual Fund

0.86	PEYAX	Putnam Equity Income	Pair Corr
0.72	PEXTX	Putnam Tax Exempt	Pair Corr
0.63	PFICX	Putnam Floating Rate	Pair Corr
0.75	PFLRX	Putnam Floating Rate	Pair Corr
0.73	PFLLX	Putnam Floating Rate	Pair Corr
0.73	PFRYX	Putnam Floating Rate	Pair Corr
0.77	PFRZX	Putnam Floating Rate	Pair Corr
0.65	PXMAX	Putnam Massachusetts Tax	Pair Corr
0.71	PXMNX	Putnam Minnesota Tax	Pair Corr
0.72	PXOHX	Putnam Ohio Tax	Pair Corr
0.64	PGBRX	Putnam Global Income	Pair Corr
0.92	PGFMX	Putnam Global Financials	Pair Corr
0.66	PGGYX	Putnam Global Incm	Pair Corr
0.83	PGHAX	Putnam Global Health	Pair Corr
0.67	PGGDX	Putnam Global Income	Pair Corr
0.67	PGGEX	Putnam Global Income	Pair Corr
0.65	PGGLX	Putnam Global Incm	Pair Corr
0.66	PGGIX	Putnam Global Income	Pair Corr
0.67	PGLEX	Putnam Global Equity	Pair Corr
0.66	PGLRX	Putnam Global Equity	Pair Corr

Related Correlations Analysis

	ARSMX	RRMVX	CSCVX	BPSCX	IAAEX	AOPAX	SMVTX	ARSVX
ARSMX		0.84	0.39	0.83	0.54	-0.12	0.91	0.98	ARSMX
RRMVX	0.84		0.26	0.96	0.39	-0.09	0.93	0.87	RRMVX
CSCVX	0.39	0.26		0.26	0.77	0.4	0.4	0.28	CSCVX
BPSCX	0.83	0.96	0.26		0.4	-0.16	0.94	0.87	BPSCX
IAAEX	0.54	0.39	0.77	0.4		0.21	0.53	0.46	IAAEX
AOPAX	-0.12	-0.09	0.4	-0.16	0.21		-0.11	-0.22	AOPAX
SMVTX	0.91	0.93	0.4	0.94	0.53	-0.11		0.92	SMVTX
ARSVX	0.98	0.87	0.28	0.87	0.46	-0.22	0.92		ARSVX
	ARSMX	RRMVX	CSCVX	BPSCX	IAAEX	AOPAX	SMVTX	ARSVX

Click cells to compare fundamentals

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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

ARSVX	+ 0.98	ARSMX
BPSCX	+ 0.96	RRMVX
SMVTX	+ 0.94	BPSCX
SMVTX	+ 0.93	RRMVX
ARSVX	+ 0.92	SMVTX
SMVTX	+ 0.91	ARSMX

High negative correlations

ARSVX	- 0.22	AOPAX
AOPAX	- 0.16	BPSCX
AOPAX	- 0.12	ARSMX
SMVTX	- 0.11	AOPAX
AOPAX	- 0.09	RRMVX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam High 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 High'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
ARSMX	0.82	(0.17)	0.00	(0.29)	0.00	0.00	1.13	(1.56)	8.46
RRMVX	0.71	(0.04)	0.00	(0.12)	0.00	0.00	1.21	(1.60)	3.46
CSCVX	0.43	(0.07)	0.00	(0.27)	0.00	0.00	0.97	(1.23)	4.53
BPSCX	0.83	(0.08)	0.00	(0.16)	0.00	0.00	1.51	(2.10)	4.06
IAAEX	0.80	(0.12)	0.00	(0.32)	0.00	0.00	1.41	(1.48)	9.17
AOPAX	0.48	0.05	0.12	0.04	0.67	(0.51)	1.15	(1.14)	3.90
SMVTX	1.01	(0.15)	0.00	(0.22)	0.00	0.00	1.39	(2.22)	9.55
ARSVX	0.81	(0.16)	0.00	(0.27)	0.00	0.00	1.19	(1.54)	7.70

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