Putnam High Correlations

PHAYX Fund

USD 5.87 0.01 0.17%

The current 90-days correlation between Putnam High Yield and Ab Global Bond is 0.46 (i.e., Very 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

Weak diversification

The correlation between Putnam High Yield and DJI is 0.36 (i.e., Weak 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 manufacturing.

Moving together with Putnam Mutual Fund

0.71	PFICX	Putnam Floating Rate	Pair Corr
0.97	PFJAX	Putnam High Yield	Pair Corr
0.73	PFLRX	Putnam Floating Rate	Pair Corr
0.73	PFLLX	Putnam Floating Rate	Pair Corr
0.71	PFRYX	Putnam Floating Rate	Pair Corr
0.72	PFRZX	Putnam Floating Rate	Pair Corr
0.67	PGFMX	Putnam Global Financials	Pair Corr
0.91	PGEJX	George Putnam Balanced	Pair Corr
0.91	PGEMX	George Putnam	Pair Corr
0.84	PGIOX	Putnam Global Industrials	Pair Corr
0.87	PGODX	Putnam Growth Opport	Pair Corr
0.78	PGOEX	Putnam Growth Opport	Pair Corr
0.87	PGORX	Putnam Growth Opport	Pair Corr
0.78	PGOYX	Putnam Growth Opport	Pair Corr

Moving against Putnam Mutual Fund

0.68	PGHAX	Putnam Global Health	Pair Corr
0.34	PGLEX	Putnam Global Equity	Pair Corr
0.68	PHSRX	Putnam Global Health	Pair Corr
0.68	PHSYX	Putnam Global Health	Pair Corr
0.68	PHSTX	Putnam Global Health	Pair Corr
0.35	PGLRX	Putnam Global Equity	Pair Corr

Related Correlations Analysis

	ANAGX	KGLCX	LFLCX	MSTGX	CABIX	CBSYX	DHGCX
ANAGX		-0.52	0.97	0.76	0.31	0.31	0.95	ANAGX
KGLCX	-0.52		-0.48	-0.06	-0.18	-0.18	-0.3	KGLCX
LFLCX	0.97	-0.48		0.81	0.28	0.28	0.94	LFLCX
MSTGX	0.76	-0.06	0.81		0.36	0.36	0.81	MSTGX
CABIX	0.31	-0.18	0.28	0.36		1.0	0.22	CABIX
CBSYX	0.31	-0.18	0.28	0.36	1.0		0.22	CBSYX
DHGCX	0.95	-0.3	0.94	0.81	0.22	0.22		DHGCX
	ANAGX	KGLCX	LFLCX	MSTGX	CABIX	CBSYX	DHGCX

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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

CBSYX	+ 1.0	CABIX
LFLCX	+ 0.97	ANAGX
DHGCX	+ 0.95	ANAGX
DHGCX	+ 0.94	LFLCX
MSTGX	+ 0.81	LFLCX
DHGCX	+ 0.81	MSTGX

High negative correlations

KGLCX	- 0.52	ANAGX
LFLCX	- 0.48	KGLCX
DHGCX	- 0.3	KGLCX
CBSYX	- 0.18	KGLCX
CABIX	- 0.18	KGLCX
MSTGX	- 0.06	KGLCX

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
ANAGX	0.17	(0.03)	0.00	(4.38)	0.00	0.00	0.29	(0.29)	1.01
KGLCX	1.11	0.35	0.28	0.46	0.77	(1.33)	3.14	(1.89)	7.99
LFLCX	0.18	(0.02)	0.00	(0.73)	0.00	0.00	0.32	(0.32)	1.16
MSTGX	0.21	(0.03)	0.00	(0.07)	0.00	0.00	0.53	(0.32)	1.17
CABIX	0.55	(0.26)	0.00	(0.37)	0.00	0.00	0.56	(0.72)	15.70
CBSYX	0.56	(0.26)	0.00	(0.37)	0.00	0.00	0.56	(0.67)	15.50
DHGCX	0.15	(0.02)	0.00	(0.83)	0.00	0.00	0.31	(0.25)	0.96

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