Putnam International Correlations

PICRX Fund

USD 40.30 0.44 1.10%

The current 90-days correlation between Putnam International and Putnam Equity Income is 0.58 (i.e., Very weak diversification). The correlation of Putnam International 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 International Correlation With Market

Very weak diversification

The correlation between Putnam International Capital and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam International Capital 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 International Capital. 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

0.81	PGBRX	Putnam Global Income	Pair Corr
0.81	PGGYX	Putnam Global Incm	Pair Corr
0.85	PGHAX	Putnam Global Health	Pair Corr
0.82	PGGDX	Putnam Global Income	Pair Corr
0.82	PGGEX	Putnam Global Income	Pair Corr
0.83	PGGLX	Putnam Global Incm	Pair Corr
0.81	PGGIX	Putnam Global Income	Pair Corr
0.98	PGLEX	Putnam Global Equity	Pair Corr
0.98	PGLRX	Putnam Global Equity	Pair Corr

Moving against Putnam Mutual Fund

0.81	PFLLX	Putnam Floating Rate	Pair Corr
0.79	PFRZX	Putnam Floating Rate	Pair Corr
0.78	PFLRX	Putnam Floating Rate	Pair Corr
0.78	PFRYX	Putnam Floating Rate	Pair Corr
0.77	PFICX	Putnam Floating Rate	Pair Corr
0.54	PEYAX	Putnam Equity Income	Pair Corr
0.55	PGODX	Putnam Growth Opport	Pair Corr
0.51	PGIAX	Pnc Fds Gr	Pair Corr
0.51	PGILX	Putnam Global Industrials	Pair Corr
0.5	PGIEX	Putnam Global Industrials	Pair Corr
0.5	PGIOX	Putnam Global Industrials	Pair Corr
0.58	PYSVX	Putnam Small Cap	Pair Corr
0.55	PGOEX	Putnam Growth Opport	Pair Corr
0.55	PGOYX	Putnam Growth Opport	Pair Corr
0.54	PGORX	Putnam Growth Opport	Pair Corr
0.51	PGWTX	Putnam Focused Equity	Pair Corr
0.31	PGTYX	Putnam Global Technology	Pair Corr

Related Correlations Analysis

	PEYAX	PEXTX	PFICX	PFJAX	PFLRX	PFLLX	PFRBX	PFRYX	PFRZX	PXMAX
PEYAX		-0.23	0.85	0.79	0.85	0.84	0.19	0.84	0.84	-0.28	PEYAX
PEXTX	-0.23		-0.37	0.13	-0.36	-0.37	0.2	-0.37	-0.37	0.99	PEXTX
PFICX	0.85	-0.37		0.64	0.99	0.99	0.34	0.99	0.99	-0.42	PFICX
PFJAX	0.79	0.13	0.64		0.66	0.65	0.4	0.65	0.65	0.08	PFJAX
PFLRX	0.85	-0.36	0.99	0.66		0.99	0.33	1.0	1.0	-0.41	PFLRX
PFLLX	0.84	-0.37	0.99	0.65	0.99		0.36	1.0	1.0	-0.41	PFLLX
PFRBX	0.19	0.2	0.34	0.4	0.33	0.36		0.36	0.35	0.15	PFRBX
PFRYX	0.84	-0.37	0.99	0.65	1.0	1.0	0.36		1.0	-0.41	PFRYX
PFRZX	0.84	-0.37	0.99	0.65	1.0	1.0	0.35	1.0		-0.42	PFRZX
PXMAX	-0.28	0.99	-0.42	0.08	-0.41	-0.41	0.15	-0.41	-0.42		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
PFRZX	+ 1.0	PFLRX
PFRYX	+ 1.0	PFLLX
PFRZX	+ 1.0	PFLLX
PFRZX	+ 1.0	PFRYX
PXMAX	+ 0.99	PEXTX

High negative correlations

PXMAX	- 0.42	PFRZX
PXMAX	- 0.42	PFICX
PXMAX	- 0.41	PFRYX
PXMAX	- 0.41	PFLLX
PXMAX	- 0.41	PFLRX
PFRZX	- 0.37	PEXTX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam International 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 International'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	(0.01)	(0.07)	0.11	0.40	(0.59)	0.95	(0.95)	3.16
PEXTX	0.18	0.03	(0.24)	(0.11)	0.24	(0.24)	0.38	(0.38)	1.78
PFICX	0.08	0.02	(0.79)	0.69	0.00	(0.23)	0.25	(0.13)	0.76
PFJAX	0.10	0.01	(0.44)	0.22	0.00	(0.20)	0.19	(0.19)	0.74
PFLRX	0.07	0.02	0.00	2.54	0.00	0.00	0.13	0.00	0.76
PFLLX	0.06	0.02	0.00	1.33	0.00	0.00	0.13	0.00	0.76
PFRBX	0.02	0.00	0.00	(0.09)	0.00	0.00	0.00	0.00	0.76
PFRYX	0.07	0.02	0.00	1.26	0.00	0.00	0.13	(0.13)	0.89
PFRZX	0.08	0.02	(0.77)	0.83	0.00	(0.28)	0.25	(0.13)	0.76
PXMAX	0.15	0.02	(0.28)	(0.07)	0.21	(0.20)	0.33	(0.33)	1.44

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