Putnam Managed Correlations

PMM Stock

USD 6.27 0.03 0.48%

The current 90-days correlation between Putnam Managed Municipal and Eaton Vance National is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Putnam Managed moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Putnam Managed Municipal moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Putnam Managed Correlation With Market

Good diversification

The correlation between Putnam Managed Municipal and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Managed 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 Managed Municipal. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Putnam Stock

0.86	V	Visa Class A	Pair Corr
0.75	MA	Mastercard	Pair Corr
0.76	WSBF	Waterstone Financial	Pair Corr
0.66	GDST	Goldenstone Acquisition	Pair Corr
0.71	SNFCA	Security National Earnings Call This Week	Pair Corr
0.78	BBDC	Barings BDC	Pair Corr
0.82	COOP	Mr Cooper Group	Pair Corr
0.74	AC	Associated Capital	Pair Corr
0.79	BK	Bank of New York	Pair Corr

Moving against Putnam Stock

0.68	ORGN	Origin Materials	Pair Corr
0.51	WD	Walker Dunlop	Pair Corr
0.38	SYF	Synchrony Financial	Pair Corr
0.62	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.55	BITF	Bitfarms Buyout Trend	Pair Corr
0.49	CODI	Compass Diversified	Pair Corr
0.42	DHIL	Diamond Hill Investment	Pair Corr
0.6	LC	LendingClub Corp	Pair Corr
0.52	EG	Everest Group	Pair Corr
0.4	CM	Canadian Imperial Bank	Pair Corr
0.4	KB	KB Financial Group	Pair Corr
0.39	BX	Blackstone Group	Pair Corr

Related Correlations Analysis

	CXH	EOT	MVT	DTF	CXE	MVF	MQY	MYD	MUI	NMCO
CXH		0.84	0.92	0.87	0.89	0.84	0.75	0.88	-0.54	0.9	CXH
EOT	0.84		0.88	0.73	0.92	0.81	0.85	0.9	-0.49	0.77	EOT
MVT	0.92	0.88		0.87	0.89	0.95	0.76	0.93	-0.51	0.92	MVT
DTF	0.87	0.73	0.87		0.79	0.84	0.62	0.86	-0.5	0.89	DTF
CXE	0.89	0.92	0.89	0.79		0.82	0.78	0.89	-0.52	0.84	CXE
MVF	0.84	0.81	0.95	0.84	0.82		0.72	0.9	-0.38	0.85	MVF
MQY	0.75	0.85	0.76	0.62	0.78	0.72		0.89	-0.57	0.65	MQY
MYD	0.88	0.9	0.93	0.86	0.89	0.9	0.89		-0.57	0.87	MYD
MUI	-0.54	-0.49	-0.51	-0.5	-0.52	-0.38	-0.57	-0.57		-0.65	MUI
NMCO	0.9	0.77	0.92	0.89	0.84	0.85	0.65	0.87	-0.65		NMCO
	CXH	EOT	MVT	DTF	CXE	MVF	MQY	MYD	MUI	NMCO

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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

MVF	+ 0.95	MVT
MYD	+ 0.93	MVT
MVT	+ 0.92	CXH
CXE	+ 0.92	EOT
NMCO	+ 0.92	MVT
NMCO	+ 0.9	CXH

High negative correlations

NMCO	- 0.65	MUI
MUI	- 0.57	MYD
MUI	- 0.57	MQY
MUI	- 0.54	CXH
MUI	- 0.52	CXE
MUI	- 0.51	MVT

Risk-Adjusted Indicators

There is a big difference between Putnam Stock performing well and Putnam Managed Company 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 Managed'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
CXH	0.38	(0.01)	0.04	(0.10)	0.56	(0.37)	0.76	(1.00)	2.37
EOT	0.48	(0.02)	0.00	(0.13)	0.00	0.00	1.01	(1.28)	2.87
MVT	0.52	0.01	0.06	0.02	0.63	(0.62)	0.95	(1.22)	3.47
DTF	0.32	0.00	0.07	(0.11)	0.47	(0.32)	0.72	(0.62)	1.72
CXE	0.59	(0.01)	0.00	(0.19)	0.00	0.00	0.82	(1.08)	4.08
MVF	0.51	0.02	0.07	0.09	0.62	(0.56)	1.12	(0.99)	3.98
MQY	0.53	(0.06)	0.00	(0.25)	0.00	0.00	1.04	(1.18)	2.85
MYD	0.47	(0.03)	0.00	(0.24)	0.00	0.00	0.97	(1.06)	2.63
MUI	0.46	(0.04)	0.00	0.46	0.00	0.00	0.73	(1.40)	3.95
NMCO	0.45	0.04	0.11	0.22	0.53	(0.48)	0.92	(0.95)	2.69

Putnam Managed Corporate Management

CFA CFA	Portfolio Manager	Profile
Susan McCormack	Senior Manager	Profile
Robert Patterson	Independent Trustee	Profile
George Putnam	Independent Trustee	Profile

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