Putnam Municipal Correlations

PMO Stock

USD 10.76 0.08 0.75%

The current 90-days correlation between Putnam Municipal Opp and Invesco Municipal Income is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Putnam Municipal moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Putnam Municipal Opportunities moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Putnam Municipal Correlation With Market

Good diversification

The correlation between Putnam Municipal Opportunities and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Municipal Opportunities 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 Municipal Opportunities. 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

0.67	MA	Mastercard	Pair Corr
0.66	IVZ	Invesco Plc	Pair Corr
0.85	NMFC	New Mountain Finance	Pair Corr
0.72	NTRS	Northern Trust	Pair Corr
0.61	ALLY	Ally Financial	Pair Corr
0.64	BBUC	Brookfield Business Corp	Pair Corr
0.73	TCPC	BlackRock TCP Capital	Pair Corr
0.7	AC	Associated Capital	Pair Corr
0.72	BK	Bank of New York	Pair Corr

Moving against Putnam Stock

0.5	PYPL	PayPal Holdings	Pair Corr
0.48	AMG	Affiliated Managers	Pair Corr
0.59	LC	LendingClub Corp	Pair Corr

Related Correlations Analysis

	OIA	KTF	MFM	CXE	MYD	IQI	CMU	MHD	DTF	JHS
OIA		0.91	0.89	0.81	0.96	0.72	0.77	0.83	0.29	0.52	OIA
KTF	0.91		0.93	0.89	0.95	0.81	0.86	0.87	0.38	0.66	KTF
MFM	0.89	0.93		0.92	0.95	0.88	0.9	0.93	0.48	0.58	MFM
CXE	0.81	0.89	0.92		0.89	0.91	0.91	0.92	0.58	0.52	CXE
MYD	0.96	0.95	0.95	0.89		0.81	0.85	0.92	0.41	0.56	MYD
IQI	0.72	0.81	0.88	0.91	0.81		0.92	0.91	0.74	0.35	IQI
CMU	0.77	0.86	0.9	0.91	0.85	0.92		0.89	0.58	0.49	CMU
MHD	0.83	0.87	0.93	0.92	0.92	0.91	0.89		0.59	0.54	MHD
DTF	0.29	0.38	0.48	0.58	0.41	0.74	0.58	0.59		-0.05	DTF
JHS	0.52	0.66	0.58	0.52	0.56	0.35	0.49	0.54	-0.05		JHS
	OIA	KTF	MFM	CXE	MYD	IQI	CMU	MHD	DTF	JHS

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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

MYD	+ 0.96	OIA
MYD	+ 0.95	KTF
MYD	+ 0.95	MFM
MFM	+ 0.93	KTF
MHD	+ 0.93	MFM
CXE	+ 0.92	MFM

High negative correlations

JHS

- 0.05

DTF

Risk-Adjusted Indicators

There is a big difference between Putnam Stock performing well and Putnam Municipal 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 Municipal'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
OIA	0.64	(0.06)	0.00	(0.21)	0.00	0.00	1.32	(1.70)	3.88
KTF	0.35	(0.01)	0.00	(0.10)	0.00	0.00	0.75	(0.94)	2.23
MFM	0.54	0.00	0.01	0.00	0.71	(0.61)	1.29	(1.12)	3.54
CXE	0.59	0.03	0.03	0.23	0.71	(0.64)	1.34	(1.33)	4.08
MYD	0.50	(0.03)	0.00	(0.15)	0.00	0.00	0.97	(1.07)	3.34
IQI	0.49	0.04	0.08	0.19	0.46	(0.64)	1.33	(0.83)	3.07
CMU	0.41	0.03	0.05	0.11	0.47	(0.48)	0.87	(0.86)	2.27
MHD	0.55	0.01	0.02	0.06	0.74	(0.50)	1.14	(1.06)	2.79
DTF	0.31	0.00	0.04	0.00	0.46	(0.31)	0.72	(0.62)	2.06
JHS	0.39	0.00	0.02	(0.13)	0.45	(0.43)	0.64	(0.80)	2.14

Putnam Municipal Corporate Management

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

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