Putnam Convertible Correlations

Mutual Funds . USA . 
Fund . Putnam Convertible Incm Gwth
PRCCX Fund  USD 24.35  0.07  0.29%   
The current 90-days correlation between Putnam Convertible Incm and Fidelity Advisor Energy is 0.44 (i.e., Very weak diversification). The correlation of Putnam Convertible 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 Convertible Correlation With Market

Poor diversification

The correlation between Putnam Convertible Incm Gwth and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Convertible Incm Gwth 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 Convertible Incm Gwth. 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 main economic indicators.

Moving together with Putnam Mutual Fund

  0.66PEYAX Putnam Equity IncomePairCorr
  0.96PGEOX George PutnamPairCorr
  0.94PGPRX George PutnamPairCorr
  0.93PGTYX Putnam Global TechnologyPairCorr
  0.93PGTAX Putnam Global TechnologyPairCorr
  0.96PGWTX Putnam Focused EquityPairCorr
  0.99PMVAX Putnam Multi CapPairCorr
  0.95PMYCX Putnam Multicap CorePairCorr
  0.94PNOCX Putnam Multi CapPairCorr
  0.97PNOYX Putnam Multi CapPairCorr
  0.97PNORX Putnam Multi CapPairCorr
  0.99PNOTX Putnam Sustainable FuturePairCorr
  0.94PNSAX Putnam Small CapPairCorr
  0.94PNSCX Putnam Small CapPairCorr
  0.97PREVX Putnam RetirementreadyPairCorr
  0.93PREGX Putnam RetirementreadyPairCorr
  0.96PREHX Putnam RetirementreadyPairCorr
  0.64PRMKX Putnam Retirement IncmPairCorr
  0.97PRRVX Putnam RetirementreadyPairCorr
  0.85PABAX Putnam Dynamic AssetPairCorr

Moving against Putnam Mutual Fund

  0.6PIGWX Putnam Intl ValuePairCorr
  0.53PINCX Putnam IncomePairCorr
  0.52PNCMX Putnam IncomePairCorr
  0.51PINHX Putnam Income FdPairCorr
  0.38PMOYX Putnam Mortgage OppoPairCorr
  0.47POVSX Putnam InternationalPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Convertible 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 Convertible'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.

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