Putnam Tax Correlations

PTEYX Fund

USD 7.77 0.08 1.02%

The current 90-days correlation between Putnam Tax Exempt and Vanguard Small Cap Value is 0.2 (i.e., Modest diversification). The correlation of Putnam Tax 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 Tax Correlation With Market

Modest diversification

The correlation between Putnam Tax Exempt and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Tax Exempt 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 Tax Exempt. 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

0.88	PEXTX	Putnam Tax Exempt	Pair Corr
0.61	PFJAX	Putnam High Yield	Pair Corr
0.97	PXMAX	Putnam Massachusetts Tax	Pair Corr
0.86	PXMNX	Putnam Minnesota Tax	Pair Corr
0.89	PXOHX	Putnam Ohio Tax	Pair Corr
0.61	PGGYX	Putnam Global Incm	Pair Corr
0.61	PGGIX	Putnam Global Income	Pair Corr
0.78	PGSIX	Putnam U S	Pair Corr

Moving against Putnam Mutual Fund

0.34	PGIEX	Putnam Global Industrials	Pair Corr
0.33	PGIAX	Pnc Fds Gr	Pair Corr
0.33	PGWTX	Putnam Focused Equity	Pair Corr

Related Correlations Analysis

	VISVX	SCYVX	AVCNX	LVAQX	WBVNX	VVSCX	HRVIX
VISVX		0.94	0.93	0.92	0.97	0.99	0.92	VISVX
SCYVX	0.94		0.83	0.98	0.93	0.92	0.98	SCYVX
AVCNX	0.93	0.83		0.82	0.91	0.93	0.82	AVCNX
LVAQX	0.92	0.98	0.82		0.92	0.92	1.0	LVAQX
WBVNX	0.97	0.93	0.91	0.92		0.98	0.92	WBVNX
VVSCX	0.99	0.92	0.93	0.92	0.98		0.92	VVSCX
HRVIX	0.92	0.98	0.82	1.0	0.92	0.92		HRVIX
	VISVX	SCYVX	AVCNX	LVAQX	WBVNX	VVSCX	HRVIX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Tax 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 Tax'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
VISVX	0.71	(0.03)	(0.03)	0.00	0.93	(0.79)	1.54	(1.25)	8.26
SCYVX	0.92	(0.02)	0.00	(0.07)	0.00	0.00	1.79	(1.46)	10.44
AVCNX	0.93	(0.08)	0.00	(0.02)	0.00	0.00	2.06	(1.54)	12.00
LVAQX	0.80	(0.01)	(0.03)	(0.03)	1.01	(0.92)	1.68	(1.44)	7.39
WBVNX	0.93	(0.11)	0.00	(0.05)	0.00	0.00	1.88	(1.63)	10.23
VVSCX	0.89	(0.06)	0.00	(0.02)	0.00	0.00	1.82	(1.55)	10.88
HRVIX	0.81	(0.01)	(0.03)	(0.03)	1.11	(0.87)	1.60	(1.58)	7.82

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