Putnam Dynamic Correlations

Mutual Funds . USA . 
Fund . Putnam Dynamic Asset
PAGYX Fund  USD 21.73  0.20  0.93%   
The current 90-days correlation between Putnam Dynamic Asset and Tiaa Cref Small Cap Blend is 0.75 (i.e., Poor diversification). The correlation of Putnam Dynamic 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 Dynamic Correlation With Market

Poor diversification

The correlation between Putnam Dynamic Asset and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Dynamic Asset 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 Dynamic Asset. 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

  0.99FFIFX American FundsPairCorr
  0.98FAIFX American FundsPairCorr
  0.99IFACX Income FundPairCorr
  0.99IFAFX Income FundPairCorr
  0.99AMECX Income FundPairCorr
  0.99RIDBX Income FundPairCorr
  0.99CIMEX Income FundPairCorr
  0.99RIDFX Income FundPairCorr
  0.99CIMCX Income FundPairCorr
  0.99CIMFX Income FundPairCorr
  0.99VTISX Vanguard Total InterPairCorr
  0.99VTSNX Vanguard Total InterPairCorr
  0.99VTPSX Vanguard Total InterPairCorr
  0.61CVX Chevron CorpPairCorr
  0.65IBM International BusinessPairCorr
  0.62CAT CaterpillarPairCorr

Moving against Putnam Mutual Fund

  0.57MCD McDonaldsPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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