Putnam Small Correlations

PNSAX Fund

USD 75.74 0.06 0.08%

The current 90-days correlation between Putnam Small Cap and Putnam Multi Cap Value is -0.23 (i.e., Very good diversification). The correlation of Putnam Small 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 Small Correlation With Market

Poor diversification

The correlation between Putnam Small Cap and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Small Cap 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 Small Cap. 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 nation.

Moving together with Putnam Mutual Fund

0.61	DQIYX	Dreyfus Equity Income	Pair Corr
0.65	PSHAX	Short Term Fund	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.66	CVX	Chevron Corp	Pair Corr
0.69	IBM	International Business	Pair Corr

Moving against Putnam Mutual Fund

0.33

TRV

The Travelers Companies

Pair Corr

Related Correlations Analysis

	PMVAX	PNVAX	PSLAX	PEYAX	POGAX
PMVAX		0.37	0.95	0.95	0.97	PMVAX
PNVAX	0.37		0.43	0.51	0.49	PNVAX
PSLAX	0.95	0.43		0.97	0.96	PSLAX
PEYAX	0.95	0.51	0.97		0.99	PEYAX
POGAX	0.97	0.49	0.96	0.99		POGAX
	PMVAX	PNVAX	PSLAX	PEYAX	POGAX

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Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Small 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 Small'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
PMVAX	0.82	0.35	0.09	(1.01)	0.52	(0.99)	2.47	(1.21)	5.95
PNVAX	0.52	0.13	(0.03)	0.74	0.31	(0.61)	1.21	(0.98)	3.23
PSLAX	0.97	0.30	0.05	(1.53)	0.95	(1.11)	2.33	(1.86)	6.44
PEYAX	0.57	0.23	(0.01)	(1.27)	0.44	(0.68)	1.57	(0.83)	4.75
POGAX	0.77	0.38	0.14	(1.62)	0.45	(0.97)	2.40	(1.03)	5.84

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