Putnam Minnesota Correlations

PXMNX Fund  USD 8.41  0.02  0.24%   
The current 90-days correlation between Putnam Minnesota Tax and Putnam Equity Income is 0.17 (i.e., Average diversification). The correlation of Putnam Minnesota 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 Minnesota Correlation With Market

Good diversification

The correlation between Putnam Minnesota Tax and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Minnesota Tax 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 Minnesota Tax. 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 board of governors.

Moving together with Putnam Mutual Fund

  0.67PEYAX Putnam Equity IncomePairCorr
  0.98PEXTX Putnam Tax ExemptPairCorr
  0.63PFICX Putnam Floating RatePairCorr
  0.66PFJAX Putnam High YieldPairCorr
  0.63PFLRX Putnam Floating RatePairCorr
  0.63PFLLX Putnam Floating RatePairCorr
  0.64PFRYX Putnam Floating RatePairCorr
  0.64PFRZX Putnam Floating RatePairCorr
  0.96PXMAX Putnam Massachusetts TaxPairCorr
  0.96PXOHX Putnam Ohio TaxPairCorr
  0.63PGEYX George PutnamPairCorr
  0.67PGFMX Putnam Global FinancialsPairCorr
  0.65PGEJX George Putnam BalancedPairCorr
  0.65PGEOX George PutnamPairCorr
  0.63PGELX George Putnam BalancedPairCorr
  0.65PGEMX George PutnamPairCorr
  0.61PGGEX Putnam Global IncomePairCorr
  0.64PGIAX Pnc Fds GrPairCorr
  0.63PGIEX Putnam Global IndustrialsPairCorr
  0.63PGIOX Putnam Global IndustrialsPairCorr
  0.63PGILX Putnam Global IndustrialsPairCorr
  0.61PGLEX Putnam Global EquityPairCorr
  0.61PGLRX Putnam Global EquityPairCorr
  0.62PGODX Putnam Growth OpportPairCorr
  0.63PGOEX Putnam Growth OpportPairCorr
  0.63PGPRX George PutnamPairCorr
  0.62PGORX Putnam Growth OpportPairCorr
  0.63PGOYX Putnam Growth OpportPairCorr
  0.63PGPCX George PutnamPairCorr

Related Correlations Analysis

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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   
PFLRXPFICX
PFLLXPFICX
PFRZXPFICX
PFLLXPFLRX
PFRZXPFLRX
PFRZXPFLLX
  
High negative correlations   
PXMAXPFRBX
PFRZXPFRBX
PFRYXPFRBX
PFRBXPFLLX
PFRBXPFLRX
PFRBXPFJAX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Minnesota 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 Minnesota'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PEYAX  0.59  0.18  0.05 (1.77) 0.50 
 1.57 
 4.75 
PEXTX  0.18  0.00 (0.45) 0.31  0.22 
 0.40 
 1.20 
PFICX  0.10  0.05  0.00 (12.60) 0.00 
 0.51 
 0.78 
PFJAX  0.16  0.08 (0.22)(2.76) 0.00 
 0.40 
 1.17 
PFLRX  0.12  0.06 (0.50)(5.21) 0.00 
 0.52 
 0.78 
PFLLX  0.12  0.06 (0.52)(6.32) 0.00 
 0.52 
 0.78 
PFRBX  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
PFRYX  0.11  0.04 (0.62) 0.73  0.00 
 0.51 
 0.76 
PFRZX  0.11  0.05 (0.60) 10.25  0.00 
 0.51 
 0.89 
PXMAX  0.14  0.00 (0.56) 0.27  0.17 
 0.35 
 1.04