Putnam Minnesota Correlations

Mutual Funds . USA . 
Fund . Putnam Minnesota Tax
PXMNX Fund  USD 8.42  0.01  0.12%   
The current 90-days correlation between Putnam Minnesota Tax and Vy T Rowe is 0.15 (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

Significant diversification

The correlation between Putnam Minnesota Tax and DJI is 0.04 (i.e., Significant 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

  0.83FKTDX Franklin Minnesota TaxPairCorr
  0.84FMNZX Franklin Minnesota TaxPairCorr
  0.71FMNQX Franklin Minnesota TaxPairCorr
  0.98FMNIX Franklin Minnesota TaxPairCorr
  0.97FMINX Franklin Minnesota TaxPairCorr
  0.93RMTCX Columbia Minnesota TaxPairCorr
  0.97CMNYX Columbia Minnesota TaxPairCorr
  0.97CMNZX Columbia Minnesota TaxPairCorr
  0.97CADOX Columbia Minnesota TaxPairCorr

Related Correlations Analysis

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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.

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