Putnam Massachusetts Correlations

PXMAX Fund

USD 9.14 0.01 0.11%

The current 90-days correlation between Putnam Massachusetts Tax and Maryland Tax Free Bond is 0.89 (i.e., Very poor diversification). The correlation of Putnam Massachusetts 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 Massachusetts Correlation With Market

Very good diversification

The correlation between Putnam Massachusetts Tax and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Massachusetts 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 Massachusetts 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 nation.

Moving together with Putnam Mutual Fund

0.99	PEXTX	Putnam Tax Exempt	Pair Corr
0.98	PXMNX	Putnam Minnesota Tax	Pair Corr
0.99	PXOHX	Putnam Ohio Tax	Pair Corr
0.75	PGBRX	Putnam Global Income	Pair Corr
0.75	PGGYX	Putnam Global Incm	Pair Corr
0.76	PGGDX	Putnam Global Income	Pair Corr
0.76	PGGEX	Putnam Global Income	Pair Corr
0.75	PGGLX	Putnam Global Incm	Pair Corr
0.76	PGGIX	Putnam Global Income	Pair Corr

Moving against Putnam Mutual Fund

0.42	PFICX	Putnam Floating Rate	Pair Corr
0.42	PFRZX	Putnam Floating Rate	Pair Corr
0.41	PFLRX	Putnam Floating Rate	Pair Corr
0.41	PFLLX	Putnam Floating Rate	Pair Corr
0.41	PFRYX	Putnam Floating Rate	Pair Corr
0.35	PGIAX	Pnc Fds Gr	Pair Corr
0.35	PGIOX	Putnam Global Industrials	Pair Corr
0.35	PGILX	Putnam Global Industrials	Pair Corr
0.36	PGODX	Putnam Growth Opport	Pair Corr
0.36	PGOEX	Putnam Growth Opport	Pair Corr
0.36	PGORX	Putnam Growth Opport	Pair Corr
0.36	PGOYX	Putnam Growth Opport	Pair Corr
0.35	PGWTX	Putnam Focused Equity	Pair Corr
0.34	PGTRX	Putnam Global Technology	Pair Corr
0.34	PGTYX	Putnam Global Technology	Pair Corr
0.34	PGTAX	Putnam Global Technology	Pair Corr
0.33	PGTDX	Putnam Global Technology	Pair Corr

Related Correlations Analysis

	TFBIX	PATFX	BBINX	PRVBX	TPYYX	ARTFX	CCD
TFBIX		0.96	0.94	0.28	0.45	0.16	0.22	TFBIX
PATFX	0.96		0.96	0.38	0.54	0.16	0.38	PATFX
BBINX	0.94	0.96		0.21	0.48	-0.01	0.24	BBINX
PRVBX	0.28	0.38	0.21		0.45	0.74	0.69	PRVBX
TPYYX	0.45	0.54	0.48	0.45		0.25	0.58	TPYYX
ARTFX	0.16	0.16	-0.01	0.74	0.25		0.6	ARTFX
CCD	0.22	0.38	0.24	0.69	0.58	0.6		CCD
	TFBIX	PATFX	BBINX	PRVBX	TPYYX	ARTFX	CCD

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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

PATFX	+ 0.96	TFBIX
BBINX	+ 0.96	PATFX
BBINX	+ 0.94	TFBIX
ARTFX	+ 0.74	PRVBX
CCD	+ 0.69	PRVBX
CCD	+ 0.6	ARTFX

High negative correlations

ARTFX

- 0.01

BBINX

Risk-Adjusted Indicators

There is a big difference between Putnam Mutual Fund performing well and Putnam Massachusetts 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 Massachusetts' 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
TFBIX	0.16	0.03	(0.29)	(0.14)	0.19	(0.23)	0.40	(0.39)	1.58
PATFX	0.16	0.02	(0.25)	(0.12)	0.21	(0.24)	0.44	(0.35)	1.69
BBINX	0.12	0.01	(0.42)	(0.05)	0.13	(0.19)	0.29	(0.29)	1.07
PRVBX	0.10	0.01	(0.94)	0.71	0.00	(0.11)	0.21	(0.20)	0.53
TPYYX	0.70	(0.08)	(0.11)	0.02	0.95	(0.74)	1.40	(1.71)	5.39
ARTFX	0.12	0.03	(0.64)	0.58	0.00	(0.21)	0.33	(0.22)	1.01
CCD	0.75	(0.01)	(0.08)	0.11	0.90	(0.81)	1.88	(1.68)	4.88

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