Putnam High Correlations

Mutual Funds . USA . 
Fund . Putnam High Yield
PFJAX Fund  USD 5.34  0.02  0.37%   
The current 90-days correlation between Putnam High Yield and Franklin High Yield is 0.11 (i.e., Average diversification). The correlation of Putnam High 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 High Correlation With Market

Average diversification

The correlation between Putnam High Yield and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Putnam High Yield 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 High Yield. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Putnam Mutual Fund

  0.79PEXTX Putnam Tax ExemptPairCorr
  0.62PXMAX Putnam Massachusetts TaxPairCorr
  0.63PXMNX Putnam Minnesota TaxPairCorr
  0.78PXOHX Putnam Ohio TaxPairCorr
  0.83PGBRX Putnam Global IncomePairCorr
  0.74PGEYX George PutnamPairCorr
  0.78PGFMX Putnam Global FinancialsPairCorr
  0.68PGEJX George Putnam BalancedPairCorr
  0.7PGELX George Putnam BalancedPairCorr
  0.74PGEMX George PutnamPairCorr
  0.85PGGYX Putnam Global IncmPairCorr
  0.84PGGDX Putnam Global IncomePairCorr
  0.85PGGEX Putnam Global IncomePairCorr
  0.79PGGLX Putnam Global IncmPairCorr
  0.79PGGIX Putnam Global IncomePairCorr
  0.64PGIAX Pnc Fds GrPairCorr
  0.64PGIEX Putnam Global IndustrialsPairCorr
  0.71PGIOX Putnam Global IndustrialsPairCorr
  0.71PGILX Putnam Global IndustrialsPairCorr
  0.72PGLEX Putnam Global EquityPairCorr
  0.72PGLRX Putnam Global EquityPairCorr
  0.68PGODX Putnam Growth OpportPairCorr
  0.68PGOEX Putnam Growth OpportPairCorr
  0.74PGPRX George PutnamPairCorr
  0.68PGORX Putnam Growth OpportPairCorr
  0.61PGOYX Putnam Growth OpportPairCorr
  0.61PGPCX George PutnamPairCorr
  0.81PGSIX Putnam U SPairCorr
  0.65PGTRX Putnam Global TechnologyPairCorr
  0.65PGTYX Putnam Global TechnologyPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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