Franklin Federal Correlations

FAFTX Fund

USD 10.81 0.03 0.28%

The current 90-days correlation between Franklin Federal Tax and Wmcanx is 0.1 (i.e., Average diversification). The correlation of Franklin Federal 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.

Franklin Federal Correlation With Market

Average diversification

The correlation between Franklin Federal Tax Free and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Federal Tax Free and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Franklin Federal Tax Free. 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 estimate.

Moving together with Franklin Mutual Fund

0.77	TEBIX	Franklin Mutual Beacon	Pair Corr
0.76	TEDIX	Franklin Mutual Global	Pair Corr
0.76	TEDSX	Franklin Mutual Global	Pair Corr
0.76	TEDRX	Franklin Mutual Global	Pair Corr
0.82	TEGBX	Templeton Global Bond	Pair Corr
0.75	TEGRX	Templeton Growth	Pair Corr
0.81	TEMGX	Templeton Global Smaller	Pair Corr
0.77	TEMEX	Franklin Mutual Beacon	Pair Corr
0.61	TEMMX	Templeton Emerging	Pair Corr
0.78	TEMWX	Templeton World	Pair Corr
0.72	TEMTX	Franklin Mutual Shares	Pair Corr
0.99	FQCTX	Franklin Necticut Tax	Pair Corr
0.7	SAIFX	Clearbridge Large Cap	Pair Corr
0.75	SAGYX	Clearbridge Aggressive	Pair Corr
0.62	TEMZX	Templeton Emerging	Pair Corr
0.94	FQCHX	Franklin Templeton Smacs	Pair Corr
0.74	TEPLX	Templeton Growth	Pair Corr
0.78	TWDAX	Templeton World	Pair Corr
0.72	TESIX	Franklin Mutual Shares	Pair Corr
0.81	TESGX	Templeton Global Smaller	Pair Corr
0.72	TESRX	Franklin Mutual Shares	Pair Corr
0.77	LGIEX	Qs International Equity	Pair Corr
1.0	FQLAX	Franklin Louisiana Tax	Pair Corr
0.78	TEWTX	Templeton World	Pair Corr
0.77	SAPYX	Clearbridge Appreciation	Pair Corr
0.76	SASMX	Clearbridge Small Cap	Pair Corr
0.99	FQNCX	Franklin North Carolina	Pair Corr
0.99	FQMDX	Franklin Maryland Tax	Pair Corr

Moving against Franklin Mutual Fund

0.72

WAADX

Western Asset Smash

Pair Corr

Related Correlations Analysis

	WMCANX	FTUFOX	OPTCX	FWNHTX	MSSGX	HDCAX	FURYAX
WMCANX		0.57	-0.28	0.46	-0.01	0.23	0.78	WMCANX
FTUFOX	0.57		-0.28	0.63	-0.07	0.14	0.41	FTUFOX
OPTCX	-0.28	-0.28		0.15	0.83	0.6	-0.19	OPTCX
FWNHTX	0.46	0.63	0.15		0.16	0.61	0.32	FWNHTX
MSSGX	-0.01	-0.07	0.83	0.16		0.59	0.04	MSSGX
HDCAX	0.23	0.14	0.6	0.61	0.59		0.4	HDCAX
FURYAX	0.78	0.41	-0.19	0.32	0.04	0.4		FURYAX
	WMCANX	FTUFOX	OPTCX	FWNHTX	MSSGX	HDCAX	FURYAX

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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

MSSGX	+ 0.83	OPTCX
FURYAX	+ 0.78	WMCANX
FWNHTX	+ 0.63	FTUFOX
HDCAX	+ 0.61	FWNHTX
HDCAX	+ 0.6	OPTCX
HDCAX	+ 0.59	MSSGX

High negative correlations

OPTCX	- 0.28	FTUFOX
OPTCX	- 0.28	WMCANX
FURYAX	- 0.19	OPTCX
MSSGX	- 0.07	FTUFOX
MSSGX	- 0.01	WMCANX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Federal 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 Franklin Federal'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
WMCANX	0.50	0.12	0.15	0.51	0.46	(0.60)	1.07	(0.93)	2.41
FTUFOX	0.10	0.00	0.00	0.05	0.03	(0.11)	0.22	(0.19)	0.59
OPTCX	0.10	0.00	0.00	0.03	0.06	(0.17)	0.21	(0.21)	0.93
FWNHTX	0.02	(0.01)	(0.32)	(2.12)	0.00	(0.02)	0.07	(0.05)	0.16
MSSGX	1.60	0.35	0.19	0.44	1.60	(1.95)	3.81	(2.32)	11.74
HDCAX	0.46	0.06	0.09	0.13	0.46	(0.55)	0.95	(0.80)	2.48
FURYAX	0.55	0.11	0.16	0.43	0.47	(0.67)	1.18	(1.06)	2.27

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