Franklin Biotechnology Correlations
| FBDIX Fund | USD 141.78 0.82 0.58% |
The current 90-days correlation between Franklin Biotechnology and Scharf Global Opportunity is 0.52 (i.e., Very weak diversification). The correlation of Franklin Biotechnology 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 Biotechnology Correlation With Market
Poor diversification
The correlation between Franklin Biotechnology Discove and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Biotechnology Discove and DJI in the same portfolio, assuming nothing else is changed.
Franklin |
Moving together with Franklin Mutual Fund
| 0.62 | TEMIX | Franklin Mutual European | PairCorr |
| 0.62 | TEURX | Franklin Mutual European | PairCorr |
| 0.61 | LGIEX | Qs International Equity | PairCorr |
Moving against Franklin Mutual Fund
| 0.36 | SAIFX | Clearbridge Large Cap | PairCorr |
| 0.32 | TESIX | Franklin Mutual Shares | PairCorr |
| 0.42 | SBAYX | Western Asset Adjustable | PairCorr |
Related Correlations Analysis
| 0.46 | 0.32 | 0.43 | 0.51 | 0.73 | 0.69 | WRLDX | ||
| 0.46 | 0.03 | 0.5 | 0.5 | 0.64 | 0.05 | CNGLX | ||
| 0.32 | 0.03 | 0.77 | 0.33 | 0.4 | 0.01 | MFIRX | ||
| 0.43 | 0.5 | 0.77 | 0.64 | 0.69 | -0.11 | CABIX | ||
| 0.51 | 0.5 | 0.33 | 0.64 | 0.76 | 0.08 | MGFZX | ||
| 0.73 | 0.64 | 0.4 | 0.69 | 0.76 | 0.42 | RPGIX | ||
| 0.69 | 0.05 | 0.01 | -0.11 | 0.08 | 0.42 | WWWEX | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between Franklin Mutual Fund performing well and Franklin Biotechnology 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 Biotechnology'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| WRLDX | 0.48 | (0.03) | (0.13) | 0.08 | 0.45 | 0.92 | 2.75 | |||
| CNGLX | 0.53 | (0.01) | (0.16) | (2.20) | 0.78 | 1.04 | 3.68 | |||
| MFIRX | 0.09 | 0.00 | (0.51) | 0.13 | 0.00 | 0.19 | 0.76 | |||
| CABIX | 0.30 | 0.00 | (0.29) | 0.03 | 0.37 | 0.57 | 1.86 | |||
| MGFZX | 0.74 | (0.11) | (0.12) | (0.01) | 1.03 | 1.58 | 4.78 | |||
| RPGIX | 0.72 | 0.04 | (0.08) | (0.93) | 1.02 | 1.40 | 4.64 | |||
| WWWEX | 1.04 | 0.31 | 0.27 | 0.42 | 0.63 | 3.15 | 8.01 |