Franklin California Correlations

FCAMX Fund

USD 9.89 0.02 0.20%

The current 90-days correlation between Franklin California High and Franklin Mutual Beacon is 0.23 (i.e., Modest diversification). The correlation of Franklin California 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 California Correlation With Market

Average diversification

The correlation between Franklin California High and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin California High 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 California High. 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 population.

Moving together with Franklin Mutual Fund

0.75	TEBIX	Franklin Mutual Beacon	Pair Corr
0.79	TEDIX	Franklin Mutual Global	Pair Corr
0.79	TEDSX	Franklin Mutual Global	Pair Corr
0.79	TEDRX	Franklin Mutual Global	Pair Corr
0.77	TEGBX	Templeton Global Bond	Pair Corr
0.69	TEGRX	Templeton Growth	Pair Corr
0.76	TEMGX	Templeton Global Smaller	Pair Corr
0.75	TEMEX	Franklin Mutual Beacon	Pair Corr
0.63	TEMMX	Templeton Emerging	Pair Corr
0.78	TEMTX	Franklin Mutual Shares	Pair Corr
0.98	FQCTX	Franklin Necticut Tax	Pair Corr
0.68	TEPLX	Templeton Growth	Pair Corr
0.78	TWDAX	Templeton World	Pair Corr
0.78	TESIX	Franklin Mutual Shares	Pair Corr
0.78	TESRX	Franklin Mutual Shares	Pair Corr
0.98	FQLAX	Franklin Louisiana Tax	Pair Corr
0.78	TEWTX	Templeton World	Pair Corr
0.79	SAPYX	Clearbridge Appreciation	Pair Corr
0.67	SASMX	Clearbridge Small Cap	Pair Corr
0.79	WACPX	Western Asset E	Pair Corr
0.8	TFESX	International Equity	Pair Corr
0.8	TFEQX	International Equity	Pair Corr
0.65	WAFAX	Western Asset Inflation	Pair Corr
0.8	FRBRX	Franklin Biotechnology	Pair Corr
0.77	FRBSX	Franklin Balance Sheet	Pair Corr
0.76	FRDPX	Franklin Rising Dividends	Pair Corr
0.76	FRDTX	Franklin Rising Dividends	Pair Corr
0.81	WAPAX	Western Asset E	Pair Corr
0.81	FREEX	Franklin Real Estate	Pair Corr
0.75	FREIX	Franklin Equity Income	Pair Corr
0.76	FRCSX	Franklin Small Cap	Pair Corr
0.98	FRFTX	Franklin Federal Tax	Pair Corr

Moving against Franklin Mutual Fund

0.75

WAADX

Western Asset Smash

Pair Corr

Related Correlations Analysis

	TEBIX	TEDMX	TEDIX	TEDSX	TEDRX	TEFRX	TEFTX	TEGBX	TEGRX	TEMFX
TEBIX		0.65	0.97	0.97	0.97	0.69	0.7	0.95	0.89	0.69	TEBIX
TEDMX	0.65		0.55	0.54	0.54	0.95	0.95	0.76	0.63	0.95	TEDMX
TEDIX	0.97	0.55		1.0	1.0	0.55	0.56	0.9	0.82	0.55	TEDIX
TEDSX	0.97	0.54	1.0		1.0	0.54	0.56	0.89	0.82	0.54	TEDSX
TEDRX	0.97	0.54	1.0	1.0		0.54	0.55	0.89	0.82	0.54	TEDRX
TEFRX	0.69	0.95	0.55	0.54	0.54		1.0	0.77	0.69	1.0	TEFRX
TEFTX	0.7	0.95	0.56	0.56	0.55	1.0		0.78	0.7	1.0	TEFTX
TEGBX	0.95	0.76	0.9	0.89	0.89	0.77	0.78		0.88	0.77	TEGBX
TEGRX	0.89	0.63	0.82	0.82	0.82	0.69	0.7	0.88		0.69	TEGRX
TEMFX	0.69	0.95	0.55	0.54	0.54	1.0	1.0	0.77	0.69		TEMFX
	TEBIX	TEDMX	TEDIX	TEDSX	TEDRX	TEFRX	TEFTX	TEGBX	TEGRX	TEMFX

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Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin California 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 California'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
TEBIX	0.53	0.00	0.00	(0.03)	0.00	0.00	1.06	(1.00)	3.82
TEDMX	0.68	0.04	0.06	0.09	0.85	(0.72)	1.46	(1.64)	3.66
TEDIX	0.58	(0.04)	0.00	(0.11)	0.00	0.00	0.86	(0.89)	8.25
TEDSX	0.57	(0.04)	0.00	(0.11)	0.00	0.00	0.84	(0.88)	8.14
TEDRX	0.58	(0.04)	0.00	(0.12)	0.00	0.00	0.87	(0.91)	8.37
TEFRX	0.69	0.09	0.10	0.14	0.88	(0.70)	1.48	(1.29)	3.93
TEFTX	0.69	0.08	0.09	0.13	0.87	(0.71)	1.43	(1.25)	3.93
TEGBX	0.36	(0.01)	0.00	(0.13)	0.00	0.00	0.74	(0.76)	2.13
TEGRX	0.54	0.00	0.02	(0.02)	0.82	(0.52)	0.94	(1.45)	3.24
TEMFX	0.69	0.09	0.10	0.14	0.83	(0.73)	1.44	(1.25)	3.96

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