Franklin International Correlations

FCENX Fund

USD 11.79 0.08 0.67%

The current 90-days correlation between Franklin International and Gamco Natural Resources is -0.04 (i.e., Good diversification). The correlation of Franklin International 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 International Correlation With Market

Very weak diversification

The correlation between Franklin International Core and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin International Core 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 International Core. 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 board of governors.

Moving together with Franklin Mutual Fund

0.64	TEDIX	Franklin Mutual Global	Pair Corr
0.66	TEDRX	Franklin Mutual Global	Pair Corr
0.94	TEFRX	Templeton Foreign	Pair Corr
0.88	TEFTX	Templeton Foreign	Pair Corr
0.87	TEGBX	Templeton Global Bond	Pair Corr
0.94	TEMFX	Templeton Foreign	Pair Corr
0.71	TEMGX	Templeton Global Smaller	Pair Corr
0.94	TEMMX	Templeton Emerging	Pair Corr
0.97	TEMIX	Franklin Mutual European	Pair Corr
0.93	TEMZX	Templeton Emerging	Pair Corr
0.73	TESGX	Templeton Global Smaller	Pair Corr
0.98	LGGAX	Clearbridge International	Pair Corr
0.97	TEURX	Franklin Mutual European	Pair Corr
1.0	LGIEX	Qs International Equity	Pair Corr

Moving against Franklin Mutual Fund

0.6	TEMTX	Franklin Mutual Shares	Pair Corr
0.67	SAIFX	Clearbridge Large Cap	Pair Corr
0.63	TESIX	Franklin Mutual Shares	Pair Corr
0.61	TESRX	Franklin Mutual Shares	Pair Corr
0.57	SAGYX	Clearbridge Aggressive	Pair Corr
0.71	SBAYX	Western Asset Adjustable	Pair Corr
0.59	SASMX	Clearbridge Small Cap	Pair Corr
0.58	SAPYX	Clearbridge Appreciation	Pair Corr
0.56	LGVAX	Clearbridge Value Trust	Pair Corr
0.38	WAADX	Western Asset Smash	Pair Corr

Related Correlations Analysis

	XGNTX	HNRGX	CGAEX	RYVIX	ICBAX	RSNYX
XGNTX		-0.04	0.77	-0.02	0.0	0.4	XGNTX
HNRGX	-0.04		-0.24	0.72	0.84	0.65	HNRGX
CGAEX	0.77	-0.24		-0.03	-0.14	0.17	CGAEX
RYVIX	-0.02	0.72	-0.03		0.66	0.27	RYVIX
ICBAX	0.0	0.84	-0.14	0.66		0.75	ICBAX
RSNYX	0.4	0.65	0.17	0.27	0.75		RSNYX
	XGNTX	HNRGX	CGAEX	RYVIX	ICBAX	RSNYX

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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

ICBAX	+ 0.84	HNRGX
CGAEX	+ 0.77	XGNTX
RSNYX	+ 0.75	ICBAX
RYVIX	+ 0.72	HNRGX
ICBAX	+ 0.66	RYVIX
RSNYX	+ 0.65	HNRGX

High negative correlations

CGAEX	- 0.24	HNRGX
ICBAX	- 0.14	CGAEX
HNRGX	- 0.04	XGNTX
RYVIX	- 0.03	CGAEX
RYVIX	- 0.02	XGNTX
ICBAX	- 0.0	XGNTX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin International 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 International'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
XGNTX	0.54	(0.04)	0.00	(0.50)	0.00	0.00	1.23	(1.26)	3.30
HNRGX	0.92	0.10	(0.01)	1.50	1.11	(0.96)	1.80	(1.85)	5.32
CGAEX	0.75	(0.09)	0.00	(0.11)	0.00	0.00	1.46	(1.90)	4.70
RYVIX	1.42	(0.20)	0.00	(0.01)	0.00	0.00	2.63	(3.08)	10.74
ICBAX	0.80	(0.01)	0.01	0.11	0.76	(0.92)	1.49	(1.24)	6.37
RSNYX	1.03	0.18	0.09	0.42	1.23	(1.12)	2.35	(1.94)	6.63

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