Franklin Federal Correlations

FFLQX Fund

USD 10.33 0.01 0.1%

The current 90-days correlation between Franklin Federal Lim and Aqr Long Short Equity is -0.05 (i.e., Good 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

Good diversification

The correlation between Franklin Federal Limited Term and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Federal Limited Term 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 Limited Term. 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 producer price index.

Moving together with FRANKLIN Mutual Fund

0.86	FQCTX	Franklin Necticut Tax	Pair Corr
0.89	FQCHX	Franklin Templeton Smacs	Pair Corr
0.93	FQLAX	Franklin Louisiana Tax	Pair Corr
0.85	FQNCX	Franklin North Carolina	Pair Corr
0.85	FQMDX	Franklin Maryland Tax	Pair Corr

Related Correlations Analysis

	QLENX	BXDCX	PRMDX	RSDIX	CDICX	GDICX	JSNIX	ASTIX
QLENX		0.42	0.08	-0.2	-0.43	-0.44	-0.05	0.89	QLENX
BXDCX	0.42		0.63	0.59	0.38	0.29	0.75	0.57	BXDCX
PRMDX	0.08	0.63		0.59	0.53	0.48	0.72	0.2	PRMDX
RSDIX	-0.2	0.59	0.59		0.93	0.89	0.95	-0.18	RSDIX
CDICX	-0.43	0.38	0.53	0.93		0.98	0.86	-0.39	CDICX
GDICX	-0.44	0.29	0.48	0.89	0.98		0.79	-0.42	GDICX
JSNIX	-0.05	0.75	0.72	0.95	0.86	0.79		0.02	JSNIX
ASTIX	0.89	0.57	0.2	-0.18	-0.39	-0.42	0.02		ASTIX
	QLENX	BXDCX	PRMDX	RSDIX	CDICX	GDICX	JSNIX	ASTIX

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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

GDICX	+ 0.98	CDICX
JSNIX	+ 0.95	RSDIX
CDICX	+ 0.93	RSDIX
ASTIX	+ 0.89	QLENX
GDICX	+ 0.89	RSDIX
JSNIX	+ 0.86	CDICX

High negative correlations

GDICX	- 0.44	QLENX
CDICX	- 0.43	QLENX
ASTIX	- 0.42	GDICX
ASTIX	- 0.39	CDICX
RSDIX	- 0.2	QLENX
ASTIX	- 0.18	RSDIX

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
QLENX	0.33	0.05	(0.09)	0.27	0.20	(0.40)	0.76	(0.57)	2.17
BXDCX	0.09	0.01	(0.87)	(0.57)	0.00	(0.16)	0.22	(0.11)	0.65
PRMDX	0.06	0.00	(0.49)	0.04	0.00	(0.20)	0.20	(0.19)	0.59
RSDIX	0.08	0.01	(0.90)	(0.03)	0.00	(0.16)	0.21	(0.10)	0.72
CDICX	0.09	0.00	(1.01)	0.14	0.05	(0.12)	0.26	(0.13)	0.64
GDICX	0.08	0.00	(0.70)	(0.39)	0.05	(0.13)	0.21	(0.10)	0.82
JSNIX	0.08	0.01	(0.94)	(0.19)	0.00	(0.17)	0.21	(0.11)	0.64
ASTIX	0.27	0.01	(0.15)	0.15	0.22	(0.31)	0.57	(0.64)	1.79

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