Franklin High Correlations

FHAIX Fund

USD 1.76 0.01 0.57%

The current 90-days correlation between Franklin High Income and Alternative Asset Allocation is 0.48 (i.e., Very weak diversification). The correlation of Franklin High 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 High Correlation With Market

Average diversification

The correlation between Franklin High Income and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin High Income 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 High Income. 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 gross domestic product.

Moving together with Franklin Mutual Fund

0.77

WAARX

Western Asset Total

Pair Corr

Moving against Franklin Mutual Fund

0.36	TEMMX	Templeton Emerging	Pair Corr
0.35	TEDMX	Templeton Developing	Pair Corr
0.35	TEGBX	Templeton Global Bond	Pair Corr
0.35	TEMZX	Templeton Emerging	Pair Corr
0.39	TFEQX	International Equity	Pair Corr
0.38	TFESX	International Equity	Pair Corr

Related Correlations Analysis

	JAAIX	RETSX	LMUSX	DFELX	CMACX	HBACX	TRBCX
JAAIX		0.79	0.58	0.83	0.52	0.78	0.81	JAAIX
RETSX	0.79		0.91	0.98	0.84	0.95	0.79	RETSX
LMUSX	0.58	0.91		0.84	0.91	0.9	0.56	LMUSX
DFELX	0.83	0.98	0.84		0.76	0.91	0.89	DFELX
CMACX	0.52	0.84	0.91	0.76		0.92	0.44	CMACX
HBACX	0.78	0.95	0.9	0.91	0.92		0.7	HBACX
TRBCX	0.81	0.79	0.56	0.89	0.44	0.7		TRBCX
	JAAIX	RETSX	LMUSX	DFELX	CMACX	HBACX	TRBCX

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Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin High 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 High'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
JAAIX	0.16	0.01	(0.28)	0.22	0.12	(0.21)	0.31	(0.31)	1.13
RETSX	0.58	0.02	(0.04)	0.15	0.79	(0.61)	1.19	(1.46)	5.40
LMUSX	0.74	0.00	(0.03)	0.09	1.19	(0.70)	1.27	(1.59)	6.30
DFELX	0.62	0.03	(0.03)	0.16	0.86	(0.64)	1.28	(1.42)	5.57
CMACX	0.38	(0.01)	(0.12)	0.04	0.60	(0.36)	0.73	(0.92)	2.88
HBACX	0.37	0.01	(0.10)	0.12	0.55	(0.37)	0.79	(0.70)	2.93
TRBCX	0.89	0.07	0.01	0.31	1.06	(0.94)	1.78	(2.18)	5.70

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