Franklin High Correlations

FHQRX Fund

USD 1.77 0.01 0.57%

The current 90-days correlation between Franklin High Income and One Choice Portfolio is 0.09 (i.e., Significant 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

Very poor diversification

The correlation between Franklin High Income and DJI is 0.85 (i.e., Very poor 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 main economic indicators.

Moving together with Franklin Mutual Fund

0.93	PEYAX	Putnam Equity Income	Pair Corr
0.93	TEBIX	Franklin Mutual Beacon	Pair Corr
0.83	TEDMX	Templeton Developing	Pair Corr
0.92	TEDIX	Franklin Mutual Global	Pair Corr
0.93	TEDSX	Franklin Mutual Global	Pair Corr
0.92	TEDRX	Franklin Mutual Global	Pair Corr
0.91	TEFRX	Templeton Foreign	Pair Corr
0.92	TEFTX	Templeton Foreign	Pair Corr
0.75	TEGBX	Templeton Global Bond	Pair Corr
0.88	TEGRX	Templeton Growth	Pair Corr
0.92	TEMFX	Templeton Foreign	Pair Corr
0.93	TEMEX	Franklin Mutual Beacon	Pair Corr
0.94	TEMIX	Franklin Mutual European	Pair Corr
0.76	FQCTX	Franklin Necticut Tax	Pair Corr
0.92	SAIFX	Clearbridge Large Cap	Pair Corr
0.8	SAGYX	Clearbridge Aggressive	Pair Corr
0.81	TEMZX	Templeton Emerging	Pair Corr
0.85	FQEMX	Franklin Templeton Smacs Steady Growth	Pair Corr
0.93	TEQIX	Franklin Mutual Quest	Pair Corr
0.9	TEPLX	Templeton Growth	Pair Corr
0.9	TWDAX	Templeton World	Pair Corr
0.94	TESIX	Franklin Mutual Shares	Pair Corr
0.92	TESGX	Templeton Global Smaller	Pair Corr
0.93	TESRX	Franklin Mutual Shares	Pair Corr
0.89	LGGAX	Clearbridge International	Pair Corr
0.92	TEURX	Franklin Mutual European	Pair Corr
0.91	LGIEX	Qs International Equity	Pair Corr
0.84	TEWTX	Templeton World	Pair Corr
0.79	FQNCX	Franklin North Carolina	Pair Corr
0.78	WAADX	Western Asset Smash	Pair Corr
0.93	FQTEX	Franklin Strategic Series	Pair Corr
0.63	WACPX	Western Asset E	Pair Corr
0.89	LGVAX	Clearbridge Value Trust	Pair Corr
0.92	TFESX	International Equity	Pair Corr
0.89	TFEQX	International Equity	Pair Corr
0.91	TFFAX	Templeton Foreign	Pair Corr
0.92	SBBAX	Qs Servative Growth	Pair Corr
0.87	FRAAX	Franklin Growth Oppo	Pair Corr

Moving against Franklin Mutual Fund

0.76	PGEOX	George Putnam	Pair Corr
0.37	WAFAX	Western Asset Inflation	Pair Corr

Related Correlations Analysis

	QRCRX	PARCX	TAHFX	HAHAX	PFADX	MPHAX	AOGIX
QRCRX		0.91	0.87	0.9	0.94	0.91	0.89	QRCRX
PARCX	0.91		0.9	0.92	0.9	0.92	1.0	PARCX
TAHFX	0.87	0.9		0.97	0.84	0.96	0.88	TAHFX
HAHAX	0.9	0.92	0.97		0.91	0.99	0.9	HAHAX
PFADX	0.94	0.9	0.84	0.91		0.9	0.87	PFADX
MPHAX	0.91	0.92	0.96	0.99	0.9		0.9	MPHAX
AOGIX	0.89	1.0	0.88	0.9	0.87	0.9		AOGIX
	QRCRX	PARCX	TAHFX	HAHAX	PFADX	MPHAX	AOGIX

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
QRCRX	0.71	0.20	0.21	0.53	0.46	(0.87)	1.69	(1.21)	3.29
PARCX	0.39	0.07	0.08	0.21	0.19	(0.45)	0.82	(0.73)	5.12
TAHFX	0.13	0.02	(0.24)	0.22	0.00	(0.20)	0.25	(0.25)	1.11
HAHAX	0.13	0.02	(0.20)	0.66	0.00	(0.21)	0.28	(0.14)	0.98
PFADX	0.18	0.02	(0.17)	0.32	0.00	(0.21)	0.41	(0.31)	0.92
MPHAX	0.12	0.02	(0.27)	1.30	0.00	(0.23)	0.25	(0.25)	1.01
AOGIX	0.52	0.12	0.15	0.25	0.28	(0.63)	0.93	(0.88)	8.48

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