Franklin California Correlations

FKTQX Fund

USD 6.91 0.01 0.14%

The current 90-days correlation between Franklin California Tax and Angel Oak Financial is 0.17 (i.e., Average 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

Very good diversification

The correlation between Franklin California Tax Free and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin California Tax Free 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 Tax Free. 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

0.65	TEGBX	Templeton Global Bond	Pair Corr
0.98	FQCTX	Franklin Necticut Tax	Pair Corr
0.94	FQCHX	Franklin Templeton Smacs	Pair Corr
0.83	FQLAX	Franklin Louisiana Tax	Pair Corr
0.99	FQNCX	Franklin North Carolina	Pair Corr
0.98	FQMDX	Franklin Maryland Tax	Pair Corr
0.81	WAARX	Western Asset Total	Pair Corr

Moving against Franklin Mutual Fund

0.32

SAPYX

Clearbridge Appreciation

Pair Corr

Related Correlations Analysis

	XFINX	ARTFX	MDMTX	PFSQX	TOHIX	PRVBX
XFINX		0.86	-0.38	0.67	-0.02	0.67	XFINX
ARTFX	0.86		-0.38	0.71	0.03	0.77	ARTFX
MDMTX	-0.38	-0.38		-0.6	0.83	-0.19	MDMTX
PFSQX	0.67	0.71	-0.6		-0.39	0.32	PFSQX
TOHIX	-0.02	0.03	0.83	-0.39		0.23	TOHIX
PRVBX	0.67	0.77	-0.19	0.32	0.23		PRVBX
	XFINX	ARTFX	MDMTX	PFSQX	TOHIX	PRVBX

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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

ARTFX	+ 0.86	XFINX
TOHIX	+ 0.83	MDMTX
PRVBX	+ 0.77	ARTFX
PFSQX	+ 0.71	ARTFX
PFSQX	+ 0.67	XFINX
PRVBX	+ 0.67	XFINX

High negative correlations

PFSQX	- 0.6	MDMTX
TOHIX	- 0.39	PFSQX
MDMTX	- 0.38	ARTFX
MDMTX	- 0.38	XFINX
PRVBX	- 0.19	MDMTX
TOHIX	- 0.02	XFINX

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
XFINX	0.11	0.02	(0.25)	0.97	0.13	(0.13)	0.22	(0.14)	1.00
ARTFX	0.12	0.04	(0.60)	(1.12)	0.00	(0.20)	0.33	(0.22)	1.01
MDMTX	0.16	(0.01)	(0.33)	(0.23)	0.25	(0.23)	0.38	(0.56)	1.33
PFSQX	0.80	0.06	0.13	0.16	0.52	(0.99)	1.58	(1.42)	8.34
TOHIX	0.13	0.01	(0.37)	0.02	0.17	(0.20)	0.28	(0.36)	1.20
PRVBX	0.09	0.00	(0.93)	0.33	0.00	(0.10)	0.20	(0.20)	0.53

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