Franklin California Correlations

FKTQX Fund

USD 6.83 0.03 0.44%

The current 90-days correlation between Franklin California Tax and Barings Active Short is 0.32 (i.e., Weak 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

Modest diversification

The correlation between Franklin California Tax Free and DJI is 0.21 (i.e., Modest 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

0.99	FCAVX	Franklin California Tax	Pair Corr
0.98	FRCTX	Franklin California Tax	Pair Corr
0.99	FKTFX	Franklin California Tax	Pair Corr
1.0	FTFQX	Franklin California Tax	Pair Corr
0.87	VCITX	Vanguard California	Pair Corr
0.99	VCLAX	Vanguard California	Pair Corr
0.93	TECCX	Tax Exempt Fund	Pair Corr
0.99	TAFTX	Tax Exempt Fund	Pair Corr
0.88	TECFX	Tax Exempt Fund	Pair Corr
0.91	XDSMX	Dreyfus Strategic	Pair Corr
0.92	XNXJX	Nuveen New Jersey	Pair Corr
0.83	NXJ	Nuveen New Jersey	Pair Corr
0.89	XNBHX	Neuberger Berman Int	Pair Corr
0.63	HICSX	Harbor Vertible Secu	Pair Corr
0.67	PG	Procter Gamble Sell-off Trend	Pair Corr
0.72	MCD	McDonalds	Pair Corr

Moving against FRANKLIN Mutual Fund

0.49	QMNNX	Aqr Equity Market	Pair Corr
0.31	CFRCX	Catalyst/princeton	Pair Corr

Related Correlations Analysis

	BXDCX	AOUNX	FSHAX	QLERX	FUEMX	DULTX	ATOAX	LCCMX
BXDCX		0.94	0.9	0.9	0.94	0.92	0.9	0.95	BXDCX
AOUNX	0.94		0.83	0.88	0.92	0.98	0.95	0.9	AOUNX
FSHAX	0.9	0.83		0.8	0.9	0.78	0.74	0.88	FSHAX
QLERX	0.9	0.88	0.8		0.88	0.86	0.85	0.86	QLERX
FUEMX	0.94	0.92	0.9	0.88		0.91	0.87	0.89	FUEMX
DULTX	0.92	0.98	0.78	0.86	0.91		0.95	0.88	DULTX
ATOAX	0.9	0.95	0.74	0.85	0.87	0.95		0.9	ATOAX
LCCMX	0.95	0.9	0.88	0.86	0.89	0.88	0.9		LCCMX
	BXDCX	AOUNX	FSHAX	QLERX	FUEMX	DULTX	ATOAX	LCCMX

Click cells to compare fundamentals

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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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BXDCX	0.08	0.01	(0.64)	(0.56)	(0.17)	0.33	(0.11)	0.54
AOUNX	0.05	0.01	0.00	(1.26)	0.00	0.10	(0.10)	0.62
FSHAX	0.05	0.00	(0.57)	(0.30)	(0.13)	0.10	(0.10)	0.51
QLERX	0.41	0.17	0.17	(2.39)	(0.52)	0.80	(0.61)	2.85
FUEMX	0.05	0.01	0.00	(2.01)	0.00	0.30	(0.10)	0.60
DULTX	0.04	0.01	0.00	(0.42)	0.00	0.10	0.00	0.61
ATOAX	0.02	0.00	0.00	1.64	0.00	0.00	0.00	0.30
LCCMX	0.11	0.04	0.00	2.18	0.00	0.25	0.00	1.84

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