Franklin Minnesota Correlations

FMINX Fund

USD 11.31 0.06 0.53%

The current 90-days correlation between Franklin Minnesota Tax and Virtus High Yield is 0.27 (i.e., Modest diversification). The correlation of Franklin Minnesota 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 Minnesota Correlation With Market

Modest diversification

The correlation between Franklin Minnesota Tax Free and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Minnesota 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 Minnesota 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 board of governors.

Moving together with Franklin Mutual Fund

0.99	FQCTX	Franklin Necticut Tax	Pair Corr
0.94	FQLAX	Franklin Louisiana Tax	Pair Corr
0.99	FQNCX	Franklin North Carolina	Pair Corr
0.99	FQMDX	Franklin Maryland Tax	Pair Corr
0.81	WAARX	Western Asset Total	Pair Corr
0.64	WACPX	Western Asset E	Pair Corr

Moving against Franklin Mutual Fund

0.41

WAADX

Western Asset Smash

Pair Corr

Related Correlations Analysis

	PGHCX	PRHYX	GMOZX	PHYZX	SHYIX
PGHCX		0.83	0.88	0.85	0.9	PGHCX
PRHYX	0.83		0.88	0.9	0.85	PRHYX
GMOZX	0.88	0.88		0.8	0.94	GMOZX
PHYZX	0.85	0.9	0.8		0.79	PHYZX
SHYIX	0.9	0.85	0.94	0.79		SHYIX
	PGHCX	PRHYX	GMOZX	PHYZX	SHYIX

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Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Minnesota 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 Minnesota'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
PGHCX	0.11	0.02	(0.34)	3.12	(0.33)	0.27	(0.26)	0.79
PRHYX	0.12	0.00	(0.51)	0.12	(0.23)	0.34	(0.17)	1.01
GMOZX	0.13	0.02	(0.49)	0.86	(0.16)	0.28	(0.33)	0.72
PHYZX	0.11	0.01	(0.48)	0.49	(0.26)	0.41	(0.21)	0.63
SHYIX	0.12	0.02	(0.60)	2.23	(0.20)	0.25	(0.25)	0.74

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