Franklin High Correlations

FRHIX Fund

USD 9.13 0.02 0.22%

The current 90-days correlation between Franklin High Yield and Ab Select Longshort is -0.28 (i.e., Very good 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 good diversification

The correlation between Franklin High Yield and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin High Yield 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 Yield. 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

0.82	FQCTX	Franklin Necticut Tax	Pair Corr
0.91	FQCHX	Franklin Templeton Smacs	Pair Corr
0.97	FQLAX	Franklin Louisiana Tax	Pair Corr
0.91	FQNCX	Franklin North Carolina	Pair Corr
0.92	FQMDX	Franklin Maryland Tax	Pair Corr

Related Correlations Analysis

	ASCLX	AOUNX	OWSBX	SWSFX	BBSCX	GTLSX	ASTIX	RSDIX
ASCLX		0.78	-0.34	0.76	-0.16	0.8	0.96	-0.22	ASCLX
AOUNX	0.78		-0.15	0.86	0.16	0.6	0.76	0.1	AOUNX
OWSBX	-0.34	-0.15		-0.2	0.84	-0.36	-0.3	0.86	OWSBX
SWSFX	0.76	0.86	-0.2		0.01	0.58	0.75	-0.02	SWSFX
BBSCX	-0.16	0.16	0.84	0.01		-0.16	-0.16	0.88	BBSCX
GTLSX	0.8	0.6	-0.36	0.58	-0.16		0.85	-0.14	GTLSX
ASTIX	0.96	0.76	-0.3	0.75	-0.16	0.85		-0.19	ASTIX
RSDIX	-0.22	0.1	0.86	-0.02	0.88	-0.14	-0.19		RSDIX
	ASCLX	AOUNX	OWSBX	SWSFX	BBSCX	GTLSX	ASTIX	RSDIX

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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

ASTIX	+ 0.96	ASCLX
RSDIX	+ 0.88	BBSCX
SWSFX	+ 0.86	AOUNX
RSDIX	+ 0.86	OWSBX
ASTIX	+ 0.85	GTLSX
BBSCX	+ 0.84	OWSBX

High negative correlations

GTLSX	- 0.36	OWSBX
OWSBX	- 0.34	ASCLX
ASTIX	- 0.3	OWSBX
RSDIX	- 0.22	ASCLX
SWSFX	- 0.2	OWSBX
RSDIX	- 0.19	ASTIX

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
ASCLX	0.37	0.00	(0.09)	0.13	0.35	(0.41)	0.77	(0.93)	2.91
AOUNX	0.06	0.01	(1.07)	(0.68)	0.00	(0.20)	0.10	(0.10)	0.61
OWSBX	0.09	0.00	(0.99)	0.05	0.00	(0.12)	0.20	(0.10)	0.49
SWSFX	0.04	0.00	(1.18)	(0.50)	0.00	(0.17)	0.10	(0.10)	0.49
BBSCX	0.08	0.00	(0.88)	0.22	0.00	(0.16)	0.24	(0.12)	0.60
GTLSX	0.31	0.05	(0.20)	1.70	0.22	(0.37)	0.71	(0.50)	2.57
ASTIX	0.28	0.05	(0.17)	2.05	0.26	(0.31)	0.57	(0.64)	1.79
RSDIX	0.09	0.01	(0.89)	(0.08)	0.00	(0.15)	0.21	(0.10)	0.72

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