Franklin Small-mid Correlations

FSGAX Fund

USD 49.30 0.23 0.46%

The current 90-days correlation between Franklin Small Mid and Schwab Government Money is 0.06 (i.e., Significant diversification). The correlation of Franklin Small-mid 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 Small-mid Correlation With Market

Poor diversification

The correlation between Franklin Small Mid Cap and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Small Mid Cap 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 Small Mid Cap. 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 nation.

Moving together with Franklin Mutual Fund

0.65	TEGRX	Templeton Growth	Pair Corr
0.75	TEMQX	Mutual Quest	Pair Corr
0.75	TEQIX	Franklin Mutual Quest	Pair Corr
0.65	TEPLX	Templeton Growth	Pair Corr
0.75	LGGAX	Clearbridge International	Pair Corr
0.67	SASMX	Clearbridge Small Cap	Pair Corr
0.66	WAARX	Western Asset Total	Pair Corr

Related Correlations Analysis

	SWGXX	HEWXX	PSSRX	FIDAX	XFINX
SWGXX		0.0	-0.54	-0.58	0.14	SWGXX
HEWXX	0.0		0.0	0.0	0.0	HEWXX
PSSRX	-0.54	0.0		0.99	0.31	PSSRX
FIDAX	-0.58	0.0	0.99		0.28	FIDAX
XFINX	0.14	0.0	0.31	0.28		XFINX
	SWGXX	HEWXX	PSSRX	FIDAX	XFINX

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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

FIDAX	+ 0.99	PSSRX
XFINX	+ 0.31	PSSRX
XFINX	+ 0.28	FIDAX
XFINX	+ 0.14	SWGXX
HEWXX	+ 0.0	SWGXX
PSSRX	+ 0.0	HEWXX

High negative correlations

FIDAX	- 0.58	SWGXX
PSSRX	- 0.54	SWGXX
XFINX	- 0.0	HEWXX
FIDAX	- 0.0	HEWXX
PSSRX	- 0.0	HEWXX
HEWXX	- 0.0	SWGXX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Small-mid 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 Small-mid'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
SWGXX	0.03	0.01	0.00	(1.61)	0.00	0.00	0.00	0.00	1.01
HEWXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PSSRX	0.88	0.01	(0.02)	0.09	1.31	(0.96)	1.51	(1.79)	11.81
FIDAX	0.91	0.00	(0.02)	0.07	1.63	(0.93)	1.79	(2.01)	14.53
XFINX	0.13	0.01	(0.18)	(0.31)	0.17	(0.16)	0.29	(0.28)	1.14

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