Franklin California Correlations

Mutual Funds . USA . 
Fund . Franklin California Intermediate Term
FKCIX Fund  USD 10.82  0.03  0.28%   
The current 90-days correlation between Franklin California and Franklin Mutual Beacon is 0.14 (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

Average diversification

The correlation between Franklin California Intermedia and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin California Intermedia 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 Intermediate Term. 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

  0.62TEBIX Franklin Mutual BeaconPairCorr
  0.67TEGBX Templeton Global BondPairCorr
  0.62TEMEX Franklin Mutual BeaconPairCorr
  0.93FQCTX Franklin Necticut TaxPairCorr
  0.99FQCHX Franklin Templeton SmacsPairCorr
  0.65LGGAX Clearbridge InternationalPairCorr
  0.61LGIEX Qs International EquityPairCorr
  0.96FQLAX Franklin Louisiana TaxPairCorr
  0.92FQNCX Franklin North CarolinaPairCorr
  0.91FQMDX Franklin Maryland TaxPairCorr
  0.69WAARX Western Asset TotalPairCorr

Related Correlations Analysis

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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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TEBIX  0.59  0.06  0.08  0.07  0.84 
(0.62)
 1.14 
(1.39)
 3.23 
TEDMX  0.80  0.10  0.11  0.17  0.94 
(0.85)
 1.78 
(1.81)
 5.23 
TEDIX  0.61  0.05  0.04  0.06  1.53 
(0.57)
 1.01 
(0.89)
 7.35 
TEDSX  0.61  0.05  0.04  0.05  1.51 
(0.57)
 1.00 
(0.89)
 7.25 
TEDRX  0.61  0.05  0.03  0.05  1.55 
(0.57)
 1.00 
(0.91)
 7.49 
TEFRX  0.75  0.19  0.20  0.23  0.74 
(0.83)
 1.76 
(1.29)
 5.16 
TEFTX  0.75  0.19  0.20  0.23  0.74 
(0.84)
 1.83 
(1.25)
 5.00 
TEGBX  0.33  0.05  0.15  0.38  0.27 
(0.43)
 0.75 
(0.61)
 2.14 
TEGRX  0.63  0.07  0.08  0.05  0.77 
(0.65)
 1.13 
(1.19)
 4.40 
TEMFX  0.74  0.19  0.20  0.24  0.72 
(0.86)
 1.72 
(1.25)
 5.03 

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