Franklin New Correlations

FNYIX Fund  USD 10.13  0.01  0.1%   
The current 90-days correlation between Franklin New York and Franklin Mutual Beacon is -0.26 (i.e., Very good diversification). The correlation of Franklin New 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 New Correlation With Market

Very good diversification

The correlation between Franklin New York and DJI is -0.32 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin New York 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 New York. 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

  0.89FQCTX Franklin Necticut TaxPairCorr
  0.85FQCHX Franklin Templeton SmacsPairCorr
  0.94FQLAX Franklin Louisiana TaxPairCorr
  0.89FQNCX Franklin North CarolinaPairCorr
  0.99FQMDX Franklin Maryland TaxPairCorr
  0.8WAARX Western Asset TotalPairCorr

Moving against Franklin Mutual Fund

  0.34WAADX Western Asset SmashPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
TEDRXTEDIX
TEMFXTEFRX
TEFTXTEFRX
TEMFXTEFTX
TEGRXTEDIX
TEGRXTEDRX
  
High negative correlations   
TEGBXTEBIX
TEFTXTEBIX
TEMFXTEBIX
TEFRXTEBIX
TEGRXTEGBX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin New 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 New'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  0.47 (0.06)(0.19) 0.04  0.50 
 0.84 
 2.80 
TEDMX  0.82  0.00 (0.09) 0.14  0.89 
 1.84 
 6.20 
TEDIX  0.49 (0.08)(0.21) 0.01  0.60 
 0.88 
 2.77 
TEDSX  0.50 (0.01) 0.00  0.24  0.00 
 0.88 
 2.76 
TEDRX  0.49 (0.08)(0.21) 0.00  0.60 
 0.87 
 2.76 
TEFRX  0.77 (0.11) 0.00 (0.15) 0.00 
 1.86 
 5.42 
TEFTX  0.82 (0.07) 0.00  0.83  0.00 
 1.82 
 5.46 
TEGBX  0.45 (0.11) 0.00 (0.77) 0.00 
 0.81 
 2.75 
TEGRX  0.53 (0.07)(0.16) 0.05  0.57 
 1.23 
 3.25 
TEMFX  0.78 (0.11) 0.00 (0.14) 0.00 
 1.81 
 5.45