Franklin Pennsylvania Correlations
| FPAQX Fund | USD 8.70 0.03 0.34% |
The current 90-days correlation between Franklin Pennsylvania and Ridgeworth Ceredex Mid Cap is 0.17 (i.e., Average diversification). The correlation of Franklin Pennsylvania 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 Pennsylvania Correlation With Market
Average diversification
The correlation between Franklin Pennsylvania Tax Free and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Pennsylvania Tax Free and DJI in the same portfolio, assuming nothing else is changed.
Franklin |
Moving together with Franklin Mutual Fund
| 0.98 | FQCTX | Franklin Necticut Tax | PairCorr |
| 0.93 | FQCHX | Franklin Templeton Smacs | PairCorr |
| 0.97 | FQLAX | Franklin Louisiana Tax | PairCorr |
| 0.98 | FQNCX | Franklin North Carolina | PairCorr |
| 0.99 | FQMDX | Franklin Maryland Tax | PairCorr |
Related Correlations Analysis
| -0.62 | 0.94 | 0.91 | 0.95 | SMVTX | ||
| -0.62 | -0.76 | -0.48 | -0.76 | RYCLX | ||
| 0.94 | -0.76 | 0.9 | 0.99 | PCSVX | ||
| 0.91 | -0.48 | 0.9 | 0.89 | ARSVX | ||
| 0.95 | -0.76 | 0.99 | 0.89 | ABYSX | ||
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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
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Risk-Adjusted Indicators
There is a big difference between Franklin Mutual Fund performing well and Franklin Pennsylvania 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 Pennsylvania'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SMVTX | 1.04 | (0.14) | 0.00 | (0.18) | 0.00 | 1.55 | 9.55 | |||
| RYCLX | 1.19 | (0.16) | 0.00 | (9.20) | 0.00 | 2.30 | 19.50 | |||
| PCSVX | 0.87 | (0.12) | 0.00 | (0.16) | 0.00 | 1.46 | 3.85 | |||
| ARSVX | 0.81 | (0.21) | 0.00 | (0.82) | 0.00 | 1.19 | 7.70 | |||
| ABYSX | 0.88 | (0.08) | 0.00 | (0.12) | 0.00 | 1.43 | 4.03 |