Franklin Pennsylvania Correlations

FPFZX Fund

USD 8.97 0.02 0.22%

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

Very good diversification

The correlation between Franklin Pennsylvania Tax Free 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 Pennsylvania Tax Free 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 Pennsylvania Tax Free. 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

0.99	FQCTX	Franklin Necticut Tax	Pair Corr
0.99	FQNCX	Franklin North Carolina	Pair Corr
0.65	WACPX	Western Asset E	Pair Corr
0.61	WABAX	Western Asset E	Pair Corr
0.64	WAFAX	Western Asset Inflation	Pair Corr
0.64	WAIIX	Western Asset Inflation	Pair Corr

Related Correlations Analysis

	FPRIX	FPRTX	TEBIX	TEDIX	TEDSX	TEDRX	TEMEX	TEMIX	TEMTX
FPRIX		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	FPRIX
FPRTX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	FPRTX
TEBIX	0.0	0.0		0.61	0.58	0.6	1.0	-0.12	0.81	TEBIX
TEDIX	0.0	0.0	0.61		1.0	1.0	0.63	0.64	0.19	TEDIX
TEDSX	0.0	0.0	0.58	1.0		1.0	0.6	0.68	0.14	TEDSX
TEDRX	0.0	0.0	0.6	1.0	1.0		0.62	0.65	0.18	TEDRX
TEMEX	0.0	0.0	1.0	0.63	0.6	0.62		-0.08	0.78	TEMEX
TEMIX	0.0	0.0	-0.12	0.64	0.68	0.65	-0.08		-0.59	TEMIX
TEMTX	0.0	0.0	0.81	0.19	0.14	0.18	0.78	-0.59		TEMTX
	FPRIX	FPRTX	TEBIX	TEDIX	TEDSX	TEDRX	TEMEX	TEMIX	TEMTX

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

TEMEX	+ 1.0	TEBIX
TEDSX	+ 1.0	TEDIX
TEDRX	+ 1.0	TEDIX
TEDRX	+ 1.0	TEDSX
TEMTX	+ 0.81	TEBIX
TEMTX	+ 0.78	TEMEX

High negative correlations

TEMTX	- 0.59	TEMIX
TEMIX	- 0.12	TEBIX
TEMIX	- 0.08	TEMEX
TEMTX	- 0.0	FPRTX
TEMIX	- 0.0	FPRTX
TEMEX	- 0.0	FPRTX

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
FPRIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FPRTX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TEBIX	0.49	(0.06)	(0.17)	0.02	0.58	(0.51)	0.84	(1.01)	2.80
TEDIX	0.51	(0.08)	(0.18)	(0.02)	0.66	(0.50)	0.88	(1.05)	2.77
TEDSX	0.51	(0.09)	0.00	(0.02)	0.00	0.00	0.88	(1.05)	2.76
TEDRX	0.51	(0.08)	0.00	(0.02)	0.00	0.00	0.87	(1.08)	2.76
TEMEX	0.49	(0.06)	(0.17)	0.01	0.59	(0.51)	0.83	(1.04)	2.79
TEMIX	0.66	(0.15)	0.00	(0.20)	0.00	0.00	1.13	(1.77)	4.16
TEMTX	0.52	(0.01)	(0.05)	0.11	0.41	(0.58)	0.98	(0.93)	4.03

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC