Franklin California Correlations

FRCTX Fund

USD 6.84 0.01 0.15%

The current 90-days correlation between Franklin California Tax and Virtus Seix Government is 0.24 (i.e., Modest 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 Tax Free and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin California 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 California 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 estimate.

Moving together with Franklin Mutual Fund

0.75	TEBIX	Franklin Mutual Beacon	Pair Corr
0.79	TEDIX	Franklin Mutual Global	Pair Corr
0.79	TEDSX	Franklin Mutual Global	Pair Corr
0.79	TEDRX	Franklin Mutual Global	Pair Corr
0.8	TEGBX	Templeton Global Bond	Pair Corr
0.68	TEGRX	Templeton Growth	Pair Corr
0.76	TEMGX	Templeton Global Smaller	Pair Corr
0.77	TEMEX	Franklin Mutual Beacon	Pair Corr
0.69	TEMMX	Templeton Emerging	Pair Corr
0.83	TEMTX	Franklin Mutual Shares	Pair Corr
0.99	FQCTX	Franklin Necticut Tax	Pair Corr
0.65	TEPLX	Templeton Growth	Pair Corr
0.71	TWDAX	Templeton World	Pair Corr
0.8	TESIX	Franklin Mutual Shares	Pair Corr
0.8	TESRX	Franklin Mutual Shares	Pair Corr
0.94	FQLAX	Franklin Louisiana Tax	Pair Corr
0.71	TEWTX	Templeton World	Pair Corr
0.82	SAPYX	Clearbridge Appreciation	Pair Corr
0.7	SASMX	Clearbridge Small Cap	Pair Corr
0.85	WACPX	Western Asset E	Pair Corr
0.83	TFESX	International Equity	Pair Corr
0.83	TFEQX	International Equity	Pair Corr
0.65	WAFAX	Western Asset Inflation	Pair Corr
0.78	FRBRX	Franklin Biotechnology	Pair Corr
0.82	FRBSX	Franklin Balance Sheet	Pair Corr
0.73	FRDPX	Franklin Rising Dividends	Pair Corr
0.8	FRDTX	Franklin Rising Dividends	Pair Corr
0.86	WAPAX	Western Asset E	Pair Corr
0.83	FREEX	Franklin Real Estate	Pair Corr
0.74	FREIX	Franklin Equity Income	Pair Corr
0.75	FRCSX	Franklin Small Cap	Pair Corr
0.95	FRFTX	Franklin Federal Tax	Pair Corr

Moving against Franklin Mutual Fund

0.73

WAADX

Western Asset Smash

Pair Corr

Related Correlations Analysis

	SSAGX	TWTIX	SMAAX	AUNTX	PRRXX	RGVAX
SSAGX		0.15	0.17	0.57	0.0	0.23	SSAGX
TWTIX	0.15		0.99	0.77	0.0	0.92	TWTIX
SMAAX	0.17	0.99		0.8	0.0	0.92	SMAAX
AUNTX	0.57	0.77	0.8		0.0	0.74	AUNTX
PRRXX	0.0	0.0	0.0	0.0		0.0	PRRXX
RGVAX	0.23	0.92	0.92	0.74	0.0		RGVAX
	SSAGX	TWTIX	SMAAX	AUNTX	PRRXX	RGVAX

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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

SMAAX	+ 0.99	TWTIX
RGVAX	+ 0.92	TWTIX
RGVAX	+ 0.92	SMAAX
AUNTX	+ 0.8	SMAAX
AUNTX	+ 0.77	TWTIX
RGVAX	+ 0.74	AUNTX

High negative correlations

RGVAX	- 0.0	PRRXX
PRRXX	- 0.0	AUNTX
PRRXX	- 0.0	SMAAX
PRRXX	- 0.0	TWTIX
PRRXX	- 0.0	SSAGX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SSAGX	0.06	0.01	0.18	(1.55)	0.00	(0.18)	0.10	(0.10)	0.51
TWTIX	0.14	0.01	0.04	0.20	0.16	(0.18)	0.37	(0.37)	1.22
SMAAX	0.13	0.00	0.03	0.17	0.18	(0.15)	0.30	(0.30)	1.09
AUNTX	0.12	0.01	0.05	0.36	0.10	(0.17)	0.28	(0.28)	1.03
PRRXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RGVAX	0.25	0.02	0.09	0.29	0.22	(0.33)	0.60	(0.43)	1.72

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