Franklin Small Correlations

Mutual Funds USA . 
Fund . Franklin Small Mid Cap
FRSIX Fund  USD 17.79  0.03  0.17%   
The current 90-days correlation between Franklin Small Mid and Templeton Foreign Fund is 0.18 (i.e., Average diversification). The correlation of Franklin Small 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 Small Correlation With Market

Very poor diversification

The correlation between Franklin Small Mid Cap and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Small Mid Cap 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 Small Mid Cap. 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

  0.62TEMWX Templeton WorldPairCorr
  0.62TWDAX Templeton WorldPairCorr
  0.8SASMX Clearbridge Small CapPairCorr

Moving against Franklin Mutual Fund

  0.72TEGBX Templeton Global BondPairCorr
  0.71TEFTX Templeton ForeignPairCorr
  0.71TEMMX Templeton EmergingPairCorr
  0.69TEFRX Templeton ForeignPairCorr
  0.68TEMFX Templeton ForeignPairCorr
  0.62TEDMX Templeton DevelopingPairCorr
  0.61TEMIX Franklin Mutual EuropeanPairCorr
  0.7TEMZX Templeton EmergingPairCorr
  0.63FQEMX Franklin Templeton SmacsPairCorr
  0.61TEURX Franklin Mutual EuropeanPairCorr
  0.43LGIEX Qs International EquityPairCorr
  0.4LGGAX Clearbridge InternationalPairCorr
  0.68TFFAX Templeton ForeignPairCorr
  0.57WABAX Western Asset EPairCorr
  0.5FQTIX Franklin Strategic SeriesPairCorr
  0.47WAFAX Western Asset InflationPairCorr
  0.36TFESX International EquityPairCorr
  0.35TFEQX International EquityPairCorr

Related Correlations Analysis

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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   
TEDMX
+ 0.9
TEMFX
FRDPX
+ 0.9
FKGRX
FRDPX
+ 0.89
FRBSX
FRBSX
+ 0.84
FKGRX
FRDPX
+ 0.22
TEMFX
FRDPX
+ 0.12
TEDMX
  
High negative correlations   
TEDMX
- 0.14
FRBSX
TEDMX
- 0.1
FKGRX
FKGRX
- 0.09
TEMFX
FRBSX
- 0.03
TEMFX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Small 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 Small'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.

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