Franklin Federal Correlations

FAFTX Fund

USD 10.52 0.02 0.19%

The current 90-days correlation between Franklin Federal Tax and Touchstone Large Cap is -0.28 (i.e., Very good diversification). The correlation of Franklin Federal 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 Federal Correlation With Market

Poor diversification

The correlation between Franklin Federal Tax Free and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Federal 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 Federal 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

1.0	VWLTX	Vanguard Long Term	Pair Corr
1.0	VWAHX	Vanguard High Yield	Pair Corr
1.0	VWALX	Vanguard High Yield	Pair Corr
1.0	VWLUX	Vanguard Long Term	Pair Corr
1.0	FFTQX	Franklin Federal Tax	Pair Corr
1.0	FKTIX	Franklin Federal Tax	Pair Corr

Moving against Franklin Mutual Fund

0.54	BXEIX	Barings Emerging Markets	Pair Corr
0.46	BXECX	Barings Emerging Markets	Pair Corr
0.46	BXEAX	Barings Emerging Markets	Pair Corr

Related Correlations Analysis

	TACLX	WMFFX	TADGX	TAAKX	GBAYX	OWLSX	TLCYX
TACLX		0.96	0.98	0.94	0.95	0.93	1.0	TACLX
WMFFX	0.96		0.99	0.99	0.96	0.99	0.96	WMFFX
TADGX	0.98	0.99		0.98	0.98	0.97	0.98	TADGX
TAAKX	0.94	0.99	0.98		0.97	1.0	0.94	TAAKX
GBAYX	0.95	0.96	0.98	0.97		0.96	0.95	GBAYX
OWLSX	0.93	0.99	0.97	1.0	0.96		0.92	OWLSX
TLCYX	1.0	0.96	0.98	0.94	0.95	0.92		TLCYX
	TACLX	WMFFX	TADGX	TAAKX	GBAYX	OWLSX	TLCYX

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Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Federal 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 Federal'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
TACLX	1.03	(0.05)	0.00	6.38	0.00	0.00	1.52	(1.76)	10.03
WMFFX	0.99	(0.04)	0.00	0.88	0.00	0.00	1.61	(2.05)	10.56
TADGX	1.00	(0.02)	0.00	(22.51)	0.00	0.00	1.69	(2.08)	9.85
TAAKX	1.17	(0.04)	0.00	0.86	0.00	0.00	2.05	(2.87)	11.56
GBAYX	0.53	0.00	0.12	(0.40)	0.83	(0.50)	0.87	(1.11)	4.88
OWLSX	1.03	(0.03)	0.00	15.54	0.00	0.00	1.59	(2.24)	10.33
TLCYX	1.04	(0.05)	0.00	5.26	0.00	0.00	1.54	(1.76)	10.08

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