Franklin Minnesota Correlations

Mutual Funds . USA . 
Fund . Franklin Minnesota Tax Free
FMNIX Fund  USD 10.84  0.04  0.37%   
The current 90-days correlation between Franklin Minnesota Tax and Franklin Mutual Beacon is 0.2 (i.e., Modest diversification). The correlation of Franklin Minnesota 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 Minnesota Correlation With Market

Modest diversification

The correlation between Franklin Minnesota Tax Free and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Minnesota 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 Minnesota 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 gross domestic product.

Moving together with Franklin Mutual Fund

  0.63TEBIX Franklin Mutual BeaconPairCorr
  0.62TEDMX Templeton DevelopingPairCorr
  0.66TEDIX Franklin Mutual GlobalPairCorr
  0.66TEDSX Franklin Mutual GlobalPairCorr
  0.66TEDRX Franklin Mutual GlobalPairCorr
  0.62TEFRX Templeton ForeignPairCorr
  0.62TEFTX Templeton ForeignPairCorr
  0.63TEGRX Templeton GrowthPairCorr
  0.62TEMFX Templeton ForeignPairCorr
  0.66TEMGX Templeton Global SmallerPairCorr
  0.64TEMEX Franklin Mutual BeaconPairCorr
  0.61TEMIX Franklin Mutual EuropeanPairCorr
  0.67TEMTX Franklin Mutual SharesPairCorr
  0.66TEMQX Mutual QuestPairCorr
  0.98FQCTX Franklin Necticut TaxPairCorr
  0.65SAIFX Clearbridge Large CapPairCorr
  0.64SAGYX Clearbridge AggressivePairCorr
  0.81FQCHX Franklin Templeton SmacsPairCorr
  0.66TEQIX Franklin Mutual QuestPairCorr
  0.63TEPLX Templeton GrowthPairCorr
  0.64TWDAX Templeton WorldPairCorr
  0.67TESIX Franklin Mutual SharesPairCorr
  0.67TESRX Franklin Mutual SharesPairCorr
  0.61TEURX Franklin Mutual EuropeanPairCorr
  0.88FQLAX Franklin Louisiana TaxPairCorr
  0.65TEWTX Templeton WorldPairCorr
  0.64SAPYX Clearbridge AppreciationPairCorr
  0.96FQNCX Franklin North CarolinaPairCorr
  0.84FQMDX Franklin Maryland TaxPairCorr
  0.66WAARX Western Asset TotalPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Minnesota 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 Minnesota'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TEBIX  0.56  0.09  0.06  0.26  0.43 
(0.63)
 1.43 
(1.12)
 3.58 
TEDMX  0.58  0.22  0.22  0.58  0.15 
(0.73)
 1.58 
(1.27)
 4.48 
TEDIX  0.51  0.07  0.02  0.24  0.50 
(0.53)
 1.12 
(1.33)
 3.32 
TEDSX  0.51  0.06  0.02  0.23  0.52 
(0.53)
 1.15 
(1.32)
 3.37 
TEDRX  0.51  0.07  0.02  0.24  0.51 
(0.53)
 1.12 
(1.33)
 3.36 
TEFRX  0.66  0.14  0.11  0.37  0.46 
(0.82)
 1.76 
(1.39)
 4.25 
TEFTX  0.65  0.14  0.11  0.37  0.48 
(0.81)
 1.71 
(1.35)
 4.24 
TEGBX  0.33  0.08 (0.13)(1.16) 0.19 
(0.44)
 0.87 
(0.43)
 2.11 
TEGRX  0.54  0.16  0.16  0.35  0.25 
(0.62)
 1.83 
(1.01)
 3.53 
TEMFX  0.66  0.14  0.11  0.38  0.44 
(0.80)
 1.72 
(1.35)
 4.14 

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