Franklin Equity Correlations

FREIX Fund

USD 35.12 0.36 1.04%

The current 90-days correlation between Franklin Equity Income and Pace International Equity is 0.68 (i.e., Poor diversification). The correlation of Franklin Equity 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 Equity Correlation With Market

Very poor diversification

The correlation between Franklin Equity Income and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Equity Income 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 Equity Income. 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

0.86	TEDMX	Templeton Developing	Pair Corr
0.73	TEDIX	Franklin Mutual Global	Pair Corr
0.66	TEDSX	Franklin Mutual Global	Pair Corr
0.66	TEDRX	Franklin Mutual Global	Pair Corr
0.71	TEFRX	Templeton Foreign	Pair Corr
0.71	TEFTX	Templeton Foreign	Pair Corr
0.71	TEGBX	Templeton Global Bond	Pair Corr
0.88	TEGRX	Templeton Growth	Pair Corr
0.73	TEMFX	Templeton Foreign	Pair Corr
0.76	TEMWX	Templeton World	Pair Corr
0.79	FQCTX	Franklin Necticut Tax	Pair Corr
0.82	SAIFX	Clearbridge Large Cap	Pair Corr
0.63	SAGYX	Clearbridge Aggressive	Pair Corr
0.77	FQCHX	Franklin Templeton Smacs	Pair Corr
0.82	FQEMX	Franklin Templeton Smacs	Pair Corr
0.84	TEPLX	Templeton Growth	Pair Corr
0.87	TWDAX	Templeton World	Pair Corr
0.71	LGGAX	Clearbridge International	Pair Corr
0.76	TEURX	Franklin Mutual European	Pair Corr
0.84	LGIEX	Qs International Equity	Pair Corr
0.78	FQLAX	Franklin Louisiana Tax	Pair Corr
0.76	TEWTX	Templeton World	Pair Corr
0.88	SAPYX	Clearbridge Appreciation	Pair Corr
0.79	FQNCX	Franklin North Carolina	Pair Corr
0.79	FQMDX	Franklin Maryland Tax	Pair Corr
0.66	WAADX	Western Asset Smash	Pair Corr
0.77	WAARX	Western Asset Total	Pair Corr

Moving against Franklin Mutual Fund

0.33

TEMGX

Templeton Global Smaller

Pair Corr

Related Correlations Analysis

	PWITX	MSTFX	FREIX	TOIIX	EEIFX	EEQAX	QLENX	SMNIX	GGEZX
PWITX		0.94	0.82	0.92	0.83	-0.13	0.78	0.4	0.65	PWITX
MSTFX	0.94		0.89	0.91	0.8	0.0	0.76	0.28	0.83	MSTFX
FREIX	0.82	0.89		0.85	0.79	-0.02	0.78	0.42	0.74	FREIX
TOIIX	0.92	0.91	0.85		0.77	-0.12	0.92	0.59	0.65	TOIIX
EEIFX	0.83	0.8	0.79	0.77		-0.24	0.72	0.45	0.65	EEIFX
EEQAX	-0.13	0.0	-0.02	-0.12	-0.24		-0.34	-0.52	0.07	EEQAX
QLENX	0.78	0.76	0.78	0.92	0.72	-0.34		0.78	0.52	QLENX
SMNIX	0.4	0.28	0.42	0.59	0.45	-0.52	0.78		-0.04	SMNIX
GGEZX	0.65	0.83	0.74	0.65	0.65	0.07	0.52	-0.04		GGEZX
	PWITX	MSTFX	FREIX	TOIIX	EEIFX	EEQAX	QLENX	SMNIX	GGEZX

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

MSTFX	+ 0.94	PWITX
TOIIX	+ 0.92	PWITX
QLENX	+ 0.92	TOIIX
TOIIX	+ 0.91	MSTFX
FREIX	+ 0.89	MSTFX
TOIIX	+ 0.85	FREIX

High negative correlations

SMNIX	- 0.52	EEQAX
QLENX	- 0.34	EEQAX
EEQAX	- 0.24	EEIFX
EEQAX	- 0.13	PWITX
EEQAX	- 0.12	TOIIX
GGEZX	- 0.04	SMNIX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Equity 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 Equity'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
PWITX	0.52	(0.01)	(0.02)	0.03	0.72	(0.52)	1.07	(1.21)	3.64
MSTFX	0.58	0.01	0.00	0.05	0.72	(0.60)	1.14	(1.12)	4.05
FREIX	0.42	0.01	(0.01)	0.05	0.47	(0.46)	0.89	(0.88)	2.92
TOIIX	0.56	0.04	0.04	0.10	0.65	(0.59)	1.21	(1.16)	3.31
EEIFX	0.60	0.01	0.00	0.05	0.99	(0.60)	1.30	(1.28)	4.87
EEQAX	0.39	(0.01)	0.00	0.22	0.00	0.00	0.90	(0.80)	2.65
QLENX	0.30	0.06	0.08	0.24	0.18	(0.33)	0.58	(0.46)	1.66
SMNIX	0.42	0.08	0.04	(0.19)	0.43	(0.46)	0.87	(0.75)	2.42
GGEZX	0.73	(0.04)	0.00	(0.02)	0.00	0.00	1.09	(1.98)	4.27

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