Franklin Gold Correlations

FRGOX Fund

USD 41.12 1.16 2.90%

The current 90-days correlation between Franklin Gold Precious and Putnam Equity Income is 0.28 (i.e., Modest diversification). The correlation of Franklin Gold 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 Gold Correlation With Market

Average diversification

The correlation between Franklin Gold Precious and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Gold Precious 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 Gold Precious. 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 metropolitan statistical area.

Moving together with Franklin Mutual Fund

0.73	PEYAX	Putnam Equity Income	Pair Corr
0.71	TEGRX	Templeton Growth	Pair Corr
0.82	TEMIX	Franklin Mutual European	Pair Corr
0.68	TEMTX	Franklin Mutual Shares	Pair Corr
0.7	TEMQX	Mutual Quest	Pair Corr
0.68	PFICX	Putnam Floating Rate	Pair Corr
0.7	SAGYX	Clearbridge Aggressive	Pair Corr
0.63	TEQIX	Franklin Mutual Quest	Pair Corr
0.67	TESIX	Franklin Mutual Shares	Pair Corr
0.62	TESRX	Franklin Mutual Shares	Pair Corr
0.67	PFLRX	Putnam Floating Rate	Pair Corr
0.61	LGGAX	Clearbridge International	Pair Corr
0.78	TEURX	Franklin Mutual European	Pair Corr
0.73	SAPYX	Clearbridge Appreciation	Pair Corr
0.7	SASMX	Clearbridge Small Cap	Pair Corr

Moving against Franklin Mutual Fund

0.4	TEMWX	Templeton World	Pair Corr
0.39	TWDAX	Templeton World	Pair Corr
0.49	FQMDX	Franklin Maryland Tax	Pair Corr
0.33	TEWTX	Templeton World	Pair Corr
0.33	TFEQX	International Equity	Pair Corr

Related Correlations Analysis

	PEYAX	TEDMX	TEDIX	TEFRX	TEFTX	TEGBX	TEGRX	TEMFX	TEMGX	TEMEX
PEYAX		0.39	-0.15	0.39	0.45	0.47	0.87	0.36	0.08	0.52	PEYAX
TEDMX	0.39		0.02	0.25	0.39	0.4	0.19	0.39	0.12	0.11	TEDMX
TEDIX	-0.15	0.02		0.29	0.32	-0.09	-0.25	0.49	0.87	0.44	TEDIX
TEFRX	0.39	0.25	0.29		0.8	0.59	0.41	0.79	0.49	0.32	TEFRX
TEFTX	0.45	0.39	0.32	0.8		0.53	0.47	0.98	0.56	0.09	TEFTX
TEGBX	0.47	0.4	-0.09	0.59	0.53		0.41	0.47	0.1	0.15	TEGBX
TEGRX	0.87	0.19	-0.25	0.41	0.47	0.41		0.35	-0.01	0.27	TEGRX
TEMFX	0.36	0.39	0.49	0.79	0.98	0.47	0.35		0.67	0.15	TEMFX
TEMGX	0.08	0.12	0.87	0.49	0.56	0.1	-0.01	0.67		0.37	TEMGX
TEMEX	0.52	0.11	0.44	0.32	0.09	0.15	0.27	0.15	0.37		TEMEX
	PEYAX	TEDMX	TEDIX	TEFRX	TEFTX	TEGBX	TEGRX	TEMFX	TEMGX	TEMEX

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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

TEMFX	+ 0.98	TEFTX
TEGRX	+ 0.87	PEYAX
TEMGX	+ 0.87	TEDIX
TEFTX	+ 0.8	TEFRX
TEMFX	+ 0.79	TEFRX
TEMGX	+ 0.67	TEMFX

High negative correlations

TEGRX	- 0.25	TEDIX
TEDIX	- 0.15	PEYAX
TEGBX	- 0.09	TEDIX
TEMGX	- 0.01	TEGRX

Risk-Adjusted Indicators

There is a big difference between Franklin Mutual Fund performing well and Franklin Gold 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 Gold'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
PEYAX	0.55	0.10	0.08	0.60	0.50	(0.59)	1.19	(1.05)	2.33
TEDMX	0.82	0.10	0.04	0.48	0.95	(0.84)	1.56	(1.38)	4.85
TEDIX	0.66	(0.06)	0.00	(0.23)	0.00	0.00	1.03	(1.21)	9.49
TEFRX	0.60	(0.04)	(0.05)	0.01	0.90	(0.62)	1.38	(1.33)	4.52
TEFTX	0.60	0.02	(0.03)	0.20	0.86	(0.60)	1.31	(1.40)	3.78
TEGBX	0.24	(0.02)	(0.21)	(0.05)	0.28	(0.29)	0.56	(0.42)	1.25
TEGRX	0.80	0.27	0.27	0.51	0.40	(1.01)	1.33	(1.27)	15.81
TEMFX	0.61	0.02	(0.03)	0.14	0.94	(0.60)	1.42	(1.40)	4.60
TEMGX	0.68	(0.06)	0.00	(0.17)	0.00	0.00	1.26	(1.12)	5.92
TEMEX	0.56	(0.04)	(0.06)	0.01	0.93	(0.57)	1.17	(0.97)	6.33

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