Franklin Biotechnology Correlations

Mutual Funds . USA . 
Fund . Franklin Biotechnology Discovery
FBDIX Fund  USD 141.32  0.46  0.32%   
The current 90-days correlation between Franklin Biotechnology and Sterling Capital Short is 0.13 (i.e., Average diversification). The correlation of Franklin Biotechnology 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 Biotechnology Correlation With Market

Poor diversification

The correlation between Franklin Biotechnology Discove and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franklin Biotechnology Discove 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 Biotechnology Discovery. 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

  0.62TEMIX Franklin Mutual EuropeanPairCorr
  0.63TEURX Franklin Mutual EuropeanPairCorr
  0.61LGIEX Qs International EquityPairCorr

Moving against Franklin Mutual Fund

  0.36SAIFX Clearbridge Large CapPairCorr
  0.33TEMTX Franklin Mutual SharesPairCorr
  0.33TESIX Franklin Mutual SharesPairCorr
  0.33TESRX Franklin Mutual SharesPairCorr
  0.43SBAYX Western Asset AdjustablePairCorr

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   
JSNIX
+ 0.95
BBSGX
ASCLX
+ 0.86
QLENX
VISTX
+ 0.83
JSNIX
VISTX
+ 0.8
BBSGX
ASCLX
+ 0.79
AOUNX
PRMDX
+ 0.72
JSNIX
  
High negative correlations   
VISTX
- 0.19
QLENX
VISTX
- 0.16
ASCLX
JSNIX
- 0.05
QLENX
ASCLX
- 0.03
JSNIX

Risk-Adjusted Indicators

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