Franklin FTSE Asia ex Japan ETF (FLAX) — Stock Correlations & Overview
Over the past year, FLAX has moved most closely with AAXJ, EDC, EEM. Explore the stocks most correlated and inversely correlated with FLAX below, along with its price, financials, and company profile.
Stocks correlated with FLAX
Correlation of daily returns. Higher positive values move with FLAX; negative values move opposite it. Informational only, not investment advice.
Most correlated with FLAX
| Symbol | Company | Correlation |
|---|---|---|
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 0.99 |
| EDC | Direxion Daily MSCI Emerging Markets Bull 3X ETF | 0.99 |
| EEM | iShares MSCI Emerging Markets ETF | 0.98 |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 0.98 |
| DFAE | Dimensional Emerging Core Equity Market ETF | 0.98 |
Most inversely correlated with FLAX
| Symbol | Company | Correlation |
|---|---|---|
| EDZ | Direxion Daily MSCI Emerging Markets Bear 3X ETF | -0.98 |
| EEV | ProShares Trust UltraShort MSCI Emerging Markets | -0.98 |
| EUM | ProShares Trust Short MSCI Emerging Markets | -0.98 |
| TSXD | Direxion Daily Semiconductors Top 5 Bear 2X ETF | -0.83 |
| SQQQ | ProShares UltraPro Short QQQ | -0.82 |
Frequently asked questions about FLAX correlations
- Which stocks are most correlated with FLAX?
- Based on one year of daily returns, the stocks most correlated with Franklin FTSE Asia ex Japan ETF (FLAX) are AAXJ (0.99), EDC (0.99) and EEM (0.98). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with FLAX?
- Over the past year, the stocks most inversely correlated with Franklin FTSE Asia ex Japan ETF (FLAX) are EDZ (-0.98), EEV (-0.98) and EUM (-0.98). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these FLAX correlations calculated?
- We compute the correlation of daily returns between FLAX and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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