Fidelity California Correlations

Mutual Funds . USA . 
Fund . Fidelity California Limited
FCSTX Fund  USD 10.36  0.02  0.19%   
The current 90-days correlation between Fidelity California and Fidelity California Municipal is 0.91 (i.e., Almost no diversification). The correlation of Fidelity California 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.

Fidelity California Correlation With Market

Good diversification

The correlation between Fidelity California Limited and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity California Limited 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 Fidelity California Limited. 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 estimate.

Moving together with Fidelity Mutual Fund

  0.75FPTKX Fidelity Freedom 2015PairCorr
  0.95FPXTX Fidelity PennsylvaniaPairCorr
  0.68FQIFX Fidelity Freedom IndexPairCorr
  0.8FRAMX Fidelity Income ReplPairCorr
  0.79FRASX Fidelity Income ReplPairCorr
  0.63FRIFX Fidelity Real EstatePairCorr
  0.8FRIMX Fidelity Income ReplPairCorr
  0.62FRINX Fidelity Real EstatePairCorr
  0.61FRIOX Fidelity Real EstatePairCorr
  0.63FRIQX Fidelity Real EstatePairCorr
  0.81FRHMX Fidelity Managed RetPairCorr
  0.8FRKMX Fidelity Managed RetPairCorr
  0.62FRIRX Fidelity Real EstatePairCorr
  0.98FROGX Fidelity Municipal IncomePairCorr
  0.81FRQHX Fidelity Managed RetPairCorr
  0.8FRQIX Fidelity Income ReplPairCorr
  0.8FRQKX Fidelity Managed RetPairCorr
  0.8FRQAX Fidelity Income ReplPairCorr
  0.77FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.65FRPDX Fidelity Sai AlternativePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity California 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 Fidelity California'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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