Fidelity Connecticut Correlations

Mutual Funds . USA . 
Fund . Fidelity Necticut Municipal
FICNX Fund  USD 11.03  0.02  0.18%   
The current 90-days correlation between Fidelity Connecticut and Fidelity Pennsylvania Municipal is 0.96 (i.e., Almost no diversification). The correlation of Fidelity Connecticut 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 Connecticut Correlation With Market

Very good diversification

The correlation between Fidelity Necticut Municipal and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Necticut Municipal 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 Necticut Municipal. 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 board of governors.

Moving together with Fidelity Mutual Fund

  0.96FPXTX Fidelity PennsylvaniaPairCorr
  0.77FRAMX Fidelity Income ReplPairCorr
  0.71FRASX Fidelity Income ReplPairCorr
  0.67FRIFX Fidelity Real EstatePairCorr
  0.77FRIMX Fidelity Income ReplPairCorr
  0.68FRINX Fidelity Real EstatePairCorr
  0.71FRIOX Fidelity Real EstatePairCorr
  0.68FRIQX Fidelity Real EstatePairCorr
  0.77FRHMX Fidelity Managed RetPairCorr
  0.77FRKMX Fidelity Managed RetPairCorr
  0.67FRIRX Fidelity Real EstatePairCorr
  0.99FROGX Fidelity Municipal IncomePairCorr
  0.76FRQHX Fidelity Managed RetPairCorr
  0.77FRQIX Fidelity Income ReplPairCorr
  0.77FRQKX Fidelity Managed RetPairCorr
  0.77FRQAX Fidelity Income ReplPairCorr
  0.71FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.75FRPDX Fidelity Sai AlternativePairCorr
  0.46FADTX Fidelity Advisor TecPairCorr
  0.4FAFSX Fidelity Advisor FinPairCorr
  0.4FAFDX Fidelity Advisor FinPairCorr
  0.4FAFCX Fidelity Advisor FinPairCorr
  0.38FAGOX Fidelity Advisor GrowthPairCorr
  0.38FAGCX Fidelity Advisor GrowthPairCorr
  0.38FAGAX Fidelity Advisor GrowthPairCorr
  0.37FACGX Fidelity Advisor GrowthPairCorr
  0.35FAEGX Fidelity Advisor EquityPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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