Fidelity Municipal Correlations

FROGX Fund

USD 12.36 0.02 0.16%

The current 90-days correlation between Fidelity Municipal Income and Franklin Federal Limited Term is 0.83 (i.e., Very poor diversification). The correlation of Fidelity Municipal 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 Municipal Correlation With Market

Very good diversification

The correlation between Fidelity Municipal Income and DJI is -0.33 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Municipal Income 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 Municipal Income. 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 price.

Moving together with Fidelity Mutual Fund

0.97	FPXTX	Fidelity Pennsylvania	Pair Corr
0.7	FRASX	Fidelity Income Repl	Pair Corr
0.76	FRIMX	Fidelity Income Repl	Pair Corr
0.67	FRINX	Fidelity Real Estate	Pair Corr
0.69	FRIOX	Fidelity Real Estate	Pair Corr
0.67	FRIQX	Fidelity Real Estate	Pair Corr
0.76	FRHMX	Fidelity Managed Ret	Pair Corr
0.76	FRKMX	Fidelity Managed Ret	Pair Corr
0.66	FRIRX	Fidelity Real Estate	Pair Corr
0.75	FRQHX	Fidelity Managed Ret	Pair Corr
0.76	FRQIX	Fidelity Income Repl	Pair Corr
0.61	FTF	Franklin Templeton	Pair Corr
0.99	FSAZX	Fidelity Arizona Mun	Pair Corr
0.77	FANCX	Fidelity Short Term	Pair Corr

Moving against Fidelity Mutual Fund

0.46	FADTX	Fidelity Advisor Tec	Pair Corr
0.4	FAFSX	Fidelity Advisor Fin	Pair Corr
0.4	FAFDX	Fidelity Advisor Fin	Pair Corr
0.35	FAGOX	Fidelity Advisor Growth	Pair Corr
0.35	FALIX	Fidelity Advisor Large	Pair Corr
0.46	FATEX	Fidelity Advisor Tec	Pair Corr
0.45	FSELX	Fidelity Select Semi	Pair Corr

Related Correlations Analysis

	FTFZX	QLENX	CFSTX	FOSIX	BXDCX	JSNIX	ASCLX
FTFZX		0.36	0.52	0.62	0.8	0.8	0.33	FTFZX
QLENX	0.36		-0.42	-0.28	0.42	-0.03	0.86	QLENX
CFSTX	0.52	-0.42		0.95	0.41	0.82	-0.38	CFSTX
FOSIX	0.62	-0.28	0.95		0.51	0.9	-0.31	FOSIX
BXDCX	0.8	0.42	0.41	0.51		0.78	0.55	BXDCX
JSNIX	0.8	-0.03	0.82	0.9	0.78		0.0	JSNIX
ASCLX	0.33	0.86	-0.38	-0.31	0.55	0.0		ASCLX
	FTFZX	QLENX	CFSTX	FOSIX	BXDCX	JSNIX	ASCLX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

FOSIX	+ 0.95	CFSTX
JSNIX	+ 0.9	FOSIX
ASCLX	+ 0.86	QLENX
JSNIX	+ 0.82	CFSTX
BXDCX	+ 0.8	FTFZX
JSNIX	+ 0.8	FTFZX

High negative correlations

CFSTX	- 0.42	QLENX
ASCLX	- 0.38	CFSTX
ASCLX	- 0.31	FOSIX
FOSIX	- 0.28	QLENX
JSNIX	- 0.03	QLENX
ASCLX	- 0.0	JSNIX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Municipal 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 Municipal'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
FTFZX	0.07	0.01	(0.59)	(0.13)	0.00	(0.13)	0.19	(0.10)	0.68
QLENX	0.32	0.04	(0.09)	0.24	0.22	(0.39)	0.76	(0.57)	2.17
CFSTX	0.07	0.00	(1.10)	0.18	0.02	(0.09)	0.12	(0.12)	0.50
FOSIX	0.09	0.00	(0.82)	0.08	0.00	(0.16)	0.22	(0.11)	0.55
BXDCX	0.09	0.01	(0.81)	(0.43)	0.00	(0.16)	0.22	(0.11)	0.65
JSNIX	0.08	0.00	(0.85)	(0.19)	0.00	(0.17)	0.21	(0.11)	0.64
ASCLX	0.37	0.00	(0.09)	0.11	0.37	(0.41)	0.77	(0.93)	2.91

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC