Fidelity Tax Correlations

FTABX Fund

USD 11.16 0.01 0.09%

The current 90-days correlation between Fidelity Tax Free and Neuberger Berman Income is 0.07 (i.e., Significant diversification). The correlation of Fidelity Tax 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 Tax Correlation With Market

Average diversification

The correlation between Fidelity Tax Free Bond and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Tax Free Bond 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 Tax Free Bond. 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 bureau of labor statistics.

Moving together with Fidelity Mutual Fund

0.68	FPTKX	Fidelity Freedom 2015	Pair Corr
0.98	FPXTX	Fidelity Pennsylvania	Pair Corr
0.73	FRAMX	Fidelity Income Repl	Pair Corr
0.72	FRASX	Fidelity Income Repl	Pair Corr
0.63	FRIFX	Fidelity Real Estate	Pair Corr
0.73	FRIMX	Fidelity Income Repl	Pair Corr
0.62	FRINX	Fidelity Real Estate	Pair Corr
0.73	FRHMX	Fidelity Managed Ret	Pair Corr
0.73	FRKMX	Fidelity Managed Ret	Pair Corr
0.62	FRIRX	Fidelity Real Estate	Pair Corr
0.73	FRQHX	Fidelity Managed Ret	Pair Corr
0.75	FRQIX	Fidelity Income Repl	Pair Corr
0.73	FRQKX	Fidelity Managed Ret	Pair Corr
0.72	FRQAX	Fidelity Income Repl	Pair Corr
0.69	FACFX	Fidelity Advisor Freedom	Pair Corr
0.79	FADMX	Fidelity Advisor Str	Pair Corr

Related Correlations Analysis

	NHIEX	PYRLX	BHYRX	GMOZX	BUFHX	IMYCX	PRHYX	ARTFX
NHIEX		0.71	0.98	0.89	0.84	0.88	0.91	0.88	NHIEX
PYRLX	0.71		0.72	0.76	0.59	0.78	0.79	0.62	PYRLX
BHYRX	0.98	0.72		0.92	0.79	0.87	0.93	0.82	BHYRX
GMOZX	0.89	0.76	0.92		0.77	0.81	0.91	0.76	GMOZX
BUFHX	0.84	0.59	0.79	0.77		0.74	0.71	0.89	BUFHX
IMYCX	0.88	0.78	0.87	0.81	0.74		0.83	0.9	IMYCX
PRHYX	0.91	0.79	0.93	0.91	0.71	0.83		0.73	PRHYX
ARTFX	0.88	0.62	0.82	0.76	0.89	0.9	0.73		ARTFX
	NHIEX	PYRLX	BHYRX	GMOZX	BUFHX	IMYCX	PRHYX	ARTFX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Tax 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 Tax'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
NHIEX	0.12	0.01	(0.60)	0.31	0.00	(0.19)	0.26	(0.13)	0.92
PYRLX	0.10	0.01	(0.43)	0.67	0.01	(0.18)	0.16	(0.16)	0.94
BHYRX	0.11	0.00	(0.56)	0.20	0.00	(0.20)	0.28	(0.14)	0.84
GMOZX	0.13	0.01	(0.49)	0.16	0.00	(0.16)	0.28	(0.33)	0.72
BUFHX	0.09	0.02	(0.49)	9.16	0.00	(0.13)	0.19	(0.09)	0.83
IMYCX	0.11	0.02	(0.49)	(1.62)	0.00	(0.18)	0.29	(0.29)	0.86
PRHYX	0.12	0.00	(0.51)	0.12	0.00	(0.23)	0.34	(0.17)	1.01
ARTFX	0.10	0.03	(0.60)	1.87	0.00	(0.17)	0.22	(0.11)	0.77

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Fidelity Tax Correlations

Fidelity Tax Correlation With Market

Average diversification

Moving together with Fidelity Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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