Fidelity Municipal Correlations

FAMHX Fund

USD 9.99 0.01 0.10%

The current 90-days correlation between Fidelity Municipal Income and Morningstar Defensive Bond is 0.1 (i.e., Average 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

Good diversification

The correlation between Fidelity Municipal Income and DJI is -0.17 (i.e., 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 rate.

Moving together with Fidelity Mutual Fund

0.92	FIMSX	Fidelity Municipal Income	Pair Corr
0.89	FAMYX	Fidelity Municipal Income	Pair Corr

Moving against Fidelity Mutual Fund

0.64	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.55	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Related Correlations Analysis

	MSTBX	PRVBX	PCMNX	PATFX	USCBX	FACCX	PRINX	PRFHX
MSTBX		0.39	0.81	0.8	0.68	0.78	0.75	0.77	MSTBX
PRVBX	0.39		0.16	0.47	0.21	-0.01	0.42	0.49	PRVBX
PCMNX	0.81	0.16		0.84	0.93	0.95	0.92	0.82	PCMNX
PATFX	0.8	0.47	0.84		0.85	0.76	0.9	1.0	PATFX
USCBX	0.68	0.21	0.93	0.85		0.89	0.94	0.84	USCBX
FACCX	0.78	-0.01	0.95	0.76	0.89		0.85	0.74	FACCX
PRINX	0.75	0.42	0.92	0.9	0.94	0.85		0.9	PRINX
PRFHX	0.77	0.49	0.82	1.0	0.84	0.74	0.9		PRFHX
	MSTBX	PRVBX	PCMNX	PATFX	USCBX	FACCX	PRINX	PRFHX

Click cells to compare fundamentals

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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

PRFHX	+ 1.0	PATFX
FACCX	+ 0.95	PCMNX
PRINX	+ 0.94	USCBX
USCBX	+ 0.93	PCMNX
PRINX	+ 0.92	PCMNX
PRINX	+ 0.9	PATFX

High negative correlations

FACCX

- 0.01

PRVBX

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
MSTBX	0.10	0.00	0.00	0.00	0.00	0.00	0.21	(0.21)	0.72
PRVBX	0.09	0.01	(0.74)	0.61	0.00	(0.10)	0.20	(0.20)	0.53
PCMNX	0.11	(0.01)	(0.33)	(0.21)	0.18	(0.16)	0.25	(0.25)	1.07
PATFX	0.15	0.01	(0.23)	0.02	0.23	(0.24)	0.44	(0.35)	1.69
USCBX	0.15	(0.01)	(0.25)	(0.07)	0.24	(0.22)	0.39	(0.29)	1.74
FACCX	0.15	(0.01)	0.00	(0.31)	0.00	0.00	0.39	(0.39)	1.48
PRINX	0.15	(0.01)	(0.26)	(0.01)	0.23	(0.23)	0.44	(0.44)	1.59
PRFHX	0.15	0.01	(0.24)	0.02	0.23	(0.24)	0.44	(0.44)	1.61

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