Fidelity California Correlations

FCMAX Fund  USD 12.21  0.01  0.08%   
The current 90-days correlation between Fidelity California and Lgm Risk Managed is -0.07 (i.e., Good 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

Significant diversification

The correlation between Fidelity California Municipal and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity California 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 California 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 nation.

Moving together with Fidelity Mutual Fund

  0.98FPXTX Fidelity PennsylvaniaPairCorr
  0.62FQIFX Fidelity Freedom IndexPairCorr
  0.61FQIPX Fidelity Freedom IndexPairCorr
  0.7FRAMX Fidelity Income ReplPairCorr
  0.69FRASX Fidelity Income ReplPairCorr
  0.7FRIMX Fidelity Income ReplPairCorr
  0.7FRHMX Fidelity Managed RetPairCorr
  0.7FRKMX Fidelity Managed RetPairCorr
  0.61FRLPX Fidelity Freedom IndexPairCorr
  0.9FROGX Fidelity Municipal IncomePairCorr
  0.7FRQHX Fidelity Managed RetPairCorr
  0.73FRQIX Fidelity Income ReplPairCorr
  0.7FRQKX Fidelity Managed RetPairCorr
  0.69FRQAX Fidelity Income ReplPairCorr

Moving against Fidelity Mutual Fund

  0.35FABLX Fidelity Advisor BalancedPairCorr
  0.33FABCX Fidelity Advisor BalancedPairCorr

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.