Fidelity California Correlations

Mutual Funds . USA . 
Fund . Fidelity California Limited
FCSTX Fund  USD 10.38  0.01  0.1%   
The current 90-days correlation between Fidelity California and Fidelity California Municipal is 0.92 (i.e., Almost no 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

Very good diversification

The correlation between Fidelity California Limited 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 California Limited 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 Limited. 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 estimate.

Moving together with Fidelity Mutual Fund

  0.62FPTKX Fidelity Freedom 2015PairCorr
  0.97FPXTX Fidelity PennsylvaniaPairCorr
  0.77FRAMX Fidelity Income ReplPairCorr
  0.72FRASX Fidelity Income ReplPairCorr
  0.65FRIFX Fidelity Real EstatePairCorr
  0.77FRIMX Fidelity Income ReplPairCorr
  0.66FRINX Fidelity Real EstatePairCorr
  0.68FRIOX Fidelity Real EstatePairCorr
  0.66FRIQX Fidelity Real EstatePairCorr
  0.77FRHMX Fidelity Managed RetPairCorr
  0.77FRKMX Fidelity Managed RetPairCorr
  0.65FRIRX Fidelity Real EstatePairCorr
  0.99FROGX Fidelity Municipal IncomePairCorr
  0.77FRQHX Fidelity Managed RetPairCorr
  0.77FRQIX Fidelity Income ReplPairCorr
  0.77FRQKX Fidelity Managed RetPairCorr
  0.76FRQAX Fidelity Income ReplPairCorr
  0.72FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.72FRPDX Fidelity Sai AlternativePairCorr
  0.42FADTX Fidelity Advisor TecPairCorr
  0.38FAFSX Fidelity Advisor FinPairCorr
  0.31FACGX Fidelity Advisor GrowthPairCorr

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.

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