Fidelity California Correlations

Mutual Funds . USA . 
Fund . Fidelity California Municipal
FCTFX Fund  USD 12.33  0.02  0.16%   
The current 90-days correlation between Fidelity California and Franklin California Tax Free is 0.95 (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 Municipal 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 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 census.

Moving together with Fidelity Mutual Fund

  0.98FPXTX Fidelity PennsylvaniaPairCorr
  0.75FRAMX Fidelity Income ReplPairCorr
  0.7FRASX Fidelity Income ReplPairCorr
  0.67FRIFX Fidelity Real EstatePairCorr
  0.75FRIMX Fidelity Income ReplPairCorr
  0.68FRINX Fidelity Real EstatePairCorr
  0.7FRIOX Fidelity Real EstatePairCorr
  0.68FRIQX Fidelity Real EstatePairCorr
  0.76FRHMX Fidelity Managed RetPairCorr
  0.75FRKMX Fidelity Managed RetPairCorr
  0.67FRIRX Fidelity Real EstatePairCorr
  1.0FROGX Fidelity Municipal IncomePairCorr
  0.75FRQHX Fidelity Managed RetPairCorr
  0.75FRQIX Fidelity Income ReplPairCorr
  0.75FRQKX Fidelity Managed RetPairCorr
  0.75FRQAX Fidelity Income ReplPairCorr
  0.7FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.75FRPDX Fidelity Sai AlternativePairCorr
  0.4FADTX Fidelity Advisor TecPairCorr
  0.36FAFSX Fidelity Advisor FinPairCorr

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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