Fidelity Connecticut Correlations

FICNX Fund

USD 10.99 0.01 0.09%

The current 90-days correlation between Fidelity Connecticut and Maryland Tax Free Bond is 0.92 (i.e., Almost no diversification). The correlation of Fidelity Connecticut 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 Connecticut Correlation With Market

Very good diversification

The correlation between Fidelity Necticut Municipal 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 Necticut 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 Necticut 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 board of governors.

Moving together with Fidelity Mutual Fund

0.89	FPXTX	Fidelity Pennsylvania	Pair Corr
0.78	FRAMX	Fidelity Income Repl	Pair Corr
0.71	FRASX	Fidelity Income Repl	Pair Corr
0.62	FRIFX	Fidelity Real Estate	Pair Corr
0.75	FRIMX	Fidelity Income Repl	Pair Corr
0.7	FRIOX	Fidelity Real Estate	Pair Corr
0.67	FRIQX	Fidelity Real Estate	Pair Corr
0.78	FRHMX	Fidelity Managed Ret	Pair Corr
0.78	FRKMX	Fidelity Managed Ret	Pair Corr
0.63	FRIRX	Fidelity Real Estate	Pair Corr
0.92	FROGX	Fidelity Municipal Income	Pair Corr
0.77	FRQHX	Fidelity Managed Ret	Pair Corr
0.77	FRQIX	Fidelity Income Repl	Pair Corr
0.77	FRQKX	Fidelity Managed Ret	Pair Corr
0.77	FRQAX	Fidelity Income Repl	Pair Corr
0.71	FACFX	Fidelity Advisor Freedom	Pair Corr
0.62	FADMX	Fidelity Advisor Str	Pair Corr

Moving against Fidelity Mutual Fund

0.77	FRPDX	Fidelity Sai Alternative	Pair Corr
0.33	FACVX	Fidelity Convertible	Pair Corr
0.5	FADTX	Fidelity Advisor Tec	Pair Corr
0.46	FAFSX	Fidelity Advisor Fin	Pair Corr
0.46	FAFDX	Fidelity Advisor Fin	Pair Corr
0.46	FAFCX	Fidelity Advisor Fin	Pair Corr
0.4	FACGX	Fidelity Advisor Growth	Pair Corr
0.4	FAGOX	Fidelity Advisor Growth	Pair Corr
0.4	FAGCX	Fidelity Advisor Growth	Pair Corr
0.4	FAGAX	Fidelity Advisor Growth	Pair Corr

Related Correlations Analysis

	MDXBX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP
MDXBX		0.18	0.0	-0.27	0.08	0.42	0.84	-0.07	-0.16	MDXBX
444859BR2	0.18		0.0	0.22	-0.53	-0.54	-0.03	0.41	-0.41	444859BR2
AQUI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.27	0.22	0.0		-0.45	-0.35	-0.4	-0.04	0.1	BRRAY
MSTSX	0.08	-0.53	0.0	-0.45		0.67	0.34	-0.02	-0.08	MSTSX
LBHIX	0.42	-0.54	0.0	-0.35	0.67		0.51	-0.29	0.22	LBHIX
ABHYX	0.84	-0.03	0.0	-0.4	0.34	0.51		-0.05	-0.17	ABHYX
SCAXF	-0.07	0.41	0.0	-0.04	-0.02	-0.29	-0.05		-0.8	SCAXF
VIASP	-0.16	-0.41	0.0	0.1	-0.08	0.22	-0.17	-0.8		VIASP
	MDXBX	444859BR2	AQUI	BRRAY	MSTSX	LBHIX	ABHYX	SCAXF	VIASP

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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

ABHYX	+ 0.84	MDXBX
LBHIX	+ 0.67	MSTSX
ABHYX	+ 0.51	LBHIX
LBHIX	+ 0.42	MDXBX
SCAXF	+ 0.41	444859BR2
ABHYX	+ 0.34	MSTSX

High negative correlations

VIASP	- 0.8	SCAXF
LBHIX	- 0.54	444859BR2
MSTSX	- 0.53	444859BR2
MSTSX	- 0.45	BRRAY
VIASP	- 0.41	444859BR2
ABHYX	- 0.4	BRRAY

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Connecticut 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 Connecticut'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
MDXBX	0.14	0.01	(0.29)	(0.07)	0.19	(0.21)	0.30	(0.39)	1.39
444859BR2	1.35	(0.09)	0.00	(0.14)	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
LBHIX	0.11	0.01	(0.42)	0.38	0.00	(0.29)	0.24	(0.24)	0.96
ABHYX	0.17	0.00	(0.24)	0.19	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.98)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.07	(0.04)	(2.04)	1.13	(0.80)	2.28	(1.20)	7.18

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