Fidelity Pennsylvania Correlations

Mutual Funds . USA . 
Fund . Fidelity Pennsylvania Municipal
FPXTX Fund  USD 10.55  0.01  0.09%   
The current 90-days correlation between Fidelity Pennsylvania and Fidelity Ohio Municipal is 0.96 (i.e., Almost no diversification). The correlation of Fidelity Pennsylvania 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 Pennsylvania Correlation With Market

Very good diversification

The correlation between Fidelity Pennsylvania Municipa and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Pennsylvania Municipa 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 Pennsylvania 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 estimate.

Moving together with Fidelity Mutual Fund

  0.7FRAMX Fidelity Income ReplPairCorr
  0.66FRASX Fidelity Income ReplPairCorr
  0.65FRIFX Fidelity Real EstatePairCorr
  0.7FRIMX Fidelity Income ReplPairCorr
  0.66FRINX Fidelity Real EstatePairCorr
  0.67FRIOX Fidelity Real EstatePairCorr
  0.66FRIQX Fidelity Real EstatePairCorr
  0.71FRHMX Fidelity Managed RetPairCorr
  0.7FRKMX Fidelity Managed RetPairCorr
  0.65FRIRX Fidelity Real EstatePairCorr
  0.97FROGX Fidelity Municipal IncomePairCorr
  0.7FRQHX Fidelity Managed RetPairCorr
  0.7FRQIX Fidelity Income ReplPairCorr
  0.7FRQKX Fidelity Managed RetPairCorr
  0.69FRQAX Fidelity Income ReplPairCorr
  0.65FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.8FRPDX Fidelity Sai AlternativePairCorr
  0.35FADTX Fidelity Advisor TecPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Pennsylvania 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 Pennsylvania'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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