Fidelity Municipal Correlations

FROGX Fund

USD 12.29 0.01 0.08%

The current 90-days correlation between Fidelity Municipal Income and Institutional Fiduciary Trust is 0.12 (i.e., Average diversification). The correlation of Fidelity Municipal 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 Municipal Correlation With Market

Very good diversification

The correlation between Fidelity Municipal Income 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 Municipal Income 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 Municipal Income. 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 price.

Moving together with FIDELITY Mutual Fund

0.97	FPXTX	Fidelity Pennsylvania	Pair Corr
0.77	FRAMX	Fidelity Income Repl	Pair Corr
0.71	FRASX	Fidelity Income Repl	Pair Corr
0.65	FRIFX	Fidelity Real Estate	Pair Corr
0.77	FRIMX	Fidelity Income Repl	Pair Corr
0.66	FRINX	Fidelity Real Estate	Pair Corr
0.69	FRIOX	Fidelity Real Estate	Pair Corr
0.66	FRIQX	Fidelity Real Estate	Pair Corr
0.77	FRHMX	Fidelity Managed Ret	Pair Corr
0.77	FRKMX	Fidelity Managed Ret	Pair Corr
0.65	FRIRX	Fidelity Real Estate	Pair Corr
0.76	FRQHX	Fidelity Managed Ret	Pair Corr
0.77	FRQIX	Fidelity Income Repl	Pair Corr
0.76	FRQKX	Fidelity Managed Ret	Pair Corr
0.76	FRQAX	Fidelity Income Repl	Pair Corr
0.71	FACFX	Fidelity Advisor Freedom	Pair Corr

Moving against FIDELITY Mutual Fund

0.76	FRPDX	Fidelity Sai Alternative	Pair Corr
0.5	FADTX	Fidelity Advisor Tec	Pair Corr
0.45	FAFSX	Fidelity Advisor Fin	Pair Corr
0.45	FAFDX	Fidelity Advisor Fin	Pair Corr
0.45	FAFCX	Fidelity Advisor Fin	Pair Corr
0.36	FACGX	Fidelity Advisor Growth	Pair Corr
0.36	FAGOX	Fidelity Advisor Growth	Pair Corr
0.36	FAGCX	Fidelity Advisor Growth	Pair Corr
0.36	FAGAX	Fidelity Advisor Growth	Pair Corr
0.33	FAGKX	Fidelity Growth Stra	Pair Corr

Related Correlations Analysis

	INFXX	CHNTX	TAMXX	PRXXX	UATXX	STPXX	QCMMIX	ESDCX
INFXX		0.76	1.0	0.36	1.0	0.39	0.85	0.54	INFXX
CHNTX	0.76		0.76	0.37	0.76	0.4	0.88	0.49	CHNTX
TAMXX	1.0	0.76		0.36	1.0	0.39	0.85	0.54	TAMXX
PRXXX	0.36	0.37	0.36		0.36	0.91	0.48	0.55	PRXXX
UATXX	1.0	0.76	1.0	0.36		0.39	0.85	0.54	UATXX
STPXX	0.39	0.4	0.39	0.91	0.39		0.52	0.59	STPXX
QCMMIX	0.85	0.88	0.85	0.48	0.85	0.52		0.55	QCMMIX
ESDCX	0.54	0.49	0.54	0.55	0.54	0.59	0.55		ESDCX
	INFXX	CHNTX	TAMXX	PRXXX	UATXX	STPXX	QCMMIX	ESDCX

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Risk-Adjusted Indicators

There is a big difference between FIDELITY Mutual Fund performing well and Fidelity Municipal 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 Municipal'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
INFXX	0.03	0.01	0.00	(2.21)	0.00	0.00	0.00	0.00	1.01
CHNTX	0.50	0.02	(0.01)	0.14	0.42	(0.58)	0.97	(0.80)	3.50
TAMXX	0.03	0.01	0.00	(2.21)	0.00	0.00	0.00	0.00	1.01
PRXXX	0.03	0.00	0.00	0.43	0.00	0.00	0.00	0.00	1.01
UATXX	0.03	0.01	0.00	(2.21)	0.00	0.00	0.00	0.00	1.01
STPXX	0.03	0.00	0.00	0.48	0.00	0.00	0.00	0.00	1.01
QCMMIX	0.02	0.01	0.00	(3.26)	0.00	0.00	0.03	0.00	0.07
ESDCX	0.06	0.00	(1.02)	(0.13)	0.00	(0.16)	0.11	(0.11)	0.57

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