Fidelity Tax-free Correlations

FTABX Fund  USD 11.03  0.02  0.18%   
The current 90-days correlation between Fidelity Tax Free and Qs Global Equity is -0.19 (i.e., Good diversification). The correlation of Fidelity Tax-free 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 Tax-free Correlation With Market

Very good diversification

The correlation between Fidelity Tax Free Bond and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Tax Free Bond 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 Tax Free Bond. 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 bureau of labor statistics.

Moving together with Fidelity Mutual Fund

  0.98FPXTX Fidelity PennsylvaniaPairCorr
  0.75FRAMX Fidelity Income ReplPairCorr
  0.69FRASX Fidelity Income ReplPairCorr
  0.63FRIFX Fidelity Real EstatePairCorr
  0.75FRIMX Fidelity Income ReplPairCorr
  0.64FRINX Fidelity Real EstatePairCorr
  0.67FRIOX Fidelity Real EstatePairCorr
  0.64FRIQX Fidelity Real EstatePairCorr
  0.75FRHMX Fidelity Managed RetPairCorr
  0.75FRKMX Fidelity Managed RetPairCorr
  0.63FRIRX Fidelity Real EstatePairCorr
  1.0FROGX Fidelity Municipal IncomePairCorr
  0.74FRQHX Fidelity Managed RetPairCorr
  0.74FRQIX Fidelity Income ReplPairCorr
  0.74FRQKX Fidelity Managed RetPairCorr
  0.74FRQAX Fidelity Income ReplPairCorr
  0.69FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.76FRPDX Fidelity Sai AlternativePairCorr
  0.46FADTX Fidelity Advisor TecPairCorr
  0.41FAFSX Fidelity Advisor FinPairCorr
  0.41FAFDX Fidelity Advisor FinPairCorr
  0.41FAFCX Fidelity Advisor FinPairCorr
  0.32FACGX Fidelity Advisor GrowthPairCorr
  0.32FAGOX Fidelity Advisor GrowthPairCorr
  0.32FAGCX Fidelity Advisor GrowthPairCorr
  0.32FAGAX Fidelity Advisor GrowthPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Tax-free 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 Tax-free'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.