Fidelity Municipal Correlations

FAMHX Fund  USD 10.01  0.01  0.10%   
The current 90-days correlation between Fidelity Municipal Income and Madison Diversified Income is -0.03 (i.e., Good 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

Average diversification

The correlation between Fidelity Municipal Income and DJI is 0.18 (i.e., Average 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 rate.

Moving together with Fidelity Mutual Fund

  0.81FRPCX Fidelity Sai AlternativePairCorr
  0.75FACPX Fidelity Advisor SumerPairCorr

Moving against Fidelity Mutual Fund

  0.69FRPDX Fidelity Sai AlternativePairCorr
  0.52FRESX Fidelity Real EstatePairCorr
  0.49FRIOX Fidelity Real EstatePairCorr
  0.47FRINX Fidelity Real EstatePairCorr
  0.46FRIQX Fidelity Real EstatePairCorr
  0.46FRIRX Fidelity Real EstatePairCorr
  0.37FRIFX Fidelity Real EstatePairCorr
  0.32FQITX Fidelity Salem StreetPairCorr
  0.58FADIX Fidelity Advisor DivPairCorr
  0.58FAERX Fidelity Advisor OverseasPairCorr
  0.57FACTX Fidelity Advisor HealthPairCorr
  0.57FACDX Fidelity Advisor HealthPairCorr
  0.42FADCX Fidelity Advisor DivPairCorr
  0.4FACNX Fidelity CanadaPairCorr
  0.37FABLX Fidelity Advisor BalancedPairCorr
  0.33FAEVX Fidelity Advisor EquityPairCorr

Related Correlations Analysis

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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   
PRSVXPASVX
PASVXTSRPX
PRSVXTSRPX
LIGFXMBLAX
PRSVXMBLAX
LIGFXPASVX
  
High negative correlations   
JDJRXTSRPX
JDJRXPASVX
PRSVXJDJRX
JDJRXMBLAX
JDJRXLIGFX

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.