Fidelity California Correlations

FIJBX Fund

USD 11.98 0.05 0.42%

The current 90-days correlation between Fidelity California and Tiaa Cref Large Cap Value is 0.17 (i.e., Average diversification). The correlation of Fidelity California 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 California Correlation With Market

Good diversification

The correlation between Fidelity California Municipal and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity California 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 California 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 bureau of labor statistics.

Moving together with Fidelity Mutual Fund

0.96	FPXTX	Fidelity Pennsylvania	Pair Corr
0.71	FRAMX	Fidelity Income Repl	Pair Corr
0.64	FRESX	Fidelity Real Estate	Pair Corr

Related Correlations Analysis

	TRCPX	VAAGX	CMIFX	PAFDX	JDVNX
TRCPX		0.88	0.15	0.84	0.78	TRCPX
VAAGX	0.88		-0.28	0.66	0.89	VAAGX
CMIFX	0.15	-0.28		0.3	-0.38	CMIFX
PAFDX	0.84	0.66	0.3		0.71	PAFDX
JDVNX	0.78	0.89	-0.38	0.71		JDVNX
	TRCPX	VAAGX	CMIFX	PAFDX	JDVNX

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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

JDVNX	+ 0.89	VAAGX
VAAGX	+ 0.88	TRCPX
PAFDX	+ 0.84	TRCPX
JDVNX	+ 0.78	TRCPX
JDVNX	+ 0.71	PAFDX
PAFDX	+ 0.66	VAAGX

High negative correlations

JDVNX	- 0.38	CMIFX
CMIFX	- 0.28	VAAGX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity California 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 California'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
TRCPX	0.64	0.03	0.08	(0.29)	0.74	(0.73)	1.27	(1.36)	3.55
VAAGX	0.65	(0.02)	0.00	0.10	0.00	0.00	1.15	(1.18)	3.27
CMIFX	0.08	0.01	0.26	(0.74)	0.00	(0.12)	0.20	(0.10)	0.41
PAFDX	0.59	0.07	0.11	0.07	0.62	(0.65)	1.18	(1.10)	3.38
JDVNX	0.65	0.01	0.00	(0.01)	0.00	0.00	1.24	(1.45)	3.55

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