Fidelity Ohio Correlations

Mutual Funds . USA . 
Fund . Fidelity Ohio Municipal
FOHFX Fund  USD 11.46  0.01  0.09%   
The current 90-days correlation between Fidelity Ohio Municipal and Fidelity Pennsylvania Municipal is 0.31 (i.e., Weak diversification). The correlation of Fidelity Ohio 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 Ohio Correlation With Market

Significant diversification

The correlation between Fidelity Ohio Municipal and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Ohio 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 Ohio 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 census.

Moving together with Fidelity Mutual Fund

  0.7FPTKX Fidelity Freedom 2015PairCorr
  0.67FPUKX Fidelity PuritanPairCorr
  0.91FPXTX Fidelity PennsylvaniaPairCorr
  0.73FQIFX Fidelity Freedom IndexPairCorr
  0.7FQLSX Fidelity Flex FreedomPairCorr
  0.72FRAMX Fidelity Income ReplPairCorr
  0.64FRASX Fidelity Income ReplPairCorr
  0.84FRESX Fidelity Real EstatePairCorr
  0.69FRIFX Fidelity Real EstatePairCorr
  0.63FRIMX Fidelity Income ReplPairCorr
  0.7FRINX Fidelity Real EstatePairCorr
  0.74FRIOX Fidelity Real EstatePairCorr
  0.71FRIQX Fidelity Real EstatePairCorr
  0.62FRHMX Fidelity Managed RetPairCorr
  0.79FRKMX Fidelity Managed RetPairCorr
  0.7FRIRX Fidelity Real EstatePairCorr
  0.64FRLPX Fidelity Freedom IndexPairCorr
  1.0FROGX Fidelity Municipal IncomePairCorr
  0.78FRQHX Fidelity Managed RetPairCorr
  0.63FRQIX Fidelity Income ReplPairCorr
  0.79FRQKX Fidelity Managed RetPairCorr
  0.65FRQAX Fidelity Income ReplPairCorr
  0.74FAASX Fidelity Asset ManagerPairCorr
  0.74FAAIX Fidelity Asset ManagerPairCorr
  0.64FACVX Fidelity ConvertiblePairCorr
  0.7FACTX Fidelity Advisor HealthPairCorr
  0.89FACNX Fidelity CanadaPairCorr
  0.78FACFX Fidelity Advisor FreedomPairCorr
  0.7FACDX Fidelity Advisor HealthPairCorr
  0.68FADMX Fidelity Advisor StrPairCorr

Moving against Fidelity Mutual Fund

  0.61FRPCX Fidelity Sai AlternativePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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