Fidelity New Correlations

Mutual Funds . USA . 
Fund . Fidelity New York
FTFMX Fund  USD 12.27  0.01  0.08%   
The current 90-days correlation between Fidelity New York and Fidelity Pennsylvania Municipal is 0.97 (i.e., Almost no diversification). The correlation of Fidelity New 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 New Correlation With Market

Good diversification

The correlation between Fidelity New York and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity New York 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 New York. 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 population.

Moving together with Fidelity Mutual Fund

  0.76FPTKX Fidelity Freedom 2015PairCorr
  0.99FPXTX Fidelity PennsylvaniaPairCorr
  0.8FQIFX Fidelity Freedom IndexPairCorr
  0.65FQIPX Fidelity Freedom IndexPairCorr
  0.65FQLSX Fidelity Flex FreedomPairCorr
  0.73FRAMX Fidelity Income ReplPairCorr
  0.76FRASX Fidelity Income ReplPairCorr
  0.63FRGAX Growth Allocation IndexPairCorr
  0.74FRIMX Fidelity Income ReplPairCorr
  0.74FRHMX Fidelity Managed RetPairCorr
  0.74FRKMX Fidelity Managed RetPairCorr
  0.65FRLPX Fidelity Freedom IndexPairCorr
  0.96FROGX Fidelity Municipal IncomePairCorr
  0.75FRQHX Fidelity Managed RetPairCorr
  0.74FRQIX Fidelity Income ReplPairCorr
  0.74FRQKX Fidelity Managed RetPairCorr
  0.73FRQAX Fidelity Income ReplPairCorr
  0.71FAASX Fidelity Asset ManagerPairCorr
  0.71FAAIX Fidelity Asset ManagerPairCorr
  0.7FACFX Fidelity Advisor FreedomPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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