| FICNX Fund | | | USD 10.84 0.03 0.28% |
The current 90-days correlation between Fidelity Necticut and Fidelity Pennsylvania Municipal is 0.97 (i.e., Almost no diversification). The correlation of Fidelity Necticut 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 Necticut Correlation With Market
Good diversification
The correlation between Fidelity Necticut 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 Necticut Municipal and DJI in the same portfolio, assuming nothing else is changed.
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Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Necticut 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 board of governors.