Fidelity Municipal Correlations

FROGX Fund  USD 12.14  0.03  0.25%   
The current 90-days correlation between Fidelity Municipal Income and Fidelity Freedom 2015 is 0.01 (i.e., Significant 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

Significant diversification

The correlation between Fidelity Municipal Income and DJI is 0.03 (i.e., Significant 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 price.

Moving together with Fidelity Mutual Fund

  0.73FPTKX Fidelity Freedom 2015PairCorr
  0.9FPXTX Fidelity PennsylvaniaPairCorr
  0.75FQIFX Fidelity Freedom IndexPairCorr
  0.74FRAMX Fidelity Income ReplPairCorr
  0.74FRASX Fidelity Income ReplPairCorr
  0.62FRIFX Fidelity Real EstatePairCorr
  0.78FRIMX Fidelity Income ReplPairCorr
  0.62FRINX Fidelity Real EstatePairCorr
  0.69FRIQX Fidelity Real EstatePairCorr
  0.75FRHMX Fidelity Managed RetPairCorr
  0.75FRKMX Fidelity Managed RetPairCorr
  0.75FRQHX Fidelity Managed RetPairCorr
  0.78FRQIX Fidelity Income ReplPairCorr
  0.74FRQKX Fidelity Managed RetPairCorr
  0.74FRQAX Fidelity Income ReplPairCorr
  0.72FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.33FABCX Fidelity Advisor BalancedPairCorr

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   
FRAMXFPTKX
FRAGXFQIPX
FPUKXFPURX
FRAGXFPURX
FRAGXFPUKX
FQIFXFPTKX
  
High negative correlations   
FQITXFPUKX
FQITXFPURX
FRAGXFQITX
FRAMXFPURX

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FPTKX  0.26 (0.04) 0.00 (0.13) 0.00 
 0.58 
 2.11 
FPURX  0.41  0.01 (0.03) 0.09  0.65 
 0.77 
 3.83 
FPUKX  0.42  0.00 (0.02) 0.04  0.62 
 0.80 
 3.84 
FPXTX  0.16 (0.03) 0.00 (0.64) 0.00 
 0.29 
 1.43 
FQIFX  0.31 (0.03) 0.00 (0.45) 0.00 
 0.66 
 2.61 
FQIPX  0.45  0.00 (0.05)(0.02) 0.69 
 0.98 
 3.70 
FQITX  0.68 (0.13) 0.00 (29.46) 0.00 
 1.04 
 5.40 
FQLSX  0.49 (0.02)(0.04) 0.00  0.69 
 1.04 
 3.91 
FRAGX  0.43  0.01 (0.03) 0.14  0.65 
 0.86 
 3.88 
FRAMX  0.21 (0.04) 0.00 (0.25) 0.00 
 0.37 
 1.65