Fidelity Minnesota Correlations

FIMIX Fund

USD 10.80 0.02 0.19%

The current 90-days correlation between Fidelity Minnesota and Fidelity Pennsylvania Municipal is 0.13 (i.e., Average diversification). The correlation of Fidelity Minnesota 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 Minnesota Correlation With Market

Good diversification

The correlation between Fidelity Minnesota Municipal and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Minnesota 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 Minnesota 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 gross domestic product.

Moving together with Fidelity Mutual Fund

0.82	FPXTX	Fidelity Pennsylvania	Pair Corr
0.61	FQITX	Fidelity Salem Street	Pair Corr
0.61	FRBKX	Fidelity Advisor Freedom	Pair Corr
0.61	FRBLX	Fidelity Advisor Freedom	Pair Corr
0.91	FRBOX	Fidelity Advisor Freedom	Pair Corr
0.61	FRBPX	Fidelity Advisor Freedom	Pair Corr
0.9	FRCFX	Fidelity Freedom Blend	Pair Corr
0.9	FRCKX	Fidelity Freedom Blend	Pair Corr
0.91	FRCNX	Fidelity Freedom Blend	Pair Corr
0.61	FRCVX	Fidelity Sustainable	Pair Corr
0.61	FRCYX	Fidelity Sustainable	Pair Corr
0.61	FRDCX	Fidelity Sustainable	Pair Corr
0.61	FRDDX	Fidelity Sustainable	Pair Corr

Related Correlations Analysis

	FPXTX	SMDMX	FSAZX	FICNX	FMHTX
FPXTX		0.88	0.95	0.83	0.91	FPXTX
SMDMX	0.88		0.88	0.97	0.96	SMDMX
FSAZX	0.95	0.88		0.88	0.85	FSAZX
FICNX	0.83	0.97	0.88		0.89	FICNX
FMHTX	0.91	0.96	0.85	0.89		FMHTX
	FPXTX	SMDMX	FSAZX	FICNX	FMHTX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Minnesota 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 Minnesota'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
FPXTX	0.11	0.00	(0.82)	0.03	0.03	(0.17)	0.30	(0.20)	0.89
SMDMX	0.12	0.00	(0.70)	0.17	0.00	(0.18)	0.38	(0.19)	0.86
FSAZX	0.12	0.00	(0.67)	0.13	0.00	(0.16)	0.27	(0.27)	0.99
FICNX	0.10	0.01	(0.81)	0.36	0.00	(0.15)	0.28	(0.19)	0.66
FMHTX	0.12	0.00	(0.69)	0.07	0.03	(0.19)	0.27	(0.27)	0.89

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Fidelity Minnesota Correlations

Fidelity Minnesota Correlation With Market

Good diversification

Moving together with Fidelity Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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