Fidelity Michigan Correlations

Mutual Funds USA . 
Fund . Fidelity Michigan Municipal
FMHTX Fund  USD 11.20  0.01  0.09%   
The current 90-days correlation between Fidelity Michigan and Fidelity Pennsylvania Municipal is 0.91 (i.e., Almost no diversification). The correlation of Fidelity Michigan 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 Michigan Correlation With Market

Average diversification

The correlation between Fidelity Michigan Municipal and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Michigan 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 Michigan 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 estimate.

Moving together with Fidelity Mutual Fund

  0.73FPTKX Fidelity Freedom 2015PairCorr
  0.71FPURX Fidelity PuritanPairCorr
  0.71FPUKX Fidelity PuritanPairCorr
  0.99FPXTX Fidelity PennsylvaniaPairCorr
  0.73FQIFX Fidelity Freedom IndexPairCorr
  0.71FQIPX Fidelity Freedom IndexPairCorr
  0.69FQITX Fidelity Salem StreetPairCorr
  0.71FQLSX Fidelity Flex FreedomPairCorr
  0.71FRBDX Fidelity Freedom 2070PairCorr
  0.71FRBJX Fidelity Advisor FreedomPairCorr
  0.71FRBKX Fidelity Advisor FreedomPairCorr
  0.71FRBPX Fidelity Advisor FreedomPairCorr
  0.71FRBQX Fidelity Flex FreedomPairCorr
  0.71FRBUX Fidelity Freedom IndexPairCorr
  0.71FRAGX Aggressive GrowthPairCorr
  0.77FRAMX Fidelity Income ReplPairCorr
  0.74FRASX Fidelity Income ReplPairCorr
  0.71FRCHX Fidelity Freedom BlendPairCorr
  0.71FRCWX Fidelity SustainablePairCorr
  0.71FRDCX Fidelity SustainablePairCorr
  0.71FRGAX Growth Allocation IndexPairCorr
  0.67FRESX Fidelity Real EstatePairCorr
  0.82FRIFX Fidelity Real EstatePairCorr
  0.82FRIOX Fidelity Real EstatePairCorr
  0.76FRHMX Fidelity Managed RetPairCorr
  0.81FRIRX Fidelity Real EstatePairCorr
  0.74FRQIX Fidelity Income ReplPairCorr
  0.69FACVX Fidelity ConvertiblePairCorr
  0.68FADTX Fidelity Advisor TecPairCorr
  0.68FAEGX Fidelity Advisor EquityPairCorr
  0.74FAFSX Fidelity Advisor FinPairCorr
  0.74FAFDX Fidelity Advisor FinPairCorr
  0.74FAFCX Fidelity Advisor FinPairCorr
  0.71FAGIX Fidelity Capital IncomePairCorr
  0.66FAGCX Fidelity Advisor GrowthPairCorr
  0.66FAGAX Fidelity Advisor GrowthPairCorr
  0.78FTF Franklin TempletonPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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