Fidelity Pennsylvania Correlations

FPXTX Fund

USD 10.55 0.01 0.09%

The current 90-days correlation between Fidelity Pennsylvania and Fidelity Michigan Municipal is 0.77 (i.e., Poor diversification). The correlation of Fidelity Pennsylvania 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 Pennsylvania Correlation With Market

Good diversification

The correlation between Fidelity Pennsylvania Municipa and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Pennsylvania Municipa 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 Pennsylvania 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 population.

Moving together with Fidelity Mutual Fund

0.71	FPTKX	Fidelity Freedom 2015	Pair Corr
0.89	FPURX	Fidelity Puritan	Pair Corr
0.71	FPUKX	Fidelity Puritan	Pair Corr
0.67	FQIFX	Fidelity Freedom Index	Pair Corr
0.61	FRBUX	Fidelity Freedom Index	Pair Corr
0.61	FRBWX	Fidelity Freedom Index	Pair Corr
0.72	FRAMX	Fidelity Income Repl	Pair Corr

Related Correlations Analysis

	FMHTX	FOHFX	FICNX	NQP	EAD	MUA	MVF	GLRBX	OBIOX	JRI
FMHTX		0.98	0.97	0.79	-0.67	-0.72	0.64	0.53	-0.62	-0.33	FMHTX
FOHFX	0.98		0.98	0.76	-0.6	-0.67	0.57	0.57	-0.59	-0.37	FOHFX
FICNX	0.97	0.98		0.74	-0.59	-0.66	0.64	0.57	-0.53	-0.29	FICNX
NQP	0.79	0.76	0.74		-0.69	-0.82	0.54	0.54	-0.59	-0.11	NQP
EAD	-0.67	-0.6	-0.59	-0.69		0.76	-0.4	-0.05	0.8	0.45	EAD
MUA	-0.72	-0.67	-0.66	-0.82	0.76		-0.45	-0.35	0.75	0.3	MUA
MVF	0.64	0.57	0.64	0.54	-0.4	-0.45		0.47	-0.18	0.07	MVF
GLRBX	0.53	0.57	0.57	0.54	-0.05	-0.35	0.47		0.03	0.23	GLRBX
OBIOX	-0.62	-0.59	-0.53	-0.59	0.8	0.75	-0.18	0.03		0.73	OBIOX
JRI	-0.33	-0.37	-0.29	-0.11	0.45	0.3	0.07	0.23	0.73		JRI
	FMHTX	FOHFX	FICNX	NQP	EAD	MUA	MVF	GLRBX	OBIOX	JRI

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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

FOHFX	+ 0.98	FMHTX
FICNX	+ 0.98	FOHFX
FICNX	+ 0.97	FMHTX
OBIOX	+ 0.8	EAD
NQP	+ 0.79	FMHTX
NQP	+ 0.76	FOHFX

High negative correlations

MUA	- 0.82	NQP
MUA	- 0.72	FMHTX
EAD	- 0.69	NQP
MUA	- 0.67	FOHFX
EAD	- 0.67	FMHTX
MUA	- 0.66	FICNX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Pennsylvania 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 Pennsylvania'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
FMHTX	0.08	0.02	(0.59)	(7.90)	0.00	(0.13)	0.17	(0.17)	0.61
FOHFX	0.08	0.02	(0.51)	4.08	0.00	(0.13)	0.18	(0.18)	0.61
FICNX	0.09	0.01	(0.60)	0.38	0.00	(0.13)	0.18	(0.18)	0.64
NQP	0.35	0.11	0.11	0.76	0.00	(0.46)	0.84	(0.50)	3.59
EAD	0.42	(0.07)	0.00	(0.11)	0.00	0.00	0.88	(0.87)	2.65
MUA	0.75	(0.06)	0.00	(0.07)	0.00	0.00	1.39	(1.66)	5.29
MVF	0.35	0.02	(0.13)	0.23	0.35	(0.41)	0.73	(0.71)	2.49
GLRBX	0.41	0.01	(0.05)	0.12	0.68	(0.43)	0.76	(0.55)	7.21
OBIOX	0.64	(0.10)	0.00	(0.06)	0.00	0.00	1.00	(1.36)	3.39
JRI	0.56	(0.06)	(0.12)	0.01	0.72	(0.59)	1.17	(1.26)	3.54

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