Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FCAGX Fund  USD 33.86  0.13  0.39%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.85 (i.e., Very poor diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Very poor diversification

The correlation between Fidelity Small Cap and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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

  0.97FPURX Fidelity PuritanPairCorr
  0.97FPUKX Fidelity PuritanPairCorr
  0.77FQIPX Fidelity Freedom IndexPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.86FRAGX Aggressive GrowthPairCorr
  0.82FRGAX Growth Allocation IndexPairCorr
  0.83FRLPX Fidelity Freedom IndexPairCorr
  0.69FRPCX Fidelity Sai AlternativePairCorr
  0.83FAASX Fidelity Asset ManagerPairCorr
  0.84FAAIX Fidelity Asset ManagerPairCorr
  0.71FABLX Fidelity Advisor BalancedPairCorr
  0.7FABCX Fidelity Advisor BalancedPairCorr
  0.95FACVX Fidelity ConvertiblePairCorr
  0.93FACPX Fidelity Advisor SumerPairCorr
  0.89FACNX Fidelity CanadaPairCorr
  0.92FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.6FQITX Fidelity Salem StreetPairCorr
  0.5FAERX Fidelity Advisor OverseasPairCorr
  0.34FADCX Fidelity Advisor DivPairCorr
  0.33FADIX Fidelity Advisor DivPairCorr

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   
FIIAX
+ 0.69
FCVAX
FBTAX
+ 0.67
FACDX
FCPAX
+ 0.61
FACDX
FBTAX
+ 0.56
FCPAX
FCPAX
+ 0.03
FIIAX
FACDX
+ 0.02
FCVAX
  
High negative correlations   
FBTAX
- 0.38
FIIAX
FBTAX
- 0.35
FCVAX
FACDX
- 0.21
FIIAX
FCPAX
- 0.14
FCVAX

Risk-Adjusted Indicators

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