Fidelity Series Correlations

Mutual Funds . USA . 
Fund . Fidelity Series Intrinsic
FDMLX Fund  USD 11.84  0.08  0.67%   
The current 90-days correlation between Fidelity Series Intrinsic and Sp Midcap Index is 0.97 (i.e., Almost no diversification). The correlation of Fidelity Series 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 Series Correlation With Market

Very poor diversification

The correlation between Fidelity Series Intrinsic and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Series Intrinsic 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 Series Intrinsic. 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 bureau of economic analysis.

Moving together with Fidelity Mutual Fund

  0.92FPURX Fidelity PuritanPairCorr
  0.92FPUKX Fidelity PuritanPairCorr
  0.8FQIPX Fidelity Freedom IndexPairCorr
  0.8FQLSX Fidelity Flex FreedomPairCorr
  0.89FRAGX Aggressive GrowthPairCorr
  0.85FRGAX Growth Allocation IndexPairCorr
  0.8FRLPX Fidelity Freedom IndexPairCorr
  0.81FAASX Fidelity Asset ManagerPairCorr
  0.82FAAIX Fidelity Asset ManagerPairCorr
  0.67FABLX Fidelity Advisor BalancedPairCorr
  0.66FABCX Fidelity Advisor BalancedPairCorr
  0.91FACVX Fidelity ConvertiblePairCorr
  0.9FACPX Fidelity Advisor SumerPairCorr
  0.87FACNX Fidelity CanadaPairCorr
  0.87FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.54FQITX Fidelity Salem StreetPairCorr
  0.44FAERX Fidelity Advisor OverseasPairCorr

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   
APDOX
+ 0.83
SPMIX
AMTOX
+ 0.67
APDOX
AMTOX
+ 0.46
SPMIX
CDHIX
+ 0.42
AMTOX
CDHIX
+ 0.4
LOTCX
  
High negative correlations   
CDHIX
- 0.44
SPMIX
LOTCX
- 0.36
APDOX
CDHIX
- 0.29
APDOX
LOTCX
- 0.28
SPMIX
LOTCX
- 0.13
AMTOX

Risk-Adjusted Indicators

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