Fidelity Equity Correlations

FEQTX Fund

USD 30.82 0.04 0.13%

The current 90-days correlation between Fidelity Equity Dividend and Fidelity Freedom 2015 is 0.51 (i.e., Very weak diversification). The correlation of Fidelity Equity 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 Equity Correlation With Market

Very poor diversification

The correlation between Fidelity Equity Dividend and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Equity Dividend 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 Equity Dividend. 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

0.65	FADTX	Fidelity Advisor Tec	Pair Corr
0.74	FAGIX	Fidelity Capital Income	Pair Corr
0.63	FANAX	Fidelity Advisor Energy	Pair Corr
0.62	FSBDX	Fidelity Series Blue	Pair Corr
0.95	FASDX	Fidelity Strategic	Pair Corr
0.95	FSIDX	Fidelity Strategic	Pair Corr
0.65	FSNVX	Fidelity Freedom 2040	Pair Corr
0.8	FSMAX	Fidelity Extended Market	Pair Corr
0.62	FSPGX	Fidelity Large Cap	Pair Corr
0.67	FSPTX	Technology Portfolio	Pair Corr
0.78	FSRBX	Banking Portfolio Banking	Pair Corr
0.85	FSSNX	Fidelity Small Cap	Pair Corr
0.79	FSTCX	Telecommunications	Pair Corr
0.74	FSVLX	Consumer Finance Por	Pair Corr

Moving against Fidelity Mutual Fund

0.39	FSISX	Fidelity Sai Interna	Pair Corr
0.46	FSPSX	Fidelity International	Pair Corr
0.37	FBTTX	Fidelity Advisor Bio	Pair Corr
0.37	FBTAX	Fidelity Advisor Bio	Pair Corr
0.35	FBLTX	Fidelity Sai Long	Pair Corr
0.34	FTLTX	Fidelity Series Long	Pair Corr
0.32	FBNDX	Fidelity Investment Grade	Pair Corr

Related Correlations Analysis

	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRAGX	FRAMX
FPTKX		0.18	0.18	0.7	0.94	0.55	0.67	0.53	0.39	0.94	FPTKX
FPURX	0.18		1.0	0.26	0.5	0.88	-0.55	0.87	0.96	-0.12	FPURX
FPUKX	0.18	1.0		0.26	0.5	0.88	-0.55	0.87	0.96	-0.12	FPUKX
FPXTX	0.7	0.26	0.26		0.71	0.4	0.24	0.35	0.35	0.69	FPXTX
FQIFX	0.94	0.5	0.5	0.71		0.79	0.4	0.76	0.67	0.79	FQIFX
FQIPX	0.55	0.88	0.88	0.4	0.79		-0.13	0.99	0.97	0.25	FQIPX
FQITX	0.67	-0.55	-0.55	0.24	0.4	-0.13		-0.12	-0.34	0.8	FQITX
FQLSX	0.53	0.87	0.87	0.35	0.76	0.99	-0.12		0.96	0.23	FQLSX
FRAGX	0.39	0.96	0.96	0.35	0.67	0.97	-0.34	0.96		0.08	FRAGX
FRAMX	0.94	-0.12	-0.12	0.69	0.79	0.25	0.8	0.23	0.08		FRAMX
	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRAGX	FRAMX

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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

FPUKX	+ 1.0	FPURX
FQLSX	+ 0.99	FQIPX
FRAGX	+ 0.97	FQIPX
FRAGX	+ 0.96	FPURX
FRAGX	+ 0.96	FPUKX
FRAGX	+ 0.96	FQLSX

High negative correlations

FQITX	- 0.55	FPUKX
FQITX	- 0.55	FPURX
FRAGX	- 0.34	FQITX
FQITX	- 0.13	FQIPX
FQLSX	- 0.12	FQITX
FRAMX	- 0.12	FPUKX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Equity 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 Equity'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
FPTKX	0.26	(0.02)	(0.27)	(0.01)	0.28	(0.32)	0.59	(0.50)	1.52
FPURX	0.37	0.04	(0.01)	0.16	0.28	(0.41)	0.99	(0.65)	2.82
FPUKX	0.37	0.04	(0.01)	0.16	0.28	(0.43)	0.95	(0.65)	2.79
FPXTX	0.14	(0.01)	0.00	0.17	0.00	0.00	0.29	(0.38)	1.24
FQIFX	0.30	(0.02)	(0.21)	0.03	0.32	(0.34)	0.67	(0.57)	1.81
FQIPX	0.43	0.01	(0.06)	0.10	0.43	(0.47)	1.00	(0.88)	2.99
FQITX	0.70	(0.11)	0.00	(0.22)	0.00	0.00	1.27	(1.47)	5.17
FQLSX	0.47	0.00	(0.06)	0.10	0.47	(0.54)	1.10	(0.96)	3.16
FRAGX	0.41	0.01	(0.05)	0.12	0.39	(0.46)	0.88	(0.69)	2.92
FRAMX	0.20	(0.03)	0.00	(0.13)	0.00	0.00	0.37	(0.35)	1.30

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