Fidelity Europe Correlations

FIEUX Fund

USD 36.16 0.26 0.72%

The current 90-days correlation between Fidelity Europe and Vanguard Pacific Stock is 0.73 (i.e., Poor diversification). The correlation of Fidelity Europe 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 Europe Correlation With Market

Weak diversification

The correlation between Fidelity Europe Fund and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Europe Fund 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 Europe Fund. 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 employment.

Moving together with Fidelity Mutual Fund

0.96	FQITX	Fidelity Salem Street	Pair Corr
0.69	FRAMX	Fidelity Income Repl	Pair Corr
0.68	FRIMX	Fidelity Income Repl	Pair Corr
0.66	FRHMX	Fidelity Managed Ret	Pair Corr
0.68	FRKMX	Fidelity Managed Ret	Pair Corr
0.66	FRQHX	Fidelity Managed Ret	Pair Corr
0.67	FRQIX	Fidelity Income Repl	Pair Corr
0.66	FRQKX	Fidelity Managed Ret	Pair Corr
0.69	FRQAX	Fidelity Income Repl	Pair Corr
0.67	FACTX	Fidelity Advisor Health	Pair Corr
0.64	FACFX	Fidelity Advisor Freedom	Pair Corr

Moving against Fidelity Mutual Fund

0.86	FRPCX	Fidelity Sai Alternative	Pair Corr
0.68	FPUKX	Fidelity Puritan	Pair Corr
0.67	FPURX	Fidelity Puritan	Pair Corr
0.48	FRAGX	Aggressive Growth	Pair Corr
0.39	FRGAX	Growth Allocation Index	Pair Corr
0.32	FQIPX	Fidelity Freedom Index	Pair Corr
0.32	FQLSX	Fidelity Flex Freedom	Pair Corr
0.31	FRLPX	Fidelity Freedom Index	Pair Corr
0.88	FAFSX	Fidelity Advisor Fin	Pair Corr
0.88	FAFDX	Fidelity Advisor Fin	Pair Corr
0.88	FAFCX	Fidelity Advisor Fin	Pair Corr
0.84	FACVX	Fidelity Convertible	Pair Corr
0.82	FAGKX	Fidelity Growth Stra	Pair Corr
0.74	FACPX	Fidelity Advisor Sumer	Pair Corr
0.74	FAGIX	Fidelity Capital Income	Pair Corr
0.72	FACGX	Fidelity Advisor Growth	Pair Corr
0.72	FAGOX	Fidelity Advisor Growth	Pair Corr
0.72	FAGCX	Fidelity Advisor Growth	Pair Corr

Related Correlations Analysis

	VPADX	VEMAX	VGSLX	VSMAX	VEXAX
VPADX		0.37	0.23	-0.41	-0.48	VPADX
VEMAX	0.37		0.01	0.25	0.2	VEMAX
VGSLX	0.23	0.01		0.08	0.04	VGSLX
VSMAX	-0.41	0.25	0.08		1.0	VSMAX
VEXAX	-0.48	0.2	0.04	1.0		VEXAX
	VPADX	VEMAX	VGSLX	VSMAX	VEXAX

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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

VEXAX	+ 1.0	VSMAX
VEMAX	+ 0.37	VPADX
VSMAX	+ 0.25	VEMAX
VGSLX	+ 0.23	VPADX
VEXAX	+ 0.2	VEMAX
VSMAX	+ 0.08	VGSLX

High negative correlations

VEXAX	- 0.48	VPADX
VSMAX	- 0.41	VPADX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Europe 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 Europe'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
VPADX	0.74	(0.14)	0.00	(0.12)	0.00	0.00	1.57	(1.79)	5.28
VEMAX	0.71	(0.03)	(0.11)	0.04	0.85	(0.78)	1.57	(1.68)	4.60
VGSLX	0.68	0.05	(0.06)	0.50	0.80	(0.68)	1.33	(1.35)	3.59
VSMAX	0.75	0.03	0.06	0.14	0.68	(0.84)	1.62	(1.25)	5.36
VEXAX	0.80	0.05	0.09	0.16	0.72	(0.85)	1.75	(1.29)	6.00

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