Fidelity Select Correlations

Mutual Funds . USA . 
Fund . Fidelity Select Semiconductors
FSELX Fund  USD 33.72  0.57  1.66%   
The current 90-days correlation between Fidelity Select Semi and Blackrock Science Technology is 0.94 (i.e., Almost no diversification). The correlation of Fidelity Select 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 Select Correlation With Market

Very weak diversification

The correlation between Fidelity Select Semiconductors and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Select Semiconductors 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 Select Semiconductors. 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

  0.7DYSL Dynasil OfPairCorr
  0.66CETXP Cemtrex PrefPairCorr

Moving against Fidelity Mutual Fund

  0.79EVOL Evolving SystemsPairCorr
  0.72VVPR VivoPower International Tech BoostPairCorr
  0.69DLPX Delphax TechnologiesPairCorr
  0.54VHAI VHAIPairCorr
  0.43DMAN Innovativ Media GroupPairCorr
  0.38SBIGW SpringBig HoldingsPairCorr
  0.37ELCO Elcom InternationalPairCorr
  0.34VIDE Video DisplayPairCorr
  0.65VLD Velo3D IncPairCorr
  0.63GETR Getaround Financial Report 20th of December 2024 PairCorr
  0.62SURGW SurgePays WarrantPairCorr
  0.59ZPTA Zapata Computing Holdings Symbol ChangePairCorr
  0.55ZPTAW Zapata Computing HoldingsPairCorr
  0.38WSTL Westell TechnologiesPairCorr

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   
BGSIX
+ 1.0
BGSAX
BGSCX
+ 1.0
BGSAX
BGSCX
+ 1.0
BGSIX
MDFOX
+ 0.99
BGSAX
MDFOX
+ 0.99
BGSIX
MDFOX
+ 0.99
BGSCX
  
High negative correlations   
SHISX
- 0.65
BGSCX
SHISX
- 0.65
BGSIX
SHISX
- 0.65
BGSAX
SHISX
- 0.63
MDFOX

Risk-Adjusted Indicators

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