Fidelity Worldwide Correlations

FWIFX Fund

USD 35.06 0.37 1.04%

The current 90-days correlation between Fidelity Worldwide and Fidelity Advisor Semiconductors is 0.16 (i.e., Average diversification). The correlation of Fidelity Worldwide 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 Worldwide Correlation With Market

Average diversification

The correlation between Fidelity Worldwide Fund and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Worldwide 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 Worldwide 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 census.

Moving together with Fidelity Mutual Fund

0.8	FRESX	Fidelity Real Estate	Pair Corr
0.77	FRIFX	Fidelity Real Estate	Pair Corr
0.77	FRINX	Fidelity Real Estate	Pair Corr
0.76	FRIOX	Fidelity Real Estate	Pair Corr
0.77	FRIQX	Fidelity Real Estate	Pair Corr
0.77	FRIRX	Fidelity Real Estate	Pair Corr
0.7	FRPDX	Fidelity Sai Alternative	Pair Corr
0.71	FACTX	Fidelity Advisor Health	Pair Corr
0.98	FACNX	Fidelity Canada	Pair Corr

Moving against Fidelity Mutual Fund

0.48

FRPCX

Fidelity Sai Alternative

Pair Corr

Related Correlations Analysis

	FELTX	FTISX	FWIFX	FEATX	FTMKX
FELTX		-0.23	-0.12	0.13	-0.1	FELTX
FTISX	-0.23		0.5	0.57	0.89	FTISX
FWIFX	-0.12	0.5		0.29	0.31	FWIFX
FEATX	0.13	0.57	0.29		0.75	FEATX
FTMKX	-0.1	0.89	0.31	0.75		FTMKX
	FELTX	FTISX	FWIFX	FEATX	FTMKX

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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

FTMKX	+ 0.89	FTISX
FTMKX	+ 0.75	FEATX
FEATX	+ 0.57	FTISX
FWIFX	+ 0.5	FTISX
FTMKX	+ 0.31	FWIFX
FEATX	+ 0.29	FWIFX

High negative correlations

FTISX	- 0.23	FELTX
FWIFX	- 0.12	FELTX
FTMKX	- 0.1	FELTX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Worldwide 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 Worldwide'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
FELTX	1.63	0.02	0.00	0.07	2.30	(1.57)	3.12	(3.53)	10.26
FTISX	0.50	(0.15)	0.00	(1.60)	0.00	0.00	0.77	(1.07)	4.73
FWIFX	0.91	(0.17)	0.00	(0.55)	0.00	0.00	1.24	(1.44)	14.38
FEATX	0.86	0.04	0.02	1.21	1.04	(0.92)	1.93	(1.72)	7.03
FTMKX	0.81	(0.08)	0.00	(0.88)	0.00	0.00	1.92	(2.17)	7.03

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