Fidelity Technology Correlations

0P000070JI

CAD 109.17 0.68 0.63%

The current 90-days correlation between Fidelity Technology and Fidelity Tactical High is 0.3 (i.e., Weak diversification). The correlation of Fidelity Technology 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.

Fidelity Technology Correlation With Market

Weak diversification

The correlation between Fidelity Technology Innovators 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 Technology Innovators and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Technology could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Technology when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Technology - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Technology Innovators to buy it.

Moving together with Fidelity Fund

0.89	0P0001FKWD	CI Signature Cat	Pair Corr
0.89	0P0001AAKP	CI Signature Cat	Pair Corr
0.89	0P000070HA	CI Global Alpha	Pair Corr
0.94	0P0000733H	RBC Global Technology	Pair Corr
0.94	0P00007138	RBC sciences biologiques	Pair Corr

Moving against Fidelity Fund

0.47

0P000070H9

CI Global Health

Pair Corr

Related Correlations Analysis

	0P000070JI	FTHI	0P00007694	BLB-UN	0P0001N8MZ	HIG	0P0000VPWA	0P000070HA	0P000077FS
0P000070JI		0.63	-0.04	-0.33	0.41	-0.53	0.6	0.89	-0.03	0P000070JI
FTHI	0.63		0.1	-0.56	0.01	-0.35	0.7	0.77	0.31	FTHI
0P00007694	-0.04	0.1		0.25	0.32	0.42	0.24	-0.15	0.69	0P00007694
BLB-UN	-0.33	-0.56	0.25		0.36	0.61	-0.32	-0.51	0.21	BLB-UN
0P0001N8MZ	0.41	0.01	0.32	0.36		0.24	0.19	0.04	0.28	0P0001N8MZ
HIG	-0.53	-0.35	0.42	0.61	0.24		-0.18	-0.62	0.58	HIG
0P0000VPWA	0.6	0.7	0.24	-0.32	0.19	-0.18		0.68	0.4	0P0000VPWA
0P000070HA	0.89	0.77	-0.15	-0.51	0.04	-0.62	0.68		-0.05	0P000070HA
0P000077FS	-0.03	0.31	0.69	0.21	0.28	0.58	0.4	-0.05		0P000077FS
	0P000070JI	FTHI	0P00007694	BLB-UN	0P0001N8MZ	HIG	0P0000VPWA	0P000070HA	0P000077FS

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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

0P000070HA	+ 0.89	0P000070JI
0P000070HA	+ 0.77	FTHI
0P0000VPWA	+ 0.7	FTHI
0P000077FS	+ 0.69	0P00007694
0P000070HA	+ 0.68	0P0000VPWA
FTHI	+ 0.63	0P000070JI

High negative correlations

0P000070HA	- 0.62	HIG
BLB-UN	- 0.56	FTHI
HIG	- 0.53	0P000070JI
0P000070HA	- 0.51	BLB-UN
HIG	- 0.35	FTHI
BLB-UN	- 0.33	0P000070JI

Risk-Adjusted Indicators

There is a big difference between Fidelity Fund performing well and Fidelity Technology 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 Technology'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
0P000070JI	0.65	0.06	0.04	0.20	0.79	(0.63)	1.33	(1.52)	3.81
FTHI	0.47	0.09	0.12	0.38	0.32	(0.62)	1.06	(0.86)	3.20
0P00007694	0.58	(0.07)	0.00	(0.29)	0.00	0.00	1.00	(1.18)	7.37
BLB-UN	0.55	(0.04)	0.00	0.44	0.00	0.00	2.29	(2.02)	10.67
0P0001N8MZ	0.58	(0.02)	0.00	(0.07)	0.00	0.00	1.14	(1.09)	2.97
HIG	0.65	(0.04)	0.00	(0.14)	0.00	0.00	1.24	(1.27)	4.54
0P0000VPWA	0.28	0.03	(0.01)	5.11	0.22	(0.35)	0.54	(0.53)	1.84
0P000070HA	1.24	0.27	0.18	0.62	1.17	(1.51)	2.51	(2.24)	7.49
0P000077FS	0.40	(0.02)	0.00	(0.05)	0.00	0.00	0.73	(0.89)	2.90

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity Technology without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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