Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FAAIX Fund  USD 31.05  0.06  0.19%   
The current 90-days correlation between Fidelity Asset Manager and ProShares Ultra SP500 is 0.94 (i.e., Almost no diversification). The correlation of Fidelity Asset 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 Asset Correlation With Market

Almost no diversification

The correlation between Fidelity Asset Manager and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Asset Manager 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 Asset Manager. 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.96FPTKX Fidelity Freedom 2015PairCorr
  0.98FPURX Fidelity PuritanPairCorr
  0.98FPUKX Fidelity PuritanPairCorr
  0.85FPXTX Fidelity PennsylvaniaPairCorr
  0.99FQIFX Fidelity Freedom IndexPairCorr
  1.0FQIPX Fidelity Freedom IndexPairCorr
  0.99FQITX Fidelity Salem StreetPairCorr
  0.99FQLSX Fidelity Flex FreedomPairCorr
  0.96FRBDX Fidelity Freedom 2070PairCorr
  0.96FRBEX Fidelity Freedom 2070PairCorr
  0.97FRBHX Fidelity Freedom 2070PairCorr
  0.96FRBJX Fidelity Advisor FreedomPairCorr
  0.96FRBKX Fidelity Advisor FreedomPairCorr
  0.96FRBLX Fidelity Advisor FreedomPairCorr
  0.96FRBNX Fidelity Advisor FreedomPairCorr
  0.96FRBOX Fidelity Advisor FreedomPairCorr
  0.96FRBPX Fidelity Advisor FreedomPairCorr
  0.96FRBQX Fidelity Flex FreedomPairCorr
  0.96FRBUX Fidelity Freedom IndexPairCorr
  0.95FRBVX Fidelity Freedom IndexPairCorr
  0.95FRBWX Fidelity Freedom IndexPairCorr
  0.97FRBYX Fidelity Freedom BlendPairCorr
  0.96FRBZX Fidelity Freedom BlendPairCorr
  0.99FRAGX Aggressive GrowthPairCorr
  0.96FRAMX Fidelity Income ReplPairCorr
  0.99FRASX Fidelity Income ReplPairCorr
  0.96FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.96FRCJX Fidelity Freedom BlendPairCorr
  0.96FRCKX Fidelity Freedom BlendPairCorr
  0.97FRCLX Fidelity Freedom BlendPairCorr
  0.97FRCNX Fidelity Freedom BlendPairCorr
  0.97FRCPX Fidelity Freedom BlendPairCorr
  0.96FRCQX Fidelity SustainablePairCorr
  0.96FRCRX Fidelity SustainablePairCorr
  1.0FRCVX Fidelity SustainablePairCorr
  0.96FRCWX Fidelity SustainablePairCorr
  0.96FRCYX Fidelity SustainablePairCorr
  0.96FRDCX Fidelity SustainablePairCorr
  1.0FRDDX Fidelity SustainablePairCorr

Related Correlations Analysis


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

FCTGX
+ 1.0
FCAGX
SHYG
+ 0.97
BUFR
FEYAX
+ 0.96
FCASX
FIDGX
+ 0.96
FCAGX
FCTGX
+ 0.96
FIDGX
BUFR
+ 0.94
FCASX
  

High negative correlations

SPYD
- 0.3
JGRO
SHYG
- 0.2
JGRO
FCTGX
- 0.12
JGRO
FCAGX
- 0.12
JGRO
FIDGX
- 0.08
JGRO
JGRO
- 0.08
FEYAX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Asset 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 Asset'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FCASX  0.42  0.02  0.00  0.07  0.52 
(0.43)
 0.84 
(0.97)
 2.39 
FEYAX  0.50  0.05  0.02  0.69  0.65 
(0.50)
 1.02 
(1.18)
 2.82 
JGRO  0.75 (0.16) 0.00 (0.16) 0.00 
 0.00 
 1.00 
(1.90)
 4.96 
SPYD  0.58  0.06  0.04  0.29  0.56 
(0.70)
 1.31 
(1.02)
 3.40 
FCAGX  0.96  0.08  0.03  0.81  1.22 
(0.95)
 1.94 
(1.89)
 5.89 
FIDGX  0.95  0.05  0.03  0.08  1.26 
(0.93)
 1.94 
(2.23)
 5.86 
FCTGX  0.96  0.08  0.03  0.84  1.22 
(0.96)
 1.95 
(1.88)
 5.84 
BUFR  0.27  0.01 (0.05) 0.06  0.35 
(0.25)
 0.61 
(0.65)
 1.85 
SHYG  0.09  0.01 (0.25) 0.11  0.00 
(0.12)
 0.26 
(0.17)
 0.59 
SSO  1.08 (0.07)(0.03)(0.01) 1.64 
(0.99)
 1.96 
(2.36)
 7.20 

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