Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FASIX Fund  USD 14.45  0.02  0.14%   
The current 90-days correlation between Fidelity Asset Manager and PIMCO Active Bond is 0.31 (i.e., Weak 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

Poor diversification

The correlation between Fidelity Asset Manager and DJI is 0.74 (i.e., Poor 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

  0.87FPURX Fidelity PuritanPairCorr
  0.87FPUKX Fidelity PuritanPairCorr
  0.66FPXTX Fidelity PennsylvaniaPairCorr
  0.94FQIPX Fidelity Freedom IndexPairCorr
  0.94FQLSX Fidelity Flex FreedomPairCorr
  0.78FRBDX Fidelity Freedom 2070PairCorr
  0.78FRBEX Fidelity Freedom 2070PairCorr
  0.78FRBHX Fidelity Freedom 2070PairCorr
  0.75FRBJX Fidelity Advisor FreedomPairCorr
  0.75FRBKX Fidelity Advisor FreedomPairCorr
  0.74FRBLX Fidelity Advisor FreedomPairCorr
  0.75FRBNX Fidelity Advisor FreedomPairCorr
  0.75FRBOX Fidelity Advisor FreedomPairCorr
  0.76FRBPX Fidelity Advisor FreedomPairCorr
  0.78FRBQX Fidelity Flex FreedomPairCorr
  0.94FRBUX Fidelity Freedom IndexPairCorr
  0.77FRBVX Fidelity Freedom IndexPairCorr
  0.77FRBWX Fidelity Freedom IndexPairCorr
  0.78FRBYX Fidelity Freedom BlendPairCorr
  0.78FRBZX Fidelity Freedom BlendPairCorr
  0.94FRAGX Aggressive GrowthPairCorr
  0.73FRAMX Fidelity Income ReplPairCorr
  0.91FRASX Fidelity Income ReplPairCorr
  0.78FRCHX Fidelity Freedom BlendPairCorr
  0.77FRCKX Fidelity Freedom BlendPairCorr
  0.76FRCLX Fidelity Freedom BlendPairCorr
  0.77FRCNX Fidelity Freedom BlendPairCorr
  0.93FRCPX Fidelity Freedom BlendPairCorr
  0.77FRCQX Fidelity SustainablePairCorr
  0.77FRCRX Fidelity SustainablePairCorr
  0.77FRCVX Fidelity SustainablePairCorr
  0.77FRCWX Fidelity SustainablePairCorr
  0.76FRCYX Fidelity SustainablePairCorr
  0.75FRDCX Fidelity SustainablePairCorr
  0.77FRDDX Fidelity SustainablePairCorr
  0.77FRDEX Fidelity SustainablePairCorr
  0.93FRGAX Growth Allocation IndexPairCorr

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

FFVFX
+ 0.99
FASMX
VCRB
+ 0.95
BOND
EQPGX
+ 0.87
QQQI
FFANX
+ 0.81
QQQI
FASMX
+ 0.76
FFANX
FFVFX
+ 0.72
FFANX
  

High negative correlations

BTC
- 0.53
BOND
FDCAX
- 0.52
BTC
FIFGX
- 0.42
BTC
VCRB
- 0.39
BTC
FFANX
- 0.27
BTC
QQQI
- 0.21
BTC

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
BOND  0.16  0.01 (0.24) 0.25  0.12 
(0.17)
 0.28 
(0.29)
 0.95 
BTC  2.31 (0.53) 0.00 (0.27) 0.00 
 0.00 
 4.16 
(3.78)
 11.46 
FIFGX  0.81  0.01 (0.03) 0.08  0.98 
(0.82)
 1.58 
(1.59)
 3.67 
QQQI  0.69 (0.01)(0.01) 0.05  1.00 
(0.66)
 1.35 
(1.70)
 4.29 
FFANX  0.31 (0.03)(0.10) 0.00  0.53 
(0.31)
 0.57 
(0.64)
 3.00 
FASMX  0.44 (0.08) 0.00 (0.09) 0.00 
 0.00 
 0.66 
(0.80)
 6.71 
FFVFX  0.30 (0.06) 0.00 (0.12) 0.00 
 0.00 
 0.48 
(0.55)
 5.13 
VCRB  0.14  0.00 (0.33) 0.12  0.11 
(0.15)
 0.30 
(0.27)
 0.86 
FDCAX  0.80  0.13  0.11  0.21  0.85 
(0.86)
 1.80 
(1.54)
 7.31 
EQPGX  0.79 (0.04)(0.03) 0.03  1.20 
(0.75)
 1.57 
(2.12)
 4.68 

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