Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FASIX Fund  USD 14.69  0.04  0.27%   
The current 90-days correlation between Fidelity Asset Manager and Fidelity Advisor Equity is 0.81 (i.e., Very poor 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 0.92 (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

  0.97FPTKX Fidelity Freedom 2015PairCorr
  0.96FPURX Fidelity PuritanPairCorr
  0.96FPUKX Fidelity PuritanPairCorr
  0.91FPXTX Fidelity PennsylvaniaPairCorr
  0.99FQIFX Fidelity Freedom IndexPairCorr
  0.98FQIPX Fidelity Freedom IndexPairCorr
  0.97FQITX Fidelity Salem StreetPairCorr
  0.99FQLSX Fidelity Flex FreedomPairCorr
  0.96FRBDX Fidelity Freedom 2070PairCorr
  0.96FRBEX Fidelity Freedom 2070PairCorr
  0.96FRBHX Fidelity Freedom 2070PairCorr
  0.96FRBJX Fidelity Advisor FreedomPairCorr
  0.96FRBKX Fidelity Advisor FreedomPairCorr
  0.96FRBLX Fidelity Advisor FreedomPairCorr
  0.98FRBNX Fidelity Advisor FreedomPairCorr
  0.96FRBOX Fidelity Advisor FreedomPairCorr
  0.96FRBPX Fidelity Advisor FreedomPairCorr
  0.96FRBQX Fidelity Flex FreedomPairCorr
  0.95FRBUX Fidelity Freedom IndexPairCorr
  0.95FRBVX Fidelity Freedom IndexPairCorr
  0.95FRBWX Fidelity Freedom IndexPairCorr
  0.96FRBYX Fidelity Freedom BlendPairCorr
  0.96FRBZX Fidelity Freedom BlendPairCorr
  0.97FRAGX Aggressive GrowthPairCorr
  0.98FRAMX Fidelity Income ReplPairCorr
  1.0FRASX Fidelity Income ReplPairCorr
  0.96FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.96FRCJX Fidelity Freedom BlendPairCorr
  0.96FRCKX Fidelity Freedom BlendPairCorr
  0.96FRCLX Fidelity Freedom BlendPairCorr
  0.96FRCNX Fidelity Freedom BlendPairCorr
  0.96FRCPX Fidelity Freedom BlendPairCorr
  0.95FRCQX Fidelity SustainablePairCorr
  0.95FRCRX Fidelity SustainablePairCorr
  0.95FRCVX Fidelity SustainablePairCorr
  0.95FRCWX Fidelity SustainablePairCorr
  0.95FRCYX Fidelity SustainablePairCorr
  0.95FRDCX Fidelity SustainablePairCorr
  0.98FRDDX 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

FASMX
+ 1.0
FFANX
FFVFX
+ 1.0
FFANX
FFVFX
+ 0.99
FASMX
FDCAX
+ 0.95
FASMX
FDCAX
+ 0.94
FFANX
VCRB
+ 0.93
BOND
  

High negative correlations

BTC
- 0.72
BOND
VCRB
- 0.71
BTC
FFVFX
- 0.62
BTC
FFANX
- 0.58
BTC
FASMX
- 0.56
BTC
FIFGX
- 0.56
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  0.15  0.02 (0.19) 0.47  0.00 
(0.18)
 0.34 
(0.28)
 0.69 
BTC  2.51 (0.61) 0.00 (2.28) 0.00 
 0.00 
 5.26 
(5.78)
 19.78 
FIFGX  1.00  0.15  0.07  2.04  1.18 
(1.07)
 1.75 
(1.68)
 6.34 
QQQI  0.68 (0.01) 0.00  4.02  0.00 
 0.00 
 1.21 
(1.75)
 4.33 
FFANX  0.27  0.03  0.00  0.15  0.15 
(0.35)
 0.57 
(0.49)
 1.53 
FASMX  0.32  0.04  0.02  0.15  0.25 
(0.37)
 0.66 
(0.62)
 1.88 
FFVFX  0.23  0.04 (0.01) 0.18  0.11 
(0.27)
 0.50 
(0.48)
 1.24 
VCRB  0.14  0.01 (0.24) 0.21  0.00 
(0.17)
 0.28 
(0.26)
 0.67 
FDCAX  0.68  0.04  0.03  0.10  0.86 
(0.68)
 1.14 
(1.58)
 3.82 
EQPGX  0.72 (0.04)(0.04) 0.01  1.04 
(0.71)
 1.32 
(1.87)
 4.84 

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