Fidelity Investment Correlations

FBNDX Fund

USD 7.24 0.03 0.42%

The current 90-days correlation between Fidelity Investment Grade and Fidelity Short Term Bond is 0.72 (i.e., Poor diversification). The correlation of Fidelity Investment 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 Investment Correlation With Market

Good diversification

The correlation between Fidelity Investment Grade and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Investment Grade 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 Investment Grade. 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 unemployment.

Moving together with Fidelity Mutual Fund

0.72	FQITX	Fidelity Salem Street	Pair Corr
0.79	FRAMX	Fidelity Income Repl	Pair Corr
0.64	FRASX	Fidelity Income Repl	Pair Corr
0.78	FRIMX	Fidelity Income Repl	Pair Corr
0.63	FRINX	Fidelity Real Estate	Pair Corr
0.7	FRIOX	Fidelity Real Estate	Pair Corr
0.63	FRIQX	Fidelity Real Estate	Pair Corr
0.76	FRHMX	Fidelity Managed Ret	Pair Corr
0.77	FRKMX	Fidelity Managed Ret	Pair Corr
0.61	FRIRX	Fidelity Real Estate	Pair Corr
0.74	FROGX	Fidelity Municipal Income	Pair Corr
0.75	FRQHX	Fidelity Managed Ret	Pair Corr
0.76	FRQIX	Fidelity Income Repl	Pair Corr
0.75	FRQKX	Fidelity Managed Ret	Pair Corr
0.77	FRQAX	Fidelity Income Repl	Pair Corr
0.64	FACTX	Fidelity Advisor Health	Pair Corr
0.68	FACFX	Fidelity Advisor Freedom	Pair Corr

Moving against Fidelity Mutual Fund

0.68	FPURX	Fidelity Puritan	Pair Corr
0.68	FPUKX	Fidelity Puritan	Pair Corr
0.6	FRPCX	Fidelity Sai Alternative	Pair Corr
0.56	FRAGX	Aggressive Growth	Pair Corr
0.46	FQLSX	Fidelity Flex Freedom	Pair Corr
0.45	FRGAX	Growth Allocation Index	Pair Corr
0.44	FQIPX	Fidelity Freedom Index	Pair Corr
0.44	FRLPX	Fidelity Freedom Index	Pair Corr
0.44	FRPDX	Fidelity Sai Alternative	Pair Corr
0.38	FAASX	Fidelity Asset Manager	Pair Corr
0.84	FADTX	Fidelity Advisor Tec	Pair Corr
0.82	FAFSX	Fidelity Advisor Fin	Pair Corr
0.82	FAFDX	Fidelity Advisor Fin	Pair Corr
0.82	FAFCX	Fidelity Advisor Fin	Pair Corr
0.79	FACGX	Fidelity Advisor Growth	Pair Corr
0.79	FAGOX	Fidelity Advisor Growth	Pair Corr
0.79	FAGCX	Fidelity Advisor Growth	Pair Corr
0.79	FAGAX	Fidelity Advisor Growth	Pair Corr
0.77	FAGKX	Fidelity Growth Stra	Pair Corr

Related Correlations Analysis

	FSHBX	FTBFX	FTHRX	FGOVX	FAGIX
FSHBX		0.7	0.77	0.64	-0.12	FSHBX
FTBFX	0.7		0.99	0.99	-0.7	FTBFX
FTHRX	0.77	0.99		0.98	-0.64	FTHRX
FGOVX	0.64	0.99	0.98		-0.77	FGOVX
FAGIX	-0.12	-0.7	-0.64	-0.77		FAGIX
	FSHBX	FTBFX	FTHRX	FGOVX	FAGIX

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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

FTHRX	+ 0.99	FTBFX
FGOVX	+ 0.99	FTBFX
FGOVX	+ 0.98	FTHRX
FTHRX	+ 0.77	FSHBX
FTBFX	+ 0.7	FSHBX
FGOVX	+ 0.64	FSHBX

High negative correlations

FAGIX	- 0.77	FGOVX
FAGIX	- 0.7	FTBFX
FAGIX	- 0.64	FTHRX
FAGIX	- 0.12	FSHBX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Investment 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 Investment'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FSHBX	0.09	0.00	(0.75)	0.03	(0.16)	0.24	(0.12)	0.71
FTBFX	0.22	(0.01)	0.00	0.22	0.00	0.52	(0.52)	1.36
FTHRX	0.15	(0.01)	0.00	0.20	0.00	0.39	(0.30)	1.08
FGOVX	0.24	(0.02)	0.00	0.28	0.00	0.54	(0.55)	1.61
FAGIX	0.19	0.03	(0.20)	0.22	(0.26)	0.40	(0.29)	1.17

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