Fidelity American Correlations
| FCAE Fund | 9.78 0.00 0.00% |
The current 90-days correlation between Fidelity American Equity and Edgepoint Global Portfolio is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity American moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity American Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Fidelity American Correlation With Market
Significant diversification
The correlation between Fidelity American Equity and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity American Equity and DJI in the same portfolio, assuming nothing else is changed.
Fidelity |
The ability to find closely correlated positions to Fidelity American 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 American 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 American - 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 American Equity to buy it.
Related Correlations Analysis
| 0.93 | 0.91 | 0.94 | 1.0 | 0.98 | 0.88 | 0P0000706A | ||
| 0.93 | 0.97 | 0.94 | 0.93 | 0.92 | 0.81 | 0P0000S9O7 | ||
| 0.91 | 0.97 | 0.93 | 0.92 | 0.91 | 0.8 | 0P0000S9O5 | ||
| 0.94 | 0.94 | 0.93 | 0.94 | 0.97 | 0.81 | 0P000072KJ | ||
| 1.0 | 0.93 | 0.92 | 0.94 | 0.98 | 0.88 | 0P00007069 | ||
| 0.98 | 0.92 | 0.91 | 0.97 | 0.98 | 0.87 | 0P0000WJMR | ||
| 0.88 | 0.81 | 0.8 | 0.81 | 0.88 | 0.87 | 0P0000IUYO | ||
Risk-Adjusted Indicators
There is a big difference between Fidelity Fund performing well and Fidelity American 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 American'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 0P0000706A | 0.32 | 0.07 | (0.07) | 1.83 | 0.20 | 0.66 | 1.85 | |||
| 0P0000S9O7 | 0.11 | 0.02 | (0.47) | 1.46 | 0.00 | 0.24 | 0.71 | |||
| 0P0000S9O5 | 0.11 | 0.02 | (0.49) | 1.14 | 0.00 | 0.24 | 0.71 | |||
| 0P000072KJ | 0.43 | 0.13 | 0.06 | 36.73 | 0.36 | 0.94 | 2.27 | |||
| 0P00007069 | 0.38 | 0.08 | (0.02) | 1.97 | 0.25 | 0.77 | 2.33 | |||
| 0P0000WJMR | 0.40 | 0.10 | 0.01 | (6.32) | 0.39 | 0.81 | 2.17 | |||
| 0P0000IUYO | 0.56 | 0.07 | 0.02 | 0.25 | 0.39 | 1.33 | 3.32 |
Fidelity American Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fidelity American fund to make a market-neutral strategy. Peer analysis of Fidelity American could also be used in its relative valuation, which is a method of valuing Fidelity American by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |