Fidelity Climate Correlations

Mutual Funds . USA . 
Fund . Fidelity Climate Action
FCAEX Fund  USD 15.32  0.08  0.52%   
The correlation of Fidelity Climate 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 Climate Correlation With Market

Poor diversification

The correlation between Fidelity Climate Action and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Climate Action 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 Climate Action. 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 discontinued.

Moving together with Fidelity Mutual Fund

  0.78FPTKX Fidelity Freedom 2015PairCorr
  0.8FPURX Fidelity PuritanPairCorr
  0.81FPUKX Fidelity PuritanPairCorr
  0.67FPXTX Fidelity PennsylvaniaPairCorr
  0.83FQIFX Fidelity Freedom IndexPairCorr
  0.83FQIPX Fidelity Freedom IndexPairCorr
  0.83FQITX Fidelity Salem StreetPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.95FRBDX Fidelity Freedom 2070PairCorr
  0.81FRBEX Fidelity Freedom 2070PairCorr
  0.95FRBHX Fidelity Freedom 2070PairCorr
  0.96FRBJX Fidelity Advisor FreedomPairCorr
  0.82FRBKX Fidelity Advisor FreedomPairCorr
  0.82FRBLX Fidelity Advisor FreedomPairCorr
  0.96FRBNX Fidelity Advisor FreedomPairCorr
  0.82FRBOX Fidelity Advisor FreedomPairCorr
  0.96FRBPX Fidelity Advisor FreedomPairCorr
  0.96FRBQX Fidelity Flex FreedomPairCorr
  0.98FRBUX Fidelity Freedom IndexPairCorr
  0.98FRBVX Fidelity Freedom IndexPairCorr
  0.83FRBWX Fidelity Freedom IndexPairCorr
  0.82FRBYX Fidelity Freedom BlendPairCorr
  0.96FRBZX Fidelity Freedom BlendPairCorr
  0.83FRAGX Aggressive GrowthPairCorr
  0.92FRAMX Fidelity Income ReplPairCorr
  0.8FRASX Fidelity Income ReplPairCorr
  0.82FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.82FRCJX Fidelity Freedom BlendPairCorr
  0.97FRCKX Fidelity Freedom BlendPairCorr
  0.82FRCLX Fidelity Freedom BlendPairCorr
  0.96FRCNX Fidelity Freedom BlendPairCorr
  0.96FRCPX Fidelity Freedom BlendPairCorr
  0.84FRCQX Fidelity SustainablePairCorr
  0.84FRCRX Fidelity SustainablePairCorr
  0.84FRCVX Fidelity SustainablePairCorr
  0.98FRCWX Fidelity SustainablePairCorr
  0.84FRCYX Fidelity SustainablePairCorr
  0.98FRDCX Fidelity SustainablePairCorr
  0.84FRDDX 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

FYMRX
+ 0.96
MECAX
MCMVX
+ 0.94
MECAX
MYIFX
+ 0.93
SPFFX
VLEQX
+ 0.93
MCMVX
VLEQX
+ 0.93
FYMRX
VLEQX
+ 0.92
MECAX
  

High negative correlations

MYIFX
- 0.11
FARMX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Climate 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 Climate'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
FARMX  0.84  0.25  0.27  0.44  0.48 
(1.03)
 1.97 
(1.38)
 4.88 
SPFFX  0.62 (0.08) 0.00 (0.04) 0.00 
 0.00 
 1.07 
(1.74)
 3.94 
MECAX  0.59  0.14  0.16  0.36  0.44 
(0.70)
 1.36 
(0.99)
 3.50 
GRF  1.34  0.15  0.03 (2.37) 1.67 
(1.74)
 3.16 
(3.23)
 10.54 
PCEIX  0.11  0.01 (0.25) 0.50  0.00 
(0.15)
 0.22 
(0.22)
 0.67 
MYIFX  0.61 (0.12) 0.00 (0.09) 0.00 
 0.00 
 0.98 
(1.65)
 4.23 
FULVX  0.38  0.01 (0.06) 0.07  0.37 
(0.44)
 1.04 
(0.76)
 2.13 
MCMVX  0.75  0.19  0.22  0.25  0.50 
(0.91)
 1.80 
(1.26)
 8.73 
FYMRX  0.46  0.02 (0.01) 0.09  0.59 
(0.46)
 0.87 
(0.94)
 2.57 
VLEQX  0.56  0.02  0.01  0.09  0.57 
(0.74)
 1.26 
(1.05)
 3.51 

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