Fidelity Climate Correlations

Mutual Funds . USA . 
Fund . Fidelity Climate Action
FCAEX Fund  USD 15.16  0.12  0.80%   
The current 90-days correlation between Fidelity Climate Action and Strategic Advisers Small Mid is 0.06 (i.e., Significant diversification). 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 0.78 (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 american community survey.

Moving together with Fidelity Mutual Fund

  0.89FPURX Fidelity PuritanPairCorr
  0.87FPUKX Fidelity PuritanPairCorr
  0.75FPXTX Fidelity PennsylvaniaPairCorr
  0.85FQIPX Fidelity Freedom IndexPairCorr
  0.73FQLSX Fidelity Flex FreedomPairCorr
  0.76FRBDX Fidelity Freedom 2070PairCorr
  0.76FRBEX Fidelity Freedom 2070PairCorr
  0.76FRBHX Fidelity Freedom 2070PairCorr
  0.7FRBJX Fidelity Advisor FreedomPairCorr
  0.7FRBKX Fidelity Advisor FreedomPairCorr
  0.69FRBLX Fidelity Advisor FreedomPairCorr
  0.83FRBNX Fidelity Advisor FreedomPairCorr
  0.71FRBOX Fidelity Advisor FreedomPairCorr
  0.71FRBPX Fidelity Advisor FreedomPairCorr
  0.74FRBQX Fidelity Flex FreedomPairCorr
  0.74FRBUX Fidelity Freedom IndexPairCorr
  0.74FRBVX Fidelity Freedom IndexPairCorr
  0.74FRBWX Fidelity Freedom IndexPairCorr
  0.74FRBYX Fidelity Freedom BlendPairCorr
  0.75FRBZX Fidelity Freedom BlendPairCorr
  0.73FRAGX Aggressive GrowthPairCorr
  0.62FRAMX Fidelity Income ReplPairCorr
  0.68FRASX Fidelity Income ReplPairCorr
  0.74FRCFX Fidelity Freedom BlendPairCorr
  0.74FRCHX Fidelity Freedom BlendPairCorr
  0.74FRCKX Fidelity Freedom BlendPairCorr
  0.74FRCLX Fidelity Freedom BlendPairCorr
  0.74FRCNX Fidelity Freedom BlendPairCorr
  0.74FRCPX Fidelity Freedom BlendPairCorr
  0.77FRCQX Fidelity SustainablePairCorr
  0.78FRCRX Fidelity SustainablePairCorr
  0.9FRCVX Fidelity SustainablePairCorr
  0.78FRCWX Fidelity SustainablePairCorr
  0.78FRCYX Fidelity SustainablePairCorr
  0.77FRDCX Fidelity SustainablePairCorr
  0.9FRDDX Fidelity SustainablePairCorr
  0.78FRDEX 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

MYIFX
+ 0.97
SPFFX
MCMVX
+ 0.85
GRF
MCMVX
+ 0.82
MECAX
FYMRX
+ 0.81
SPFFX
VLEQX
+ 0.8
MECAX
FYMRX
+ 0.8
MYIFX
  

High negative correlations

PCEIX
- 0.34
MECAX
VLEQX
- 0.27
PCEIX
PCEIX
- 0.18
FARMX
MCMVX
- 0.14
PCEIX
PCEIX
- 0.12
GRF
FULVX
- 0.09
GRF

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  0.69 (0.02)(0.08)(0.01) 0.94 
(0.70)
 1.62 
(1.60)
 3.90 
SPFFX  0.63 (0.04)(0.04) 0.04  0.95 
(0.58)
 1.36 
(1.32)
 3.57 
MECAX  0.57  0.01 (0.03) 0.09  0.62 
(0.61)
 1.07 
(1.07)
 3.50 
GRF  1.37  0.16  0.04  0.79  1.78 
(1.69)
 3.33 
(3.23)
 9.74 
PCEIX  0.12 (0.02) 0.00 (0.39) 0.00 
 0.00 
 0.22 
(0.22)
 1.32 
MYIFX  0.70 (0.03)(0.04) 0.04  0.93 
(0.74)
 1.46 
(1.53)
 3.92 
FULVX  0.38 (0.06) 0.00 (0.06) 0.00 
 0.00 
 0.86 
(0.76)
 2.04 
MCMVX  0.72  0.05  0.06  0.12  0.68 
(0.87)
 1.29 
(1.56)
 9.01 
FYMRX  0.51 (0.06)(0.07) 0.00  0.99 
(0.44)
 0.91 
(1.18)
 4.93 
VLEQX  0.56 (0.04)(0.07) 0.02  0.68 
(0.64)
 1.20 
(0.93)
 2.98 

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