Fidelity Small Correlations

FCVIX Fund

USD 21.25 0.14 0.66%

The current 90-days correlation between Fidelity Small Cap and Schwab 1000 ETF is 0.63 (i.e., Poor diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Cap and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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

0.87	FADCX	Fidelity Advisor Div	Pair Corr
0.86	FAFCX	Fidelity Advisor Fin	Pair Corr
0.89	FAGIX	Fidelity Capital Income	Pair Corr
0.85	FSAWX	Fidelity Sai Convertible	Pair Corr
0.89	FSCOX	Fidelity International	Pair Corr
0.81	FARMX	Strategic Advisers	Pair Corr
0.95	FSMDX	Fidelity Mid Cap	Pair Corr
0.94	FSMJX	Fidelity Sai Conservative	Pair Corr
0.83	FSMNX	Fidelity Sai Municipal	Pair Corr
0.8	FSYJX	Fidelity Sustainable	Pair Corr
0.9	FBIFX	Fidelity Freedom Index	Pair Corr
0.89	FCAEX	Fidelity Climate Action	Pair Corr
0.85	FCGSX	Fidelity Series Growth	Pair Corr
0.94	FCLKX	Fidelity Large Cap	Pair Corr
0.93	FUEMX	Fidelity Flex Servative	Pair Corr
1.0	FCPVX	Fidelity Small Cap	Pair Corr
0.89	FCTDX	Strategic Advisers	Pair Corr
0.87	FDEKX	Fidelity Disciplined	Pair Corr
0.87	FDLSX	Leisure Portfolio Leisure	Pair Corr
0.85	FVWSX	Fidelity Series Oppo	Pair Corr
0.81	FFIDX	Fidelity Fund Fidelity	Pair Corr
0.93	FGDIX	Fidelity Advisor Gold	Pair Corr
0.82	FGOMX	Strategic Advisers	Pair Corr
0.92	FGWMX	Fidelity New Markets	Pair Corr
0.68	FHCCX	Fidelity Advisor Health	Pair Corr
0.81	FHKFX	Fidelity Series Emerging	Pair Corr
0.9	FHLSX	Fidelity Health Savings	Pair Corr
0.95	FZAMX	Fidelity Advisor Mid	Pair Corr
0.88	FZABX	Fidelity Advisor Div	Pair Corr
0.92	FHRVX	Fidelity Managed Ret	Pair Corr
0.92	FZILX	Fidelity Zero Intern	Pair Corr
0.92	FICNX	Fidelity Connecticut	Pair Corr
0.88	FIGFX	Fidelity International	Pair Corr
0.67	FIFGX	Fidelity Sai Inflati Steady Growth	Pair Corr
0.93	FIKMX	Fidelity Real Estate	Pair Corr
0.86	FIKBX	Fidelity Advisor Fin	Pair Corr

Moving against Fidelity Mutual Fund

0.52

FTLTX

Fidelity Series Long

Pair Corr

Related Correlations Analysis

	FBCG	FELG	PVAL	GSIE	DIHP	BKLC	IVOO	PAAA	JHMM	SCHK
FBCG		0.62	0.37	0.45	0.4	0.74	0.43	0.2	0.44	0.71	FBCG
FELG	0.62		-0.12	-0.04	-0.11	0.52	-0.03	-0.34	-0.03	0.45	FELG
PVAL	0.37	-0.12		0.97	0.95	0.75	0.94	0.95	0.95	0.79	PVAL
GSIE	0.45	-0.04	0.97		0.99	0.81	0.94	0.91	0.96	0.85	GSIE
DIHP	0.4	-0.11	0.95	0.99		0.78	0.94	0.91	0.96	0.82	DIHP
BKLC	0.74	0.52	0.75	0.81	0.78		0.83	0.58	0.83	1.0	BKLC
IVOO	0.43	-0.03	0.94	0.94	0.94	0.83		0.87	1.0	0.87	IVOO
PAAA	0.2	-0.34	0.95	0.91	0.91	0.58	0.87		0.88	0.63	PAAA
JHMM	0.44	-0.03	0.95	0.96	0.96	0.83	1.0	0.88		0.87	JHMM
SCHK	0.71	0.45	0.79	0.85	0.82	1.0	0.87	0.63	0.87		SCHK
	FBCG	FELG	PVAL	GSIE	DIHP	BKLC	IVOO	PAAA	JHMM	SCHK

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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

SCHK	+ 1.0	BKLC
JHMM	+ 1.0	IVOO
DIHP	+ 0.99	GSIE
GSIE	+ 0.97	PVAL
JHMM	+ 0.96	GSIE
JHMM	+ 0.96	DIHP

High negative correlations

PAAA	- 0.34	FELG
PVAL	- 0.12	FELG
DIHP	- 0.11	FELG
GSIE	- 0.04	FELG
JHMM	- 0.03	FELG
IVOO	- 0.03	FELG

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Small 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 Small'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
FBCG	0.84	0.04	0.00	0.39	1.30	(0.73)	1.72	(2.26)	5.41
FELG	0.71	(0.06)	0.00	(0.03)	0.00	0.00	1.46	(1.82)	4.77
PVAL	0.53	0.10	0.13	0.17	0.41	(0.61)	1.33	(1.11)	3.41
GSIE	0.56	0.09	0.10	0.18	0.58	(0.57)	1.06	(1.25)	2.97
DIHP	0.56	0.09	0.10	0.18	0.49	(0.61)	1.07	(1.06)	2.67
BKLC	0.55	(0.01)	(0.02)	0.04	0.83	(0.49)	1.13	(1.21)	3.61
IVOO	0.70	0.02	0.03	0.08	0.76	(0.74)	1.86	(1.37)	3.77
PAAA	0.03	0.01	(0.22)	5.57	0.00	(0.05)	0.08	(0.02)	0.84
JHMM	0.66	0.03	0.04	0.09	0.71	(0.68)	1.59	(1.44)	3.56
SCHK	0.55	(0.01)	(0.02)	0.04	0.79	(0.55)	1.13	(1.25)	3.56

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