Fidelity Small Correlations

FCVIX Fund

USD 20.42 0.24 1.19%

The current 90-days correlation between Fidelity Small Cap and Fidelity Blue Chip is 0.48 (i.e., Very weak 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

Poor diversification

The correlation between Fidelity Small Cap and DJI is 0.74 (i.e., Poor 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

0.63	FRBNX	Fidelity Advisor Freedom	Pair Corr
0.61	FRDDX	Fidelity Sustainable	Pair Corr
0.7	FRGAX	Growth Allocation Index	Pair Corr
0.62	FRQIX	Fidelity Income Repl	Pair Corr
0.63	FAGNX	Fidelity Advisor Energy	Pair Corr
0.65	FSAGX	Gold Portfolio Gold	Pair Corr

Moving against Fidelity Mutual Fund

0.69	FALAX	Fidelity Advisor Large	Pair Corr
0.65	FAERX	Fidelity Advisor Overseas	Pair Corr
0.64	FALIX	Fidelity Advisor Large	Pair Corr

Related Correlations Analysis

	FBCG	FELG	PVAL	GSIE	DIHP	BKLC	IVOO	PAAA	JHMM	SCHK
FBCG		0.97	0.51	0.59	0.51	0.94	0.64	0.34	0.64	0.79	FBCG
FELG	0.97		0.41	0.48	0.42	0.9	0.53	0.24	0.53	0.74	FELG
PVAL	0.51	0.41		0.92	0.86	0.74	0.82	0.93	0.84	0.68	PVAL
GSIE	0.59	0.48	0.92		0.91	0.79	0.89	0.77	0.91	0.73	GSIE
DIHP	0.51	0.42	0.86	0.91		0.71	0.76	0.74	0.8	0.8	DIHP
BKLC	0.94	0.9	0.74	0.79	0.71		0.81	0.55	0.82	0.85	BKLC
IVOO	0.64	0.53	0.82	0.89	0.76	0.81		0.59	1.0	0.66	IVOO
PAAA	0.34	0.24	0.93	0.77	0.74	0.55	0.59		0.63	0.53	PAAA
JHMM	0.64	0.53	0.84	0.91	0.8	0.82	1.0	0.63		0.68	JHMM
SCHK	0.79	0.74	0.68	0.73	0.8	0.85	0.66	0.53	0.68		SCHK
	FBCG	FELG	PVAL	GSIE	DIHP	BKLC	IVOO	PAAA	JHMM	SCHK

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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	0.90	(0.04)	(0.03)	0.03	1.33	(0.83)	1.92	(2.26)	5.41
FELG	0.75	(0.06)	(0.05)	0.01	1.18	(0.67)	1.85	(1.82)	4.31
PVAL	0.55	0.07	0.08	0.15	0.49	(0.61)	1.33	(1.12)	2.49
GSIE	0.54	0.03	0.01	0.11	0.67	(0.51)	1.03	(1.25)	2.38
DIHP	0.56	0.06	0.00	0.43	0.61	(0.59)	1.02	(1.06)	2.56
BKLC	0.59	(0.03)	(0.03)	0.04	0.90	(0.53)	1.21	(1.21)	3.36
IVOO	0.78	(0.03)	(0.02)	0.05	1.01	(0.74)	1.86	(1.54)	3.82
PAAA	0.03	0.01	(0.42)	1.10	0.00	(0.05)	0.08	(0.02)	0.84
JHMM	0.72	(0.02)	(0.02)	0.05	0.91	(0.71)	1.55	(1.44)	3.45
SCHK	0.60	0.02	(0.04)	0.23	0.91	(0.56)	1.14	(1.25)	3.39

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