Fidelity Growth Correlations

Mutual Funds . USA . 
Fund . Fidelity Growth Discovery
FGDKX Fund  USD 66.12  0.69  1.05%   
The current 90-days correlation between Fidelity Growth Discovery and Fidelity Leveraged Pany is 0.85 (i.e., Very poor diversification). The correlation of Fidelity Growth 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 Growth Correlation With Market

Poor diversification

The correlation between Fidelity Growth Discovery and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Growth Discovery 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 Growth Discovery. 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 industry.

Moving together with Fidelity Mutual Fund

  0.93FPURX Fidelity PuritanPairCorr
  0.96FPUKX Fidelity PuritanPairCorr
  0.9FQIPX Fidelity Freedom IndexPairCorr
  0.9FQLSX Fidelity Flex FreedomPairCorr
  0.91FRAGX Aggressive GrowthPairCorr
  0.87FRGAX Growth Allocation IndexPairCorr
  0.85FRLPX Fidelity Freedom IndexPairCorr
  0.68FRPCX Fidelity Sai AlternativePairCorr
  0.87FAASX Fidelity Asset ManagerPairCorr
  0.83FAAIX Fidelity Asset ManagerPairCorr
  0.7FABLX Fidelity Advisor BalancedPairCorr
  0.68FABCX Fidelity Advisor BalancedPairCorr
  0.88FACVX Fidelity VertiblePairCorr
  0.82FACPX Fidelity Advisor Sumer Steady GrowthPairCorr
  0.86FACNX Fidelity CanadaPairCorr
  0.98FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.44FQITX Fidelity Salem StreetPairCorr
  0.39FRIOX Fidelity Real EstatePairCorr
  0.32FRESX Fidelity Real EstatePairCorr
  0.31FRIQX Fidelity Real EstatePairCorr
  0.39FAERX Fidelity Advisor OverseasPairCorr

Related Correlations Analysis

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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   
FVLKX
+ 0.93
FLCKX
FBGKX
+ 0.93
FDGKX
FBGKX
+ 0.87
FLCKX
FDGKX
+ 0.82
FLCKX
FBGKX
+ 0.8
FVLKX
FVLKX
+ 0.77
FDGKX
  
High negative correlations   
FOSKX
- 0.54
FDGKX
FOSKX
- 0.53
FBGKX
FOSKX
- 0.45
FLCKX
FOSKX
- 0.44
FVLKX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Growth 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 Growth'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.

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