Fidelity New Correlations

Mutual Funds . USA . 
Fund . Fidelity New Markets
FGVMX Fund  USD 12.69  0.01  0.08%   
The current 90-days correlation between Fidelity New Markets and State Street Real is 0.35 (i.e., Weak diversification). The correlation of Fidelity New 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 New Correlation With Market

Average diversification

The correlation between Fidelity New Markets and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity New Markets 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 New Markets. 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 population.

Moving together with Fidelity Mutual Fund

  0.73FPTKX Fidelity Freedom 2015PairCorr
  0.79FPURX Fidelity PuritanPairCorr
  0.79FPUKX Fidelity PuritanPairCorr
  0.83FPXTX Fidelity PennsylvaniaPairCorr
  0.73FQIFX Fidelity Freedom IndexPairCorr
  0.81FQIPX Fidelity Freedom IndexPairCorr
  0.7FQLSX Fidelity Flex FreedomPairCorr
  0.8FRAGX Aggressive GrowthPairCorr
  0.76FRAMX Fidelity Income ReplPairCorr
  0.77FRASX Fidelity Income ReplPairCorr
  0.83FRGAX Growth Allocation IndexPairCorr
  0.77FRIMX Fidelity Income ReplPairCorr
  0.78FRHMX Fidelity Managed RetPairCorr
  0.78FRKMX Fidelity Managed RetPairCorr
  0.81FRLPX Fidelity Freedom IndexPairCorr
  0.84FROGX Fidelity Municipal IncomePairCorr
  0.78FRQHX Fidelity Managed RetPairCorr
  0.77FRQIX Fidelity Income ReplPairCorr
  0.78FRQKX Fidelity Managed RetPairCorr
  0.76FRQAX Fidelity Income ReplPairCorr
  0.65FAASX Fidelity Asset ManagerPairCorr
  0.65FAAIX Fidelity Asset ManagerPairCorr
  0.62FACVX Fidelity VertiblePairCorr
  0.65FACPX Fidelity Advisor SumerPairCorr
  0.72FACFX Fidelity Advisor FreedomPairCorr
  0.61FADTX Fidelity Advisor TecPairCorr

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   
CREYX
+ 1.0
SSRSX
SEIRX
+ 0.99
SSRSX
IVRIX
+ 0.99
SSRSX
CREYX
+ 0.99
SEIRX
IVRIX
+ 0.99
CREYX
IVRIX
+ 0.98
SEIRX
  
High negative correlations   
IVRIX
- 0.99
SRPIX
SRPIX
- 0.99
CREYX
SRPIX
- 0.98
SEIRX
SRPIX
- 0.98
SSRSX
SRPIX
- 0.96
FIKMX

Risk-Adjusted Indicators

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