Fidelity Focused Correlations

FHIFX Fund

USD 8.19 0.01 0.12%

The current 90-days correlation between Fidelity Focused High and Fidelity High Income is 0.89 (i.e., Very poor diversification). The correlation of Fidelity Focused 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 Focused Correlation With Market

Modest diversification

The correlation between Fidelity Focused High and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Focused High 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 Focused High. 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 census.

Moving together with Fidelity Mutual Fund

0.68	FPTKX	Fidelity Freedom 2015	Pair Corr
0.66	FQIFX	Fidelity Freedom Index	Pair Corr
0.63	FQIPX	Fidelity Freedom Index	Pair Corr
0.63	FRASX	Fidelity Income Repl	Pair Corr
0.65	FRGAX	Growth Allocation Index	Pair Corr
0.62	FRQHX	Fidelity Managed Ret	Pair Corr

Moving against Fidelity Mutual Fund

0.42

FRPDX

Fidelity Sai Alternative

Pair Corr

Related Correlations Analysis

	SPHIX	FMSFX	FFRHX	FTBFX	FBNDX
SPHIX		-0.54	0.56	-0.5	-0.49	SPHIX
FMSFX	-0.54		-0.82	0.96	0.96	FMSFX
FFRHX	0.56	-0.82		-0.78	-0.82	FFRHX
FTBFX	-0.5	0.96	-0.78		0.99	FTBFX
FBNDX	-0.49	0.96	-0.82	0.99		FBNDX
	SPHIX	FMSFX	FFRHX	FTBFX	FBNDX

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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

FBNDX	+ 0.99	FTBFX
FTBFX	+ 0.96	FMSFX
FBNDX	+ 0.96	FMSFX
FFRHX	+ 0.56	SPHIX

High negative correlations

FBNDX	- 0.82	FFRHX
FFRHX	- 0.82	FMSFX
FTBFX	- 0.78	FFRHX
FMSFX	- 0.54	SPHIX
FTBFX	- 0.5	SPHIX
FBNDX	- 0.49	SPHIX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Focused 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 Focused'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SPHIX	0.12	0.02	(0.60)	0.40	(0.20)	0.26	(0.25)	0.76
FMSFX	0.25	(0.04)	0.00	(0.44)	0.00	0.40	(0.51)	1.33
FFRHX	0.08	0.04	0.00	(4.81)	0.00	0.22	0.00	0.99
FTBFX	0.21	(0.02)	0.00	0.60	0.00	0.42	(0.52)	1.16
FBNDX	0.25	0.00	0.00	0.18	0.00	0.55	(0.56)	1.53

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