Fidelity Europe Correlations

FHJVX Fund

USD 37.32 0.41 1.11%

The current 90-days correlation between Fidelity Europe and Federated Emerging Market is 0.22 (i.e., Modest diversification). The correlation of Fidelity Europe 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 Europe Correlation With Market

Modest diversification

The correlation between Fidelity Europe Fund and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Europe Fund 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 Europe Fund. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Fidelity Mutual Fund

0.96	VEUSX	Vanguard European Stock	Pair Corr
0.96	VESIX	Vanguard European Stock	Pair Corr
0.96	VEUPX	Vanguard European Stock	Pair Corr
0.96	VEURX	Vanguard European Stock	Pair Corr
0.98	CIUEX	Six Circles International	Pair Corr
1.0	FHJUX	Fidelity Europe	Pair Corr
1.0	FHJTX	Fidelity Europe	Pair Corr

Moving against Fidelity Mutual Fund

0.51	PQTNX	Pimco Trends Managed	Pair Corr
0.51	PQTIX	Aa Pimco Tr	Pair Corr
0.5	PQTAX	Pimco Trends Managed	Pair Corr

Related Correlations Analysis

	IHIAX	LMUSX	HSUAX	CNGLX	RETSX	MSEQX	GLVIX
IHIAX		0.6	0.67	0.57	0.62	0.56	0.66	IHIAX
LMUSX	0.6		0.45	0.9	0.89	0.08	0.4	LMUSX
HSUAX	0.67	0.45		0.21	0.72	0.69	0.92	HSUAX
CNGLX	0.57	0.9	0.21		0.71	-0.11	0.19	CNGLX
RETSX	0.62	0.89	0.72	0.71		0.27	0.69	RETSX
MSEQX	0.56	0.08	0.69	-0.11	0.27		0.56	MSEQX
GLVIX	0.66	0.4	0.92	0.19	0.69	0.56		GLVIX
	IHIAX	LMUSX	HSUAX	CNGLX	RETSX	MSEQX	GLVIX

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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

GLVIX	+ 0.92	HSUAX
CNGLX	+ 0.9	LMUSX
RETSX	+ 0.89	LMUSX
RETSX	+ 0.72	HSUAX
RETSX	+ 0.71	CNGLX
MSEQX	+ 0.69	HSUAX

High negative correlations

MSEQX

- 0.11

CNGLX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Europe 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 Europe'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
IHIAX	0.19	0.01	(0.25)	0.30	0.11	(0.26)	0.51	(0.39)	1.55
LMUSX	0.76	0.01	(0.01)	0.10	1.21	(0.73)	1.27	(1.50)	6.30
HSUAX	0.67	0.13	0.10	0.27	0.79	(0.75)	1.31	(1.15)	6.61
CNGLX	0.55	(0.04)	(0.08)	0.01	0.98	(0.50)	1.17	(1.18)	5.09
RETSX	0.58	0.03	(0.01)	0.14	0.77	(0.64)	1.19	(1.10)	5.40
MSEQX	1.47	0.46	0.22	1.52	1.35	(1.77)	3.37	(2.11)	12.69
GLVIX	0.77	0.09	0.05	0.25	0.82	(0.90)	1.53	(1.15)	5.26

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