Fidelity Convertible Correlations

FICVX Fund

USD 34.38 0.27 0.78%

The current 90-days correlation between Fidelity Convertible and Legg Mason Global is 0.06 (i.e., Significant diversification). The correlation of Fidelity Convertible 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 Convertible Correlation With Market

Average diversification

The correlation between Fidelity Vertible Securities and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Vertible Securities 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 Vertible Securities. 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 real.

Moving together with Fidelity Mutual Fund

0.9	FPURX	Fidelity Puritan	Pair Corr
0.63	FPXTX	Fidelity Pennsylvania	Pair Corr
0.63	FQIFX	Fidelity Freedom Index	Pair Corr
0.75	FQIPX	Fidelity Freedom Index	Pair Corr
0.7	FQLSX	Fidelity Flex Freedom	Pair Corr
0.84	FRAGX	Aggressive Growth	Pair Corr
0.81	FRGAX	Growth Allocation Index	Pair Corr
0.75	FRLPX	Fidelity Freedom Index	Pair Corr
0.73	FAASX	Fidelity Asset Manager	Pair Corr
0.67	FAAIX	Fidelity Asset Manager	Pair Corr
1.0	FACVX	Fidelity Convertible	Pair Corr
0.71	FACPX	Fidelity Advisor Sumer	Pair Corr

Related Correlations Analysis

	LFLCX	ARTRX	CNGLX	GAFAX	BXFIX	ZGFIX	KGLCX	XAWFX
LFLCX		0.53	0.77	0.65	-0.02	0.37	-0.05	0.77	LFLCX
ARTRX	0.53		0.8	0.12	-0.5	-0.18	-0.15	0.54	ARTRX
CNGLX	0.77	0.8		0.57	-0.11	0.31	0.09	0.87	CNGLX
GAFAX	0.65	0.12	0.57		0.52	0.85	0.52	0.69	GAFAX
BXFIX	-0.02	-0.5	-0.11	0.52		0.76	0.78	0.23	BXFIX
ZGFIX	0.37	-0.18	0.31	0.85	0.76		0.67	0.52	ZGFIX
KGLCX	-0.05	-0.15	0.09	0.52	0.78	0.67		0.31	KGLCX
XAWFX	0.77	0.54	0.87	0.69	0.23	0.52	0.31		XAWFX
	LFLCX	ARTRX	CNGLX	GAFAX	BXFIX	ZGFIX	KGLCX	XAWFX

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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

XAWFX	+ 0.87	CNGLX
ZGFIX	+ 0.85	GAFAX
CNGLX	+ 0.8	ARTRX
KGLCX	+ 0.78	BXFIX
CNGLX	+ 0.77	LFLCX
XAWFX	+ 0.77	LFLCX

High negative correlations

BXFIX	- 0.5	ARTRX
ZGFIX	- 0.18	ARTRX
KGLCX	- 0.15	ARTRX
BXFIX	- 0.11	CNGLX
KGLCX	- 0.05	LFLCX
BXFIX	- 0.02	LFLCX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Convertible 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 Convertible'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
LFLCX	0.19	(0.04)	0.00	(0.76)	0.00	0.00	0.33	(0.43)	1.31
ARTRX	0.78	(0.18)	0.00	(1.41)	0.00	0.00	1.10	(1.34)	12.95
CNGLX	0.54	(0.08)	0.00	(0.36)	0.00	0.00	0.98	(1.18)	5.09
GAFAX	0.27	(0.01)	0.00	(0.13)	0.00	0.00	0.57	(0.57)	1.90
BXFIX	0.07	0.00	0.12	0.00	0.00	(0.19)	0.12	(0.12)	0.81
ZGFIX	0.45	0.01	0.03	0.72	0.70	(0.44)	0.78	(1.02)	3.69
KGLCX	1.24	0.30	0.22	4.92	1.14	(1.49)	3.14	(2.21)	8.78
XAWFX	0.12	(0.02)	0.00	(3.22)	0.00	0.00	0.18	(0.26)	0.88

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