Fidelity Canadian Correlations

FID265 Fund   107.36  0.40  0.37%   
The current 90-days correlation between Fidelity Canadian Growth and CI Global Alpha is 0.55 (i.e., Very weak diversification). The correlation of Fidelity Canadian 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.

Fidelity Canadian Correlation With Market

Significant diversification

The correlation between Fidelity Canadian Growth and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canadian Growth and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Fidelity Canadian could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Canadian when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Canadian - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Canadian Growth to buy it.

Moving together with Fidelity Fund

  0.890P0000706A RBC Select BalancedPairCorr
  0.870P0000S9O7 PIMCO Monthly IncomePairCorr
  0.890P00007069 RBC PortefeuillePairCorr
  0.890P0000IUYO Edgepoint Global PorPairCorr
  0.720P0001FAU8 TD Comfort BalancedPairCorr
  0.930P00012UCU RBC Global EquityPairCorr

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   
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0P000075PHCUBD
0P000075PHCIG18006
CUBDCIG18006
0P0001D8QF0P00009XRG
0P0000JO4O0P00009XRG
  
High negative correlations   
0P000070H9CIG18006
0P000070H9CUBD
0P0000JO4OCIG18006
DXBGCIG18006
0P000075PH0P000070H9
0P0000JO4ODXBG

Risk-Adjusted Indicators

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

Fidelity Canadian Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fidelity Canadian fund to make a market-neutral strategy. Peer analysis of Fidelity Canadian could also be used in its relative valuation, which is a method of valuing Fidelity Canadian by comparing valuation metrics with similar companies.
 Risk & Return  Correlation