Fidelity Europe Correlations

Mutual Funds . USA . 
Fund . Fidelity Europe Fund
FIEUX Fund  USD 35.84  0.16  0.44%   
The current 90-days correlation between Fidelity Europe and Fidelity Pacific Basin is 0.74 (i.e., Poor 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

Good diversification

The correlation between Fidelity Europe Fund and DJI is -0.01 (i.e., Good 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 signals in employment.

Moving together with Fidelity Mutual Fund

  0.96FQITX Fidelity Salem StreetPairCorr
  0.64FRAMX Fidelity Income ReplPairCorr
  0.63FRIMX Fidelity Income ReplPairCorr
  0.61FRHMX Fidelity Managed RetPairCorr
  0.62FRKMX Fidelity Managed RetPairCorr
  0.61FRQIX Fidelity Income ReplPairCorr
  0.61FRQKX Fidelity Managed RetPairCorr
  0.63FRQAX Fidelity Income ReplPairCorr
  0.65FACTX Fidelity Advisor HealthPairCorr

Moving against Fidelity Mutual Fund

  0.86FRPCX Fidelity Sai AlternativePairCorr
  0.66FPUKX Fidelity PuritanPairCorr
  0.65FPURX Fidelity PuritanPairCorr
  0.46FRAGX Aggressive GrowthPairCorr
  0.37FRGAX Growth Allocation IndexPairCorr
  0.35FQLSX Fidelity Flex FreedomPairCorr
  0.31FAASX Fidelity Asset ManagerPairCorr
  0.87FAFSX Fidelity Advisor FinPairCorr
  0.87FAFDX Fidelity Advisor FinPairCorr
  0.87FAFCX Fidelity Advisor FinPairCorr
  0.83FACVX Fidelity ConvertiblePairCorr
  0.82FAGKX Fidelity Growth StraPairCorr
  0.75FACPX Fidelity Advisor SumerPairCorr
  0.73FACGX Fidelity Advisor GrowthPairCorr
  0.73FAGOX Fidelity Advisor GrowthPairCorr
  0.73FAGIX Fidelity Capital IncomePairCorr

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   
FSEAX
+ 0.85
FPBFX
FSEAX
+ 0.76
FECAX
FNORX
+ 0.73
FJPNX
FECAX
+ 0.41
FPBFX
FJPNX
+ 0.32
FPBFX
  
High negative correlations   
FNORX
- 0.87
FECAX
FSEAX
- 0.56
FNORX
FECAX
- 0.51
FJPNX
FSEAX
- 0.11
FJPNX
FNORX
- 0.08
FPBFX

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.

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