Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FIQBX Fund  USD 31.09  0.02  0.06%   
The current 90-days correlation between Fidelity Asset Manager and ProShares Ultra SP500 is 0.59 (i.e., Very weak diversification). The correlation of Fidelity Asset 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 Asset Correlation With Market

Very poor diversification

The correlation between Fidelity Asset Manager and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Asset Manager 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 Asset Manager. 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 bureau of labor statistics.

Moving together with Fidelity Mutual Fund

  1.0FPTKX Fidelity Freedom 2015PairCorr
  0.93FPURX Fidelity PuritanPairCorr
  0.93FPUKX Fidelity PuritanPairCorr
  0.9FPXTX Fidelity PennsylvaniaPairCorr
  0.94FQIFX Fidelity Freedom IndexPairCorr
  0.94FQIPX Fidelity Freedom IndexPairCorr
  0.95FQITX Fidelity Salem StreetPairCorr
  0.97FQLSX Fidelity Flex FreedomPairCorr
  0.97FRBDX Fidelity Freedom 2070PairCorr
  0.97FRBEX Fidelity Freedom 2070PairCorr
  0.97FRBHX Fidelity Freedom 2070PairCorr
  0.97FRBJX Fidelity Advisor FreedomPairCorr
  0.97FRBKX Fidelity Advisor FreedomPairCorr
  0.97FRBLX Fidelity Advisor FreedomPairCorr
  0.97FRBNX Fidelity Advisor FreedomPairCorr
  0.97FRBOX Fidelity Advisor FreedomPairCorr
  0.97FRBPX Fidelity Advisor FreedomPairCorr
  0.97FRBQX Fidelity Flex FreedomPairCorr
  0.94FRBUX Fidelity Freedom IndexPairCorr
  0.94FRBVX Fidelity Freedom IndexPairCorr
  0.94FRBWX Fidelity Freedom IndexPairCorr
  0.96FRBYX Fidelity Freedom BlendPairCorr
  0.96FRBZX Fidelity Freedom BlendPairCorr
  0.93FRAGX Aggressive GrowthPairCorr
  0.94FRAMX Fidelity Income ReplPairCorr
  0.95FRASX Fidelity Income ReplPairCorr
  0.96FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.95FRCJX Fidelity Freedom BlendPairCorr
  0.96FRCKX Fidelity Freedom BlendPairCorr
  0.97FRCLX Fidelity Freedom BlendPairCorr
  0.97FRCNX Fidelity Freedom BlendPairCorr
  0.96FRCPX Fidelity Freedom BlendPairCorr
  0.95FRCQX Fidelity SustainablePairCorr
  0.95FRCRX Fidelity SustainablePairCorr
  0.95FRCVX Fidelity SustainablePairCorr
  0.95FRCWX Fidelity SustainablePairCorr
  0.95FRCYX Fidelity SustainablePairCorr
  0.95FRDCX Fidelity SustainablePairCorr
  0.95FRDDX Fidelity SustainablePairCorr

Related Correlations Analysis


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

FEYAX
+ 1.0
FAAIX
FIDGX
+ 1.0
FCAGX
FCTGX
+ 1.0
FCAGX
FCTGX
+ 1.0
FIDGX
SHYG
+ 0.96
BUFR
BUFR
+ 0.94
FCTGX
  

High negative correlations

SPYD
- 0.6
JGRO
JGRO
- 0.26
FAAIX
JGRO
- 0.25
FEYAX
SHYG
- 0.21
JGRO
FCTGX
- 0.05
JGRO
FIDGX
- 0.04
JGRO

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Asset 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 Asset'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FAAIX  0.44  0.02  0.00  0.10  0.50 
(0.47)
 0.84 
(0.96)
 2.65 
FEYAX  0.53  0.02  0.01  0.10  0.65 
(0.55)
 1.02 
(1.24)
 3.24 
JGRO  0.75 (0.17) 0.00 (0.16) 0.00 
 0.00 
 1.00 
(1.92)
 4.96 
SPYD  0.64  0.16  0.21  0.33  0.29 
(0.79)
 1.39 
(0.99)
 3.40 
FCAGX  1.02  0.01  0.01  0.07  1.37 
(1.00)
 2.00 
(2.45)
 6.43 
FIDGX  1.02  0.01  0.01  0.07  1.36 
(0.99)
 1.99 
(2.44)
 6.42 
FCTGX  1.02  0.01  0.01  0.07  1.39 
(1.00)
 2.01 
(2.47)
 6.44 
BUFR  0.28 (0.01)(0.10) 0.04  0.40 
(0.26)
 0.61 
(0.74)
 1.85 
SHYG  0.09  0.01 (0.38) 0.14  0.00 
(0.12)
 0.26 
(0.14)
 0.54 
SSO  1.09 (0.11) 0.00 (0.01) 0.00 
 0.00 
 1.96 
(3.07)
 7.04 

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