Fidelity Small Correlations

FKICX Fund

USD 13.17 0.01 0.08%

The current 90-days correlation between Fidelity Small Cap and Pender Real Estate is -0.09 (i.e., Good diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Cap and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.87	FPURX	Fidelity Puritan	Pair Corr
0.91	FPUKX	Fidelity Puritan	Pair Corr
0.82	FQIPX	Fidelity Freedom Index	Pair Corr
0.82	FQLSX	Fidelity Flex Freedom	Pair Corr
0.87	FRAGX	Aggressive Growth	Pair Corr
0.86	FRGAX	Growth Allocation Index	Pair Corr
0.88	FRLPX	Fidelity Freedom Index	Pair Corr
0.89	FAASX	Fidelity Asset Manager	Pair Corr
0.84	FAAIX	Fidelity Asset Manager	Pair Corr
0.69	FABLX	Fidelity Advisor Balanced	Pair Corr
0.69	FABCX	Fidelity Advisor Balanced	Pair Corr
0.82	FACVX	Fidelity Convertible	Pair Corr
0.85	FACPX	Fidelity Advisor Sumer	Pair Corr
0.89	FACNX	Fidelity Canada	Pair Corr
0.84	FACGX	Fidelity Advisor Growth	Pair Corr

Moving against Fidelity Mutual Fund

0.38

FQITX

Fidelity Salem Street

Pair Corr

Related Correlations Analysis

	PNDIX	FHETX	MSULX	QREARX	CREMX	CNREX	FORFX
PNDIX		0.02	0.72	0.71	0.99	0.2	0.99	PNDIX
FHETX	0.02		0.26	-0.19	-0.01	0.69	0.09	FHETX
MSULX	0.72	0.26		0.34	0.72	0.36	0.75	MSULX
QREARX	0.71	-0.19	0.34		0.7	-0.22	0.67	QREARX
CREMX	0.99	-0.01	0.72	0.7		0.19	0.98	CREMX
CNREX	0.2	0.69	0.36	-0.22	0.19		0.26	CNREX
FORFX	0.99	0.09	0.75	0.67	0.98	0.26		FORFX
	PNDIX	FHETX	MSULX	QREARX	CREMX	CNREX	FORFX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

CREMX	+ 0.99	PNDIX
FORFX	+ 0.99	PNDIX
FORFX	+ 0.98	CREMX
FORFX	+ 0.75	MSULX
MSULX	+ 0.72	PNDIX
CREMX	+ 0.72	MSULX

High negative correlations

CNREX	- 0.22	QREARX
QREARX	- 0.19	FHETX
CREMX	- 0.01	FHETX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Small 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 Small'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
PNDIX	0.04	0.02	0.00	(6.27)	0.00	0.00	0.10	0.00	0.10
FHETX	0.67	0.07	(0.04)	0.77	0.72	(0.69)	1.39	(1.19)	3.54
MSULX	0.46	0.08	(0.05)	2.21	0.36	(0.77)	1.15	(0.85)	3.61
QREARX	0.05	0.00	(1.08)	0.34	0.07	(0.04)	0.08	(0.11)	0.73
CREMX	0.03	0.01	0.00	0.69	0.00	0.00	0.08	0.00	0.08
CNREX	0.62	0.03	(0.06)	0.19	0.78	(0.64)	1.22	(1.53)	3.86
FORFX	0.05	0.04	0.00	6.29	0.00	0.00	0.11	0.00	0.21

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC