Fidelity Leveraged Correlations

Mutual Funds . USA . 
Fund . Fidelity Leveraged Pany
FLVCX Fund  USD 41.42  0.51  1.22%   
The current 90-days correlation between Fidelity Leveraged Pany and Fidelity Canada Fund is 0.52 (i.e., Very weak diversification). The correlation of Fidelity Leveraged 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 Leveraged Correlation With Market

Very weak diversification

The correlation between Fidelity Leveraged Pany and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Leveraged Pany 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 Leveraged Pany. 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

  0.68FACVX Fidelity ConvertiblePairCorr

Moving against Fidelity Mutual Fund

  0.58FRIOX Fidelity Real EstatePairCorr
  0.54FQITX Fidelity Salem StreetPairCorr
  0.54FRINX Fidelity Real EstatePairCorr
  0.53FRIQX Fidelity Real EstatePairCorr
  0.52FRIFX Fidelity Real EstatePairCorr
  0.52FRIRX Fidelity Real EstatePairCorr
  0.51FRAMX Fidelity Income ReplPairCorr
  0.5FRIMX Fidelity Income ReplPairCorr
  0.5FRKMX Fidelity Managed RetPairCorr
  0.49FRHMX Fidelity Managed RetPairCorr
  0.49FRQIX Fidelity Income ReplPairCorr
  0.49FRQAX Fidelity Income ReplPairCorr
  0.48FRQKX Fidelity Managed RetPairCorr
  0.47FRQHX Fidelity Managed RetPairCorr
  0.42FROGX Fidelity Municipal IncomePairCorr
  0.39FRESX Fidelity Real EstatePairCorr
  0.38FRASX Fidelity Income ReplPairCorr
  0.31FPXTX Fidelity PennsylvaniaPairCorr
  0.53FAFAX Fidelity Advisor FreedomPairCorr
  0.49FAERX Fidelity Advisor OverseasPairCorr
  0.43FACFX Fidelity Advisor FreedomPairCorr
  0.4FADIX Fidelity Advisor DivPairCorr
  0.4FADCX Fidelity Advisor DivPairCorr
  0.31FACTX Fidelity Advisor HealthPairCorr
  0.31FACDX Fidelity Advisor HealthPairCorr

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   
FDVLX
+ 0.91
FICDX
FEMKX
+ 0.52
FICDX
FEMKX
+ 0.42
FIGRX
FEMKX
+ 0.31
FDVLX
FIGRX
+ 0.29
FLATX
  
High negative correlations   
FLATX
- 0.59
FICDX
FDVLX
- 0.53
FLATX
FEMKX
- 0.3
FLATX
FDVLX
- 0.24
FIGRX
FIGRX
- 0.09
FICDX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Leveraged 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 Leveraged'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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