Fidelity Multi Correlations

FMAE Fund

10.44 0.02 0.19%

The current 90-days correlation between Fidelity Multi Alt and Fidelity ClearPath 2045 is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Multi moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Multi Alt Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Multi Correlation With Market

Modest diversification

The correlation between Fidelity Multi Alt Equity and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Multi Alt Equity and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Multi 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 Multi 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 Multi - 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 Multi Alt Equity to buy it.

Moving against Fidelity Fund

0.49	0P000077R7	CDSPI Global Growth	Pair Corr
0.63	0P0001LY12	iProfile Emerging Markets	Pair Corr
0.45	0P000075GQ	0P000075GQ	Pair Corr
0.44	0P000075PH	CI Select Global	Pair Corr
0.37	NBGE	NBI Global Equity	Pair Corr
0.34	0P0001ED7S	RBC QUBE Equity	Pair Corr

Related Correlations Analysis

	0P00007694	0P00008XL9	0P00007692	0P0000I3XT	FID661	0P000075FV	FID5982	FMAE	FCAB
0P00007694		0.56	0.41	0.49	0.42	0.5	0.28	-0.2	0.15	0P00007694
0P00008XL9	0.56		0.79	0.48	-0.05	0.07	0.44	-0.11	0.59	0P00008XL9
0P00007692	0.41	0.79		0.4	0.03	0.14	0.59	-0.14	0.62	0P00007692
0P0000I3XT	0.49	0.48	0.4		0.09	0.09	0.26	-0.61	-0.01	0P0000I3XT
FID661	0.42	-0.05	0.03	0.09		0.68	0.12	-0.02	-0.31	FID661
0P000075FV	0.5	0.07	0.14	0.09	0.68		0.34	-0.16	-0.17	0P000075FV
FID5982	0.28	0.44	0.59	0.26	0.12	0.34		-0.33	-0.03	FID5982
FMAE	-0.2	-0.11	-0.14	-0.61	-0.02	-0.16	-0.33		0.25	FMAE
FCAB	0.15	0.59	0.62	-0.01	-0.31	-0.17	-0.03	0.25		FCAB
	0P00007694	0P00008XL9	0P00007692	0P0000I3XT	FID661	0P000075FV	FID5982	FMAE	FCAB

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

0P00007692	+ 0.79	0P00008XL9
0P000075FV	+ 0.68	FID661
FCAB	+ 0.62	0P00007692
FCAB	+ 0.59	0P00008XL9
FID5982	+ 0.59	0P00007692
0P00008XL9	+ 0.56	0P00007694

High negative correlations

FMAE	- 0.61	0P0000I3XT
FMAE	- 0.33	FID5982
FCAB	- 0.31	FID661
FMAE	- 0.2	0P00007694
FCAB	- 0.17	0P000075FV
FMAE	- 0.16	0P000075FV

Risk-Adjusted Indicators

There is a big difference between Fidelity Fund performing well and Fidelity Multi 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 Multi'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
0P00007694	0.66	(0.07)	0.00	(0.20)	0.00	0.00	0.98	(1.18)	8.55
0P00008XL9	0.39	0.02	(0.05)	0.27	0.47	(0.40)	0.70	(0.81)	2.16
0P00007692	0.43	0.03	(0.04)	1.24	0.54	(0.44)	0.82	(0.89)	2.47
0P0000I3XT	0.80	0.03	(0.02)	0.28	1.16	(0.81)	1.54	(1.54)	6.05
FID661	0.39	(0.05)	0.00	(7.66)	0.00	0.00	0.50	(0.74)	4.74
0P000075FV	1.06	(0.12)	0.00	0.91	0.00	0.00	1.64	(2.51)	15.16
FID5982	0.98	0.00	(0.03)	0.06	1.45	(0.92)	1.82	(2.67)	5.91
FMAE	0.37	0.03	(0.03)	0.29	0.41	(0.42)	0.88	(0.95)	2.23
FCAB	0.11	0.00	(0.35)	0.10	0.04	(0.13)	0.24	(0.24)	0.64

Fidelity Multi 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 Multi fund to make a market-neutral strategy. Peer analysis of Fidelity Multi could also be used in its relative valuation, which is a method of valuing Fidelity Multi by comparing valuation metrics with similar companies.

Fidelity ClearPath 2045 Fidelity Global Balanced Fidelity ClearPath 2035 Fidelity AsiaStar Series Fidelity Small Cap Fidelity Canadian Growth Fidelity Global Innovators Fidelity Multi Alt Equity Fidelity Absolute Income American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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