Fmasx Correlations

FMASX Fund

15.20 0.12 0.80%

The current 90-days correlation between Fmasx and Davis Financial Fund is -0.06 (i.e., Good diversification). The correlation of Fmasx 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.

Fmasx Correlation With Market

Very poor diversification

The correlation between Fmasx and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fmasx 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 Fmasx. 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 Fmasx Mutual Fund

0.85	FAGIX	Fidelity Capital Income	Pair Corr
0.65	FSAGX	Gold Portfolio Gold Steady Growth	Pair Corr
0.77	FSAWX	Fidelity Sai Convertible	Pair Corr
0.77	FSCRX	Fidelity Small Cap	Pair Corr
0.81	FASMX	Fidelity Asset Manager	Pair Corr
0.62	FSHBX	Fidelity Short Term	Pair Corr
0.75	FSRBX	Banking Portfolio Banking	Pair Corr
0.79	FSRFX	Transportation Portfolio	Pair Corr
0.79	FSRPX	Retailing Portfolio	Pair Corr
0.77	FSSMX	Fidelity Advisor Stock	Pair Corr
0.83	FTRNX	Fidelity Trend	Pair Corr
0.84	FCLKX	Fidelity Large Cap	Pair Corr
0.66	FCNYX	Fidelity Advisor Cnsv	Pair Corr
0.84	FCPIX	Fidelity Advisor Int	Pair Corr
0.68	FUEMX	Fidelity Flex Servative	Pair Corr
0.72	FCPVX	Fidelity Small Cap	Pair Corr
0.84	FDCAX	Fidelity Capital App	Pair Corr
0.7	FDSCX	Fidelity Stock Selector	Pair Corr
0.78	FEQIX	Fidelity Equity Income	Pair Corr
0.84	FFSFX	Fidelity Freedom 2065	Pair Corr
0.65	FGDIX	Fidelity Advisor Gold Steady Growth	Pair Corr
0.86	FGRTX	Fidelity Mega Cap	Pair Corr
0.71	FGWMX	Fidelity New Markets	Pair Corr
0.84	FHANX	Fidelity Freedom Blend	Pair Corr
0.81	FZABX	Fidelity Advisor Div	Pair Corr
0.84	FZAJX	Fidelity International	Pair Corr
0.8	FHRVX	Fidelity Managed Ret	Pair Corr
0.78	FIDSX	Financial Services	Pair Corr
0.83	FIGRX	Fidelity International	Pair Corr

Related Correlations Analysis

	PFANX	XFINX	PSSRX	ICFAX	VFAIX	BTO	MCBXX	DVFYX
PFANX		0.21	0.75	0.6	0.5	0.74	0.0	0.65	PFANX
XFINX	0.21		0.4	0.66	0.62	0.51	0.0	0.58	XFINX
PSSRX	0.75	0.4		0.84	0.88	0.84	0.0	0.95	PSSRX
ICFAX	0.6	0.66	0.84		0.89	0.9	0.0	0.92	ICFAX
VFAIX	0.5	0.62	0.88	0.89		0.82	0.0	0.94	VFAIX
BTO	0.74	0.51	0.84	0.9	0.82		0.0	0.89	BTO
MCBXX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	MCBXX
DVFYX	0.65	0.58	0.95	0.92	0.94	0.89	0.0		DVFYX
	PFANX	XFINX	PSSRX	ICFAX	VFAIX	BTO	MCBXX	DVFYX

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

DVFYX	+ 0.95	PSSRX
DVFYX	+ 0.94	VFAIX
DVFYX	+ 0.92	ICFAX
BTO	+ 0.9	ICFAX
VFAIX	+ 0.89	ICFAX
DVFYX	+ 0.89	BTO

High negative correlations

DVFYX	- 0.0	MCBXX
MCBXX	- 0.0	BTO
MCBXX	- 0.0	VFAIX
MCBXX	- 0.0	ICFAX
MCBXX	- 0.0	PSSRX
MCBXX	- 0.0	XFINX

Risk-Adjusted Indicators

There is a big difference between Fmasx Mutual Fund performing well and Fmasx 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 Fmasx'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
PFANX	0.10	0.01	(0.28)	0.86	0.00	(0.14)	0.21	(0.21)	0.82
XFINX	0.15	(0.01)	(0.17)	(0.01)	0.26	(0.16)	0.36	(0.43)	1.58
PSSRX	0.89	0.14	0.14	0.18	0.75	(1.04)	1.90	(1.75)	12.65
ICFAX	0.85	0.15	0.20	0.22	0.46	(1.21)	1.66	(0.98)	14.63
VFAIX	0.68	(0.04)	(0.04)	0.03	0.92	(0.66)	1.35	(1.72)	4.39
BTO	0.89	0.06	0.06	0.13	0.94	(0.97)	2.95	(1.84)	5.37
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DVFYX	0.65	0.09	0.09	0.18	0.70	(0.68)	1.62	(1.26)	4.16

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