Materials Portfolio Correlations

Mutual Funds . USA . 
Fund . Materials Portfolio Fidelity
FMFCX Fund  USD 96.36  0.57  0.59%   
The current 90-days correlation between Materials Portfolio and Materials Portfolio Fidelity is 1.0 (i.e., No risk reduction). The correlation of Materials Portfolio 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.

Materials Portfolio Correlation With Market

Poor diversification

The correlation between Materials Portfolio Fidelity and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Materials Portfolio Fidelity 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 Materials Portfolio Fidelity. 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 Materials Mutual Fund

  0.61FPTKX Fidelity Freedom 2015PairCorr
  0.72FPURX Fidelity PuritanPairCorr
  0.72FPUKX Fidelity PuritanPairCorr
  0.71FQIFX Fidelity Freedom IndexPairCorr
  0.86FQIPX Fidelity Freedom IndexPairCorr
  0.94FQLSX Fidelity Flex FreedomPairCorr
  0.82FRAGX Aggressive GrowthPairCorr
  0.83FRGAX Growth Allocation IndexPairCorr
  0.86FRLPX Fidelity Freedom IndexPairCorr
  0.93FAASX Fidelity Asset ManagerPairCorr
  0.84FAAIX Fidelity Asset ManagerPairCorr
  0.85FABLX Fidelity Advisor BalancedPairCorr
  0.85FABCX Fidelity Advisor BalancedPairCorr
  0.85FACNX Fidelity CanadaPairCorr
  0.74FACGX Fidelity Advisor GrowthPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Materials Mutual Fund performing well and Materials Portfolio 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 Materials Portfolio'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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