Fidelity New Correlations

Mutual Funds . USA . 
Fund . Fidelity New Millennium
FMILX Fund  USD 61.85  0.51  0.83%   
The current 90-days correlation between Fidelity New Millennium and Fidelity Focused Stock is 0.19 (i.e., Average diversification). The correlation of Fidelity New 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 New Correlation With Market

Significant diversification

The correlation between Fidelity New Millennium and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity New Millennium 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 New Millennium. 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 bureau of economic analysis.

Moving together with Fidelity Mutual Fund

  0.74FPTKX Fidelity Freedom 2015PairCorr
  0.85FPURX Fidelity PuritanPairCorr
  0.85FPUKX Fidelity PuritanPairCorr
  0.71FPXTX Fidelity PennsylvaniaPairCorr
  0.8FQIFX Fidelity Freedom IndexPairCorr
  0.77FQIPX Fidelity Freedom IndexPairCorr
  0.8FQLSX Fidelity Flex FreedomPairCorr
  0.79FRAGX Aggressive GrowthPairCorr
  0.69FRAMX Fidelity Income ReplPairCorr
  0.71FRASX Fidelity Income ReplPairCorr
  0.79FRGAX Growth Allocation IndexPairCorr
  0.7FRIMX Fidelity Income ReplPairCorr
  0.7FRHMX Fidelity Managed RetPairCorr
  0.7FRKMX Fidelity Managed RetPairCorr
  0.77FRLPX Fidelity Freedom IndexPairCorr
  0.69FROGX Fidelity Municipal IncomePairCorr
  0.7FRQHX Fidelity Managed RetPairCorr
  0.7FRQIX Fidelity Income ReplPairCorr
  0.7FRQKX Fidelity Managed RetPairCorr
  0.7FRQAX Fidelity Income ReplPairCorr
  0.81FAASX Fidelity Asset ManagerPairCorr
  0.81FAAIX Fidelity Asset ManagerPairCorr
  0.85FACVX Fidelity ConvertiblePairCorr
  0.81FACPX Fidelity Advisor SumerPairCorr
  0.75FACFX Fidelity Advisor FreedomPairCorr
  0.74FADTX Fidelity Advisor TecPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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