Fidelity Long-term Correlations

FNBGX Fund

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The current 90-days correlation between Fidelity Long Term and Fidelity Intermediate Treasury is 0.9 (i.e., Almost no diversification). The correlation of Fidelity Long-term 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 Long-term Correlation With Market

Average diversification

The correlation between Fidelity Long Term Treasury and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Long Term Treasury 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 Long Term Treasury. 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 price.

Moving together with Fidelity Mutual Fund

0.7	FQITX	Fidelity Salem Street	Pair Corr
0.69	FRAMX	Fidelity Income Repl	Pair Corr
0.68	FRIMX	Fidelity Income Repl	Pair Corr
0.66	FRHMX	Fidelity Managed Ret	Pair Corr
0.69	FRKMX	Fidelity Managed Ret	Pair Corr
0.66	FROGX	Fidelity Municipal Income	Pair Corr
0.62	FRQHX	Fidelity Managed Ret	Pair Corr
0.66	FRQIX	Fidelity Income Repl	Pair Corr
0.65	FRQKX	Fidelity Managed Ret	Pair Corr
0.65	FRQAX	Fidelity Income Repl	Pair Corr
0.64	FACTX	Fidelity Advisor Health	Pair Corr

Moving against Fidelity Mutual Fund

0.77	FPURX	Fidelity Puritan	Pair Corr
0.77	FPUKX	Fidelity Puritan	Pair Corr
0.66	FRAGX	Aggressive Growth	Pair Corr
0.55	FQIPX	Fidelity Freedom Index	Pair Corr
0.55	FRGAX	Growth Allocation Index	Pair Corr
0.53	FQLSX	Fidelity Flex Freedom	Pair Corr
0.66	FABLX	Fidelity Advisor Balanced	Pair Corr
0.64	FABCX	Fidelity Advisor Balanced	Pair Corr
0.63	FRPCX	Fidelity Sai Alternative	Pair Corr
0.55	FRLPX	Fidelity Freedom Index	Pair Corr
0.5	FAAIX	Fidelity Asset Manager	Pair Corr
0.45	FAASX	Fidelity Asset Manager	Pair Corr
0.41	FRPDX	Fidelity Sai Alternative	Pair Corr
0.9	FADTX	Fidelity Advisor Tec	Pair Corr
0.86	FACVX	Fidelity Convertible	Pair Corr
0.83	FACGX	Fidelity Advisor Growth	Pair Corr
0.76	FADAX	Fidelity Advisor Dividend	Pair Corr
0.76	FAEGX	Fidelity Advisor Equity	Pair Corr
0.72	FAFSX	Fidelity Advisor Fin	Pair Corr

Related Correlations Analysis

	FUAMX	FUMBX	FIPDX	FPADX	FXNAX
FUAMX		0.95	0.93	-0.12	0.99	FUAMX
FUMBX	0.95		0.95	0.01	0.97	FUMBX
FIPDX	0.93	0.95		0.17	0.95	FIPDX
FPADX	-0.12	0.01	0.17		-0.08	FPADX
FXNAX	0.99	0.97	0.95	-0.08		FXNAX
	FUAMX	FUMBX	FIPDX	FPADX	FXNAX

Click cells to compare fundamentals

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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

FXNAX	+ 0.99	FUAMX
FXNAX	+ 0.97	FUMBX
FUMBX	+ 0.95	FUAMX
FIPDX	+ 0.95	FUMBX
FXNAX	+ 0.95	FIPDX
FIPDX	+ 0.93	FUAMX

High negative correlations

FPADX	- 0.12	FUAMX
FXNAX	- 0.08	FPADX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Long-term 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 Long-term'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
FUAMX	0.23	(0.06)	0.00	(0.71)	0.00	0.00	0.42	(0.52)	1.72
FUMBX	0.10	(0.02)	0.00	(1.20)	0.00	0.00	0.20	(0.19)	0.78
FIPDX	0.19	(0.03)	0.00	(0.55)	0.00	0.00	0.33	(0.55)	1.20
FPADX	0.78	0.01	(0.12)	0.03	0.98	(0.81)	1.86	(1.87)	5.24
FXNAX	0.23	(0.04)	0.00	(0.54)	0.00	0.00	0.48	(0.58)	1.52

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