Fidelity Pacific Correlations

FPBFX Fund

USD 32.83 0.04 0.12%

The current 90-days correlation between Fidelity Pacific Basin and Fidelity Europe Fund is 0.74 (i.e., Poor diversification). The correlation of Fidelity Pacific 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 Pacific Correlation With Market

Good diversification

The correlation between Fidelity Pacific Basin and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Pacific Basin 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 Pacific Basin. 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 census.

Moving together with Fidelity Mutual Fund

0.73	FQIFX	Fidelity Freedom Index	Pair Corr
0.77	FQIPX	Fidelity Freedom Index	Pair Corr
0.72	FQLSX	Fidelity Flex Freedom	Pair Corr
0.67	FRAGX	Aggressive Growth	Pair Corr
0.69	FRGAX	Growth Allocation Index	Pair Corr
0.77	FRLPX	Fidelity Freedom Index	Pair Corr
0.68	FAASX	Fidelity Asset Manager	Pair Corr
0.75	FAAIX	Fidelity Asset Manager	Pair Corr
0.67	FABLX	Fidelity Advisor Balanced	Pair Corr
0.68	FABCX	Fidelity Advisor Balanced	Pair Corr

Related Correlations Analysis

	FIEUX	FJPNX	FSEAX	FNORX	FJSCX
FIEUX		0.76	-0.46	0.98	0.69	FIEUX
FJPNX	0.76		-0.05	0.71	0.96	FJPNX
FSEAX	-0.46	-0.05		-0.58	-0.05	FSEAX
FNORX	0.98	0.71	-0.58		0.67	FNORX
FJSCX	0.69	0.96	-0.05	0.67		FJSCX
	FIEUX	FJPNX	FSEAX	FNORX	FJSCX

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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

FNORX	+ 0.98	FIEUX
FJSCX	+ 0.96	FJPNX
FJPNX	+ 0.76	FIEUX
FNORX	+ 0.71	FJPNX
FJSCX	+ 0.69	FIEUX
FJSCX	+ 0.67	FNORX

High negative correlations

FNORX	- 0.58	FSEAX
FSEAX	- 0.46	FIEUX
FJSCX	- 0.05	FSEAX
FSEAX	- 0.05	FJPNX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Pacific 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 Pacific'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
FIEUX	0.64	(0.14)	0.00	4.44	0.00	0.00	1.08	(1.57)	4.16
FJPNX	0.99	(0.06)	0.00	1.00	0.00	0.00	2.06	(2.05)	7.38
FSEAX	1.02	0.15	0.01	(0.67)	1.12	(1.12)	2.28	(2.05)	7.10
FNORX	0.66	(0.21)	0.00	(6.41)	0.00	0.00	1.19	(1.62)	4.74
FJSCX	0.83	(0.04)	0.00	4.02	0.00	0.00	1.85	(1.84)	7.06

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