Fidelity Income Correlations

FRIMX Fund

USD 59.29 0.01 0.02%

The current 90-days correlation between Fidelity Income Repl and Fidelity Income Replacement is 1.0 (i.e., No risk reduction). The correlation of Fidelity Income 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 Income Correlation With Market

Poor diversification

The correlation between Fidelity Income Replacement and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Income Replacement 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 Income Replacement. 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 board of governors.

Moving together with Fidelity Mutual Fund

0.99	FAFAX	Fidelity Advisor Freedom	Pair Corr
0.66	FSLSX	Fidelity Advisor Value	Pair Corr
0.64	FBALX	Fidelity Balanced	Pair Corr
0.63	FSSMX	Fidelity Advisor Stock	Pair Corr

Moving against Fidelity Mutual Fund

0.36

FALIX

Fidelity Advisor Large

Pair Corr

Related Correlations Analysis

	FIRMX	FIRVX	PACJX	GAAEX	RCG	IASMX	GGM	CNGLX	FSIKX	EAPDX
FIRMX		0.96	0.69	0.53	-0.23	0.2	0.69	0.32	0.38	0.23	FIRMX
FIRVX	0.96		0.56	0.64	-0.22	0.42	0.85	0.49	0.47	0.14	FIRVX
PACJX	0.69	0.56		0.1	-0.09	-0.32	0.22	-0.19	-0.08	-0.04	PACJX
GAAEX	0.53	0.64	0.1		-0.19	0.47	0.75	0.39	0.2	0.15	GAAEX
RCG	-0.23	-0.22	-0.09	-0.19		0.08	-0.19	0.08	-0.03	0.03	RCG
IASMX	0.2	0.42	-0.32	0.47	0.08		0.67	0.86	0.34	-0.14	IASMX
GGM	0.69	0.85	0.22	0.75	-0.19	0.67		0.67	0.52	-0.01	GGM
CNGLX	0.32	0.49	-0.19	0.39	0.08	0.86	0.67		0.38	0.02	CNGLX
FSIKX	0.38	0.47	-0.08	0.2	-0.03	0.34	0.52	0.38		0.4	FSIKX
EAPDX	0.23	0.14	-0.04	0.15	0.03	-0.14	-0.01	0.02	0.4		EAPDX
	FIRMX	FIRVX	PACJX	GAAEX	RCG	IASMX	GGM	CNGLX	FSIKX	EAPDX

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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

FIRVX	+ 0.96	FIRMX
CNGLX	+ 0.86	IASMX
GGM	+ 0.85	FIRVX
GGM	+ 0.75	GAAEX
PACJX	+ 0.69	FIRMX
GGM	+ 0.69	FIRMX

High negative correlations

IASMX	- 0.32	PACJX
RCG	- 0.23	FIRMX
RCG	- 0.22	FIRVX
GGM	- 0.19	RCG
RCG	- 0.19	GAAEX
CNGLX	- 0.19	PACJX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Income 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 Income'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
FIRMX	0.17	(0.02)	(0.21)	(0.02)	0.30	(0.16)	0.36	(0.35)	1.70
FIRVX	0.24	(0.02)	(0.16)	0.00	0.35	(0.24)	0.48	(0.48)	2.00
PACJX	0.69	(0.14)	0.00	(0.10)	0.00	0.00	1.08	(1.35)	10.66
GAAEX	0.96	(0.04)	(0.02)	0.03	1.30	(0.96)	1.88	(2.30)	5.18
RCG	1.26	0.01	(0.05)	0.03	1.43	(1.54)	2.77	(2.34)	6.08
IASMX	0.88	0.06	0.03	0.14	0.99	(0.98)	1.93	(1.33)	7.24
GGM	0.64	(0.01)	(0.01)	0.06	0.87	(0.59)	1.38	(1.44)	3.40
CNGLX	0.55	0.06	0.00	1.80	0.62	(0.62)	1.11	(1.19)	4.51
FSIKX	0.07	0.01	(0.43)	4.15	0.00	(0.13)	0.19	(0.10)	0.49
EAPDX	0.18	0.03	(0.04)	(0.63)	0.21	(0.52)	0.62	(0.19)	3.21

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