Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSCRX Fund  USD 24.17  0.31  1.27%   
The current 90-days correlation between Fidelity Small Cap and Columbia Select Large Cap is 0.53 (i.e., Very weak diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Cap and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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 producer price index.

Moving together with Fidelity Mutual Fund

  0.85FPTKX Fidelity Freedom 2015PairCorr
  0.9FPURX Fidelity PuritanPairCorr
  0.9FPUKX Fidelity PuritanPairCorr
  0.74FPXTX Fidelity PennsylvaniaPairCorr
  0.86FRBYX Fidelity Freedom BlendPairCorr
  0.89FRASX Fidelity Income ReplPairCorr
  0.84FRDDX Fidelity SustainablePairCorr
  0.9FRGAX Growth Allocation IndexPairCorr
  0.89FRIMX Fidelity Income ReplPairCorr
  0.85FRINX Fidelity Real EstatePairCorr
  0.87FRIOX Fidelity Real EstatePairCorr
  0.89FRQIX Fidelity Income ReplPairCorr
  0.88FAAIX Fidelity Asset ManagerPairCorr
  0.8FACVX Fidelity VertiblePairCorr
  0.68FACTX Fidelity Advisor HealthPairCorr
  0.9FACNX Fidelity CanadaPairCorr
  0.68FACDX Fidelity Advisor HealthPairCorr
  0.89FAGIX Fidelity Capital IncomePairCorr
  0.84FTF Franklin TempletonPairCorr
  0.86FAHDX Fidelity Advisor HighPairCorr
  0.79FAMKX Fidelity Advisor EmergingPairCorr
  0.89FSAGX Gold Portfolio GoldPairCorr
  0.88FSANX Fidelity Asset ManagerPairCorr
  0.81FSATX Fidelity Asset ManagerPairCorr
  0.91FSAVX Automotive PortfolioPairCorr
  0.8FSAWX Fidelity Sai ConvertiblePairCorr
  0.91FAMZX Fidelity Advisor SusPairCorr
  0.87FAMRX Fidelity Asset ManagerPairCorr
  0.94FSCDX Fidelity Advisor SmallPairCorr
  0.81FSCHX Chemicals PortfolioPairCorr
  0.98FSCIX Fidelity Advisor SmallPairCorr
  0.9FSCOX Fidelity InternationalPairCorr
  0.94FSCPX Consumer DiscretionaryPairCorr
  0.8FSDAX Defense And Aerospace Potential GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.79FAOAX Fidelity Advisor OverseasPairCorr

Related Correlations Analysis


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

ABSZX
+ 0.98
CSVIX
CSVZX
+ 0.97
ABSZX
ABSZX
+ 0.96
FSSMX
CSVZX
+ 0.96
CSVIX
FDEQX
+ 0.95
CSVIX
ABSZX
+ 0.95
FDEQX
  

High negative correlations

FDEQX
- 0.63
FIDLX
CSVIX
- 0.53
FIDLX
CSVZX
- 0.52
FIDLX
ABSZX
- 0.51
FIDLX
FSSMX
- 0.44
FIDLX

Risk-Adjusted Indicators

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