Fidelity Short-term Correlations

Mutual Funds . USA . 
Fund . Fidelity Short Term Bond
FSHBX Fund  USD 8.45  0.02  0.24%   
The current 90-days correlation between Fidelity Short Term and Fidelity Investment Grade is 0.7 (i.e., Poor diversification). The correlation of Fidelity Short-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 Short-term Correlation With Market

Good diversification

The correlation between Fidelity Short Term Bond and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Short Term Bond 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 Short Term Bond. 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 labor statistics.

Moving together with Fidelity Mutual Fund

  0.77FPXTX Fidelity PennsylvaniaPairCorr
  0.7FRAMX Fidelity Income ReplPairCorr
  0.66FRASX Fidelity Income ReplPairCorr
  0.7FRESX Fidelity Real EstatePairCorr
  0.87FRIFX Fidelity Real EstatePairCorr
  0.7FRIMX Fidelity Income ReplPairCorr
  0.88FRINX Fidelity Real EstatePairCorr
  0.87FRIOX Fidelity Real EstatePairCorr
  0.87FRIQX Fidelity Real EstatePairCorr
  0.71FRHMX Fidelity Managed RetPairCorr
  0.71FRKMX Fidelity Managed RetPairCorr
  0.87FRIRX Fidelity Real EstatePairCorr
  0.75FROGX Fidelity Municipal IncomePairCorr
  0.7FRQHX Fidelity Managed RetPairCorr
  0.7FRQIX Fidelity Income ReplPairCorr
  0.7FRQKX Fidelity Managed RetPairCorr
  0.69FRQAX Fidelity Income ReplPairCorr
  0.66FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.6FRPDX Fidelity Sai AlternativePairCorr
  0.37FAGNX Fidelity Advisor EnergyPairCorr
  0.33FADTX 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 Short-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 Short-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.

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