Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSLCX Fund  USD 18.54  0.02  0.11%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap Stock is 0.85 (i.e., Very poor 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

Modest diversification

The correlation between Fidelity Small Cap and DJI is 0.24 (i.e., Modest 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 main economic indicators.

Moving together with Fidelity Mutual Fund

  0.69FPTKX Fidelity Freedom 2015PairCorr
  0.72FPUKX Fidelity PuritanPairCorr
  0.62FPXTX Fidelity PennsylvaniaPairCorr
  0.66FQIFX Fidelity Freedom IndexPairCorr
  0.7FQIPX Fidelity Freedom IndexPairCorr
  0.81FQLSX Fidelity Flex FreedomPairCorr
  0.67FRAGX Aggressive GrowthPairCorr
  0.69FRAMX Fidelity Income ReplPairCorr
  0.73FRASX Fidelity Income ReplPairCorr
  0.69FRGAX Growth Allocation IndexPairCorr
  0.74FRESX Fidelity Real EstatePairCorr
  0.76FRIFX Fidelity Real EstatePairCorr
  0.69FRIMX Fidelity Income ReplPairCorr
  0.74FRINX Fidelity Real EstatePairCorr
  0.73FRIOX Fidelity Real EstatePairCorr
  0.74FRIQX Fidelity Real EstatePairCorr
  0.69FRHMX Fidelity Managed RetPairCorr
  0.69FRKMX Fidelity Managed RetPairCorr
  0.7FRIRX Fidelity Real EstatePairCorr
  0.82FRLPX Fidelity Freedom IndexPairCorr
  0.68FROGX Fidelity Municipal IncomePairCorr
  0.7FRQHX Fidelity Managed RetPairCorr
  0.61FRQIX Fidelity Income ReplPairCorr
  0.7FRQKX Fidelity Managed RetPairCorr
  0.69FRQAX Fidelity Income ReplPairCorr
  0.77FAASX Fidelity Asset ManagerPairCorr
  0.76FAAIX Fidelity Asset ManagerPairCorr
  0.69FACVX Fidelity ConvertiblePairCorr
  0.63FACTX Fidelity Advisor HealthPairCorr
  0.83FACNX Fidelity CanadaPairCorr
  0.67FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.33FRPCX Fidelity Sai AlternativePairCorr

Related Correlations Analysis

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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   
FDSCX
+ 0.9
FDVLX
FDSCX
+ 0.89
FMCSX
FDIVX
+ 0.81
FDVLX
FDCAX
+ 0.75
FMCSX
FDVLX
+ 0.68
FMCSX
FDSCX
+ 0.63
FDCAX
  
High negative correlations   
FDIVX
- 0.0
FDCAX

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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