Fidelity Small Correlations

FSLCX Fund

USD 19.16 0.27 1.39%

The current 90-days correlation between Fidelity Small Cap and Baird Midcap Fund is 0.17 (i.e., Average 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 0.9 (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 state and metro area employment, hours, and earnings.

Moving together with Fidelity Mutual Fund

0.86	FPTKX	Fidelity Freedom 2015	Pair Corr
0.88	FPURX	Fidelity Puritan	Pair Corr
0.88	FPUKX	Fidelity Puritan	Pair Corr
0.77	FPXTX	Fidelity Pennsylvania	Pair Corr
0.82	FQIFX	Fidelity Freedom Index	Pair Corr
0.85	FQIPX	Fidelity Freedom Index	Pair Corr
0.87	FQITX	Fidelity Salem Street	Pair Corr
0.88	FQLSX	Fidelity Flex Freedom	Pair Corr
0.88	FRBEX	Fidelity Freedom 2070	Pair Corr
0.88	FRBHX	Fidelity Freedom 2070	Pair Corr
0.87	FRBJX	Fidelity Advisor Freedom	Pair Corr
0.87	FRBOX	Fidelity Advisor Freedom	Pair Corr
0.85	FRBUX	Fidelity Freedom Index	Pair Corr
0.85	FRBVX	Fidelity Freedom Index	Pair Corr
0.85	FRBWX	Fidelity Freedom Index	Pair Corr
0.88	FRBYX	Fidelity Freedom Blend	Pair Corr
0.88	FRBZX	Fidelity Freedom Blend	Pair Corr
0.85	FRAMX	Fidelity Income Repl	Pair Corr
0.88	FRCFX	Fidelity Freedom Blend	Pair Corr
0.87	FRCKX	Fidelity Freedom Blend	Pair Corr
0.88	FRCNX	Fidelity Freedom Blend	Pair Corr
0.88	FRCPX	Fidelity Freedom Blend	Pair Corr
0.85	FRCRX	Fidelity Sustainable	Pair Corr
0.85	FRCYX	Fidelity Sustainable	Pair Corr
0.85	FRDCX	Fidelity Sustainable	Pair Corr
0.85	FRDDX	Fidelity Sustainable	Pair Corr
0.85	FRIMX	Fidelity Income Repl	Pair Corr
0.85	FRIOX	Fidelity Real Estate	Pair Corr
0.86	FRHMX	Fidelity Managed Ret	Pair Corr
0.85	FRKMX	Fidelity Managed Ret	Pair Corr
0.85	FRLPX	Fidelity Freedom Index	Pair Corr
0.86	FRQHX	Fidelity Managed Ret	Pair Corr
0.85	FRQIX	Fidelity Income Repl	Pair Corr
0.84	FAAIX	Fidelity Asset Manager	Pair Corr
0.83	FACVX	Fidelity Convertible	Pair Corr
0.98	FACNX	Fidelity Canada	Pair Corr

Related Correlations Analysis

	LEVIX	PLCIX	BOSOX	NEFOX	FZADX	DSEFX	LEVOX	GTSCX	ARTSX	BMDIX
LEVIX		0.11	0.86	0.78	0.57	0.79	1.0	0.86	0.87	0.79	LEVIX
PLCIX	0.11		-0.18	0.01	-0.42	-0.04	0.11	-0.13	-0.09	-0.09	PLCIX
BOSOX	0.86	-0.18		0.89	0.75	0.91	0.86	0.98	0.96	0.94	BOSOX
NEFOX	0.78	0.01	0.89		0.73	0.83	0.78	0.92	0.93	0.86	NEFOX
FZADX	0.57	-0.42	0.75	0.73		0.62	0.57	0.72	0.71	0.62	FZADX
DSEFX	0.79	-0.04	0.91	0.83	0.62		0.79	0.92	0.87	0.95	DSEFX
LEVOX	1.0	0.11	0.86	0.78	0.57	0.79		0.86	0.87	0.79	LEVOX
GTSCX	0.86	-0.13	0.98	0.92	0.72	0.92	0.86		0.97	0.97	GTSCX
ARTSX	0.87	-0.09	0.96	0.93	0.71	0.87	0.87	0.97		0.91	ARTSX
BMDIX	0.79	-0.09	0.94	0.86	0.62	0.95	0.79	0.97	0.91		BMDIX
	LEVIX	PLCIX	BOSOX	NEFOX	FZADX	DSEFX	LEVOX	GTSCX	ARTSX	BMDIX

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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

LEVOX	+ 1.0	LEVIX
GTSCX	+ 0.98	BOSOX
ARTSX	+ 0.97	GTSCX
BMDIX	+ 0.97	GTSCX
ARTSX	+ 0.96	BOSOX
BMDIX	+ 0.95	DSEFX

High negative correlations

FZADX	- 0.42	PLCIX
BOSOX	- 0.18	PLCIX
GTSCX	- 0.13	PLCIX
BMDIX	- 0.09	PLCIX
ARTSX	- 0.09	PLCIX
DSEFX	- 0.04	PLCIX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LEVIX	1.10	0.05	0.04	0.07	1.22	(1.27)	2.43	(2.02)	6.08
PLCIX	0.72	(0.09)	0.00	(0.09)	0.00	0.00	1.46	(1.98)	4.83
BOSOX	0.75	0.08	0.09	0.13	0.65	(0.91)	2.07	(1.65)	5.46
NEFOX	0.65	0.01	0.01	0.05	0.74	(0.68)	1.56	(1.10)	4.21
FZADX	0.31	0.12	0.15	(1.84)	0.00	(0.60)	1.15	(0.32)	2.79
DSEFX	0.67	0.16	0.18	0.31	0.50	(0.76)	1.10	(1.15)	13.12
LEVOX	1.09	0.04	0.04	0.07	1.21	(1.26)	2.46	(2.01)	5.99
GTSCX	0.88	0.16	0.17	0.18	0.68	(1.01)	2.33	(1.46)	8.83
ARTSX	1.11	0.15	0.14	0.14	0.94	(1.38)	2.12	(1.92)	13.44
BMDIX	0.92	0.12	0.12	0.16	0.77	(1.11)	1.80	(1.71)	15.41

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