Fidelity Extended Correlations

Mutual Funds . USA . 
Fund . Fidelity Extended Market
FSMAX Fund  USD 105.09  0.54  0.51%   
The current 90-days correlation between Fidelity Extended Market and Vanguard Target Retirement is 0.89 (i.e., Very poor diversification). The correlation of Fidelity Extended 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 Extended Correlation With Market

Almost no diversification

The correlation between Fidelity Extended Market and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Extended Market 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 Extended Market. 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 nation.

Moving together with Fidelity Mutual Fund

  0.82FPTKX Fidelity Freedom 2015PairCorr
  0.9FPURX Fidelity PuritanPairCorr
  0.9FPUKX Fidelity PuritanPairCorr
  0.67FPXTX Fidelity PennsylvaniaPairCorr
  0.89FQIFX Fidelity Freedom IndexPairCorr
  0.9FQIPX Fidelity Freedom IndexPairCorr
  0.89FQITX Fidelity Salem StreetPairCorr
  0.89FQLSX Fidelity Flex FreedomPairCorr
  0.83FRBDX Fidelity Freedom 2070PairCorr
  0.83FRBEX Fidelity Freedom 2070PairCorr
  0.83FRBHX Fidelity Freedom 2070PairCorr
  0.84FRBJX Fidelity Advisor FreedomPairCorr
  0.83FRBKX Fidelity Advisor FreedomPairCorr
  0.84FRBLX Fidelity Advisor FreedomPairCorr
  0.84FRBNX Fidelity Advisor FreedomPairCorr
  0.84FRBOX Fidelity Advisor FreedomPairCorr
  0.84FRBPX Fidelity Advisor FreedomPairCorr
  0.84FRBQX Fidelity Flex FreedomPairCorr
  0.84FRBUX Fidelity Freedom IndexPairCorr
  0.9FRBVX Fidelity Freedom IndexPairCorr
  0.84FRBWX Fidelity Freedom IndexPairCorr
  0.84FRBYX Fidelity Freedom BlendPairCorr
  0.84FRBZX Fidelity Freedom BlendPairCorr
  0.92FRAGX Aggressive GrowthPairCorr
  0.83FRAMX Fidelity Income ReplPairCorr
  0.87FRASX Fidelity Income ReplPairCorr
  0.84FRCFX Fidelity Freedom BlendPairCorr
  0.84FRCHX Fidelity Freedom BlendPairCorr
  0.84FRCJX Fidelity Freedom BlendPairCorr
  0.84FRCKX Fidelity Freedom BlendPairCorr
  0.83FRCLX Fidelity Freedom BlendPairCorr
  0.89FRCNX Fidelity Freedom BlendPairCorr
  0.84FRCPX Fidelity Freedom BlendPairCorr
  0.91FRCQX Fidelity SustainablePairCorr
  0.84FRCRX Fidelity SustainablePairCorr
  0.84FRCVX Fidelity SustainablePairCorr
  0.84FRCWX Fidelity SustainablePairCorr
  0.84FRCYX Fidelity SustainablePairCorr
  0.84FRDCX Fidelity SustainablePairCorr
  0.84FRDDX Fidelity SustainablePairCorr

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

VWIGX
+ 1.0
VWILX
VTTSX
+ 0.99
RBHEX
VTTSX
+ 0.98
MDIJX
FSMDX
+ 0.97
RBHEX
VTTSX
+ 0.97
FSMDX
PREIX
+ 0.95
RBHEX
  

High negative correlations

LDLVX
- 0.31
FSPGX
MDIJX
- 0.26
FSPGX
FSMDX
- 0.09
FSPGX
VTTSX
- 0.08
FSPGX
VWIGX
- 0.04
FSPGX
VWILX
- 0.04
FSPGX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Extended 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 Extended'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FSPGX  0.72 (0.12) 0.00 (0.06) 0.00 
 0.00 
 1.34 
(1.83)
 4.78 
MDIJX  0.50  0.11  0.11  0.29  0.38 
(0.57)
 1.22 
(1.06)
 2.51 
PRWCX  0.32 (0.04)(0.20) 0.00  0.42 
(0.34)
 0.75 
(0.78)
 1.93 
RBHEX  0.53  0.02 (0.01) 0.12  0.59 
(0.55)
 1.16 
(1.17)
 2.98 
VWILX  0.83  0.08  0.07  0.19  0.86 
(0.95)
 1.57 
(1.76)
 6.30 
VWIGX  0.82  0.08  0.07  0.19  0.86 
(0.94)
 1.55 
(1.78)
 6.25 
FSMDX  0.64  0.04  0.03  0.13  0.65 
(0.70)
 1.58 
(1.46)
 3.46 
PREIX  0.56 (0.01)(0.03) 0.08  0.67 
(0.60)
 1.55 
(1.23)
 3.62 
LDLVX  0.07  0.01  0.00  2.55  0.00 
 0.00 
 0.26 
(0.26)
 0.78 
VTTSX  0.50  0.04  0.01  0.15  0.52 
(0.55)
 1.01 
(1.08)
 2.82 

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