Fidelity Mid Correlations

Mutual Funds . USA . 
Fund . Fidelity Mid Cap
FSMDX Fund  USD 39.26  0.26  0.67%   
The current 90-days correlation between Fidelity Mid Cap and American Funds 2030 is 0.87 (i.e., Very poor diversification). The correlation of Fidelity Mid 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 Mid Correlation With Market

Almost no diversification

The correlation between Fidelity Mid Cap and DJI is 0.97 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Mid 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 Mid 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 small area income & poverty estimates.

Moving together with Fidelity Mutual Fund

  0.9FPTKX Fidelity Freedom 2015PairCorr
  0.97FPURX Fidelity PuritanPairCorr
  0.97FPUKX Fidelity PuritanPairCorr
  0.83FPXTX Fidelity PennsylvaniaPairCorr
  0.91FQIFX Fidelity Freedom IndexPairCorr
  0.97FQIPX Fidelity Freedom IndexPairCorr
  0.96FQITX Fidelity Salem StreetPairCorr
  0.97FQLSX Fidelity Flex FreedomPairCorr
  0.92FRBDX Fidelity Freedom 2070PairCorr
  0.92FRBEX Fidelity Freedom 2070PairCorr
  0.92FRBHX Fidelity Freedom 2070PairCorr
  0.92FRBJX Fidelity Advisor FreedomPairCorr
  0.92FRBKX Fidelity Advisor FreedomPairCorr
  0.92FRBLX Fidelity Advisor FreedomPairCorr
  0.92FRBNX Fidelity Advisor FreedomPairCorr
  0.92FRBOX Fidelity Advisor FreedomPairCorr
  0.92FRBPX Fidelity Advisor FreedomPairCorr
  0.93FRBQX Fidelity Flex FreedomPairCorr
  0.92FRBUX Fidelity Freedom IndexPairCorr
  0.92FRBVX Fidelity Freedom IndexPairCorr
  0.92FRBWX Fidelity Freedom IndexPairCorr
  0.93FRBYX Fidelity Freedom BlendPairCorr
  0.93FRBZX Fidelity Freedom BlendPairCorr
  0.92FRAGX Aggressive GrowthPairCorr
  0.92FRAMX Fidelity Income ReplPairCorr
  0.96FRASX Fidelity Income ReplPairCorr
  0.93FRCFX Fidelity Freedom BlendPairCorr
  0.93FRCHX Fidelity Freedom BlendPairCorr
  0.93FRCJX Fidelity Freedom BlendPairCorr
  0.93FRCKX Fidelity Freedom BlendPairCorr
  0.92FRCLX Fidelity Freedom BlendPairCorr
  0.93FRCNX Fidelity Freedom BlendPairCorr
  0.93FRCPX Fidelity Freedom BlendPairCorr
  0.92FRCQX Fidelity SustainablePairCorr
  0.92FRCRX Fidelity SustainablePairCorr
  0.92FRCVX Fidelity SustainablePairCorr
  0.92FRCWX Fidelity SustainablePairCorr
  0.92FRCYX Fidelity SustainablePairCorr
  0.92FRDCX Fidelity SustainablePairCorr
  0.92FRDDX 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

MFEIX
+ 0.97
FSPGX
VWUSX
+ 0.97
FSPGX
RFETX
+ 0.96
MDIJX
VWUSX
+ 0.95
MFEIX
RFETX
+ 0.92
FSSNX
FSMAX
+ 0.91
FSSNX
  

High negative correlations

LDLVX
- 0.6
VWUSX
VWUSX
- 0.57
MDIJX
LDLVX
- 0.45
MFEIX
LDLVX
- 0.42
FSPGX
RFETX
- 0.38
VWUSX
MDIJX
- 0.38
FSPGX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Mid 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 Mid'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  0.73 (0.14) 0.00 (0.14) 0.00 
 0.00 
 1.31 
(1.96)
 4.78 
FSSNX  0.94  0.11  0.06  0.99  1.03 
(1.01)
 2.00 
(1.85)
 5.59 
VWILX  0.84  0.07  0.06  0.12  1.01 
(0.91)
 1.48 
(1.81)
 6.92 
MFEIX  0.77 (0.16) 0.00 (0.16) 0.00 
 0.00 
 1.37 
(2.04)
 4.61 
VWIGX  0.82 (0.02)(0.02) 0.02  1.14 
(0.80)
 1.44 
(1.80)
 5.11 
MDIJX  0.51  0.09  0.12  0.20  0.45 
(0.55)
 1.22 
(1.06)
 2.51 
FSMAX  0.83  0.00  0.00  0.04  0.97 
(0.93)
 1.70 
(1.93)
 5.52 
VWUSX  0.79 (0.20) 0.00 (0.19) 0.00 
 0.00 
 1.32 
(2.29)
 5.27 
LDLVX  0.07  0.01  0.00  1.73  0.00 
 0.00 
 0.26 
(0.26)
 0.78 
RFETX  0.32  0.02  0.00  0.09  0.35 
(0.35)
 0.69 
(0.66)
 1.91 

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