Fidelity Mid Correlations

Mutual Funds . USA . 
Fund . Fidelity Mid Cap
FSMDX Fund  USD 35.42  0.08  0.23%   
The current 90-days correlation between Fidelity Mid Cap and Fidelity Small Cap is 0.93 (i.e., Almost no 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

Very weak diversification

The correlation between Fidelity Mid Cap and DJI is 0.43 (i.e., Very weak 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 unemployment.

Moving together with Fidelity Mutual Fund

  0.74FPTKX Fidelity Freedom 2015PairCorr
  0.86FPURX Fidelity PuritanPairCorr
  0.86FPUKX Fidelity PuritanPairCorr
  0.74FPXTX Fidelity PennsylvaniaPairCorr
  0.79FQIFX Fidelity Freedom IndexPairCorr
  0.83FQIPX Fidelity Freedom IndexPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.84FRAGX Aggressive GrowthPairCorr
  0.71FRAMX Fidelity Income ReplPairCorr
  0.74FRASX Fidelity Income ReplPairCorr
  0.84FRGAX Growth Allocation IndexPairCorr
  0.66FRIFX Fidelity Real EstatePairCorr
  0.72FRIMX Fidelity Income ReplPairCorr
  0.65FRINX Fidelity Real EstatePairCorr
  0.63FRIOX Fidelity Real EstatePairCorr
  0.65FRIQX Fidelity Real EstatePairCorr
  0.61FRHMX Fidelity Managed RetPairCorr
  0.72FRKMX Fidelity Managed RetPairCorr
  0.66FRIRX Fidelity Real EstatePairCorr
  0.83FRLPX Fidelity Freedom IndexPairCorr
  0.73FROGX Fidelity Municipal IncomePairCorr
  0.72FRQHX Fidelity Managed RetPairCorr
  0.72FRQIX Fidelity Income ReplPairCorr
  0.72FRQKX Fidelity Managed RetPairCorr
  0.72FRQAX Fidelity Income ReplPairCorr
  0.77FAASX Fidelity Asset ManagerPairCorr
  0.77FAAIX Fidelity Asset ManagerPairCorr
  0.9FACVX Fidelity ConvertiblePairCorr
  0.7FACPX Fidelity Advisor SumerPairCorr
  0.67FACNX Fidelity CanadaPairCorr
  0.71FACFX Fidelity Advisor FreedomPairCorr
  0.65FADTX Fidelity Advisor TecPairCorr

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   
FXAIX
+ 0.86
FSPGX
FXAIX
+ 0.73
FSSNX
FXNAX
+ 0.68
FSPSX
FXNAX
+ 0.58
FSSNX
FXAIX
+ 0.36
FXNAX
FSPGX
+ 0.35
FSSNX
  
High negative correlations   
FSPGX
- 0.32
FSPSX
FXAIX
- 0.04
FSPSX

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.

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