Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSSNX Fund  USD 29.06  0.01  0.03%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap is 0.94 (i.e., Almost no 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

Significant diversification

The correlation between Fidelity Small Cap and DJI is 0.02 (i.e., Significant 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 board of governors.

Moving together with Fidelity Mutual Fund

  0.91FPURX Fidelity PuritanPairCorr
  0.86FPUKX Fidelity PuritanPairCorr
  0.75FQIPX Fidelity Freedom IndexPairCorr
  0.68FQLSX Fidelity Flex FreedomPairCorr
  0.84FRAGX Aggressive GrowthPairCorr
  0.8FRGAX Growth Allocation IndexPairCorr
  0.75FRLPX Fidelity Freedom IndexPairCorr
  0.67FAASX Fidelity Asset ManagerPairCorr
  0.75FAAIX Fidelity Asset ManagerPairCorr
  0.69FABLX Fidelity Advisor BalancedPairCorr
  0.68FABCX Fidelity Advisor BalancedPairCorr
  0.9FACVX Fidelity ConvertiblePairCorr
  0.85FACPX Fidelity Advisor SumerPairCorr
  0.75FACNX Fidelity CanadaPairCorr
  0.83FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.54FQITX Fidelity Salem StreetPairCorr
  0.33FROGX Fidelity Municipal IncomePairCorr
  0.48FAERX Fidelity Advisor OverseasPairCorr
  0.33FADCX Fidelity Advisor DivPairCorr

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
+ 0.99
FSPGX
FXAIX
+ 0.98
FSMDX
FSPGX
+ 0.96
FSMDX
FXNAX
+ 0.72
FSPSX
  
High negative correlations   
FSPGX
- 0.74
FXNAX
FXAIX
- 0.7
FXNAX
FXNAX
- 0.69
FSMDX
FSPSX
- 0.53
FSMDX
FSPGX
- 0.51
FSPSX
FXAIX
- 0.47
FSPSX

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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