Fidelity Asset Correlations

FTASX Fund

USD 30.95 0.25 0.80%

The current 90-days correlation between Fidelity Asset Manager and Schwab Small Cap Index is 0.71 (i.e., Poor diversification). The correlation of Fidelity Asset 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 Asset Correlation With Market

Poor diversification

The correlation between Fidelity Asset Manager and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Asset Manager 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 Asset Manager. 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.67	IFAFX	Income Fund	Pair Corr
0.62	AMECX	Income Fund	Pair Corr
0.61	IFACX	Income Fund	Pair Corr
0.82	FFIFX	American Funds	Pair Corr
0.61	FAIFX	American Funds	Pair Corr
0.82	RIDBX	Income Fund	Pair Corr
0.82	CIMEX	Income Fund	Pair Corr
0.82	RIDFX	Income Fund	Pair Corr
0.61	CIMCX	Income Fund	Pair Corr
0.61	CIMFX	Income Fund	Pair Corr
0.69	LIIAX	Columbia Porate Income	Pair Corr
0.69	SRINX	Columbia Porate Income	Pair Corr
0.69	WRHIX	Ivy High Income	Pair Corr
0.69	WHIAX	Ivy High Income	Pair Corr
0.66	IHIFX	Ivy High Income	Pair Corr
0.66	IVHIX	Ivy High Income	Pair Corr
0.75	ASPCX	Alger Spectra	Pair Corr
0.84	RYTLX	Telecommunications Steady Growth	Pair Corr
0.7	INTC	Intel Aggressive Push	Pair Corr
0.65	HD	Home Depot	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.79	BA	Boeing	Pair Corr
0.65	AA	Alcoa Corp	Pair Corr

Moving against Fidelity Mutual Fund

0.48	TRV	The Travelers Companies	Pair Corr
0.42	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.41	MMM	3M Company	Pair Corr
0.36	HPQ	HP Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	OAKLX	CPXIX	CEF	FUNYX	DHLYX	PAWAX	PNAIX	CSJZX	TLLIX	SWSSX
OAKLX		0.68	0.81	0.91	0.9	0.93	0.91	0.05	0.82	0.85	OAKLX
CPXIX	0.68		0.77	0.57	0.72	0.75	0.73	0.32	0.89	0.84	CPXIX
CEF	0.81	0.77		0.73	0.85	0.8	0.82	0.26	0.88	0.87	CEF
FUNYX	0.91	0.57	0.73		0.76	0.78	0.75	0.13	0.73	0.8	FUNYX
DHLYX	0.9	0.72	0.85	0.76		0.95	0.98	0.05	0.82	0.78	DHLYX
PAWAX	0.93	0.75	0.8	0.78	0.95		0.99	0.03	0.84	0.8	PAWAX
PNAIX	0.91	0.73	0.82	0.75	0.98	0.99		0.02	0.82	0.78	PNAIX
CSJZX	0.05	0.32	0.26	0.13	0.05	0.03	0.02		0.33	0.37	CSJZX
TLLIX	0.82	0.89	0.88	0.73	0.82	0.84	0.82	0.33		0.92	TLLIX
SWSSX	0.85	0.84	0.87	0.8	0.78	0.8	0.78	0.37	0.92		SWSSX
	OAKLX	CPXIX	CEF	FUNYX	DHLYX	PAWAX	PNAIX	CSJZX	TLLIX	SWSSX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Asset 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 Asset'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
OAKLX	0.62	0.05	0.06	0.10	0.58	(0.67)	1.70	(1.03)	3.88
CPXIX	0.08	0.01	(0.15)	0.12	0.00	(0.11)	0.16	(0.24)	0.63
CEF	1.81	0.41	0.11	0.58	3.27	(1.92)	3.75	(3.01)	20.33
FUNYX	1.04	0.24	0.28	0.18	0.57	(1.31)	1.35	(1.48)	26.63
DHLYX	0.77	0.22	0.28	0.41	0.30	(0.99)	1.69	(1.29)	7.94
PAWAX	0.76	0.05	0.06	0.09	0.79	(0.86)	1.19	(1.43)	12.17
PNAIX	0.86	0.18	0.20	0.23	0.58	(1.05)	1.71	(1.44)	11.64
CSJZX	0.63	(0.04)	0.00	11.04	0.00	0.00	1.19	(1.57)	3.76
TLLIX	0.49	0.02	0.01	0.08	0.60	(0.51)	1.02	(1.13)	3.03
SWSSX	0.91	0.03	0.03	0.07	1.06	(0.95)	1.92	(1.85)	4.65

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