Fidelity Worldwide Correlations

Mutual Funds . USA . 
Fund . Fidelity Worldwide Fund
FWTFX Fund  USD 39.48  0.07  0.18%   
The current 90-days correlation between Fidelity Worldwide and Fidelity Pacific Basin is 0.66 (i.e., Poor diversification). The correlation of Fidelity Worldwide 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 Worldwide Correlation With Market

Significant diversification

The correlation between Fidelity Worldwide Fund and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Worldwide Fund 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 Worldwide Fund. 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 census.

Moving together with Fidelity Mutual Fund

  0.95FPURX Fidelity PuritanPairCorr
  0.95FPUKX Fidelity PuritanPairCorr
  0.63FQIFX Fidelity Freedom IndexPairCorr
  0.96FQIPX Fidelity Freedom IndexPairCorr
  0.88FQLSX Fidelity Flex FreedomPairCorr
  0.98FRAGX Aggressive GrowthPairCorr
  0.96FRGAX Growth Allocation IndexPairCorr
  0.96FRLPX Fidelity Freedom IndexPairCorr
  0.86FAASX Fidelity Asset ManagerPairCorr
  0.95FAAIX Fidelity Asset ManagerPairCorr
  0.9FABLX Fidelity Advisor BalancedPairCorr
  0.9FABCX Fidelity Advisor BalancedPairCorr
  0.86FACVX Fidelity ConvertiblePairCorr
  0.77FACPX Fidelity Advisor SumerPairCorr
  0.87FACNX Fidelity CanadaPairCorr
  0.9FACGX Fidelity Advisor GrowthPairCorr

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   
FOSFX
+ 0.93
FIEUX
FOSFX
+ 0.83
FIVFX
FIVFX
+ 0.64
FPBFX
FIVFX
+ 0.61
FIEUX
FDEQX
+ 0.44
FPBFX
FOSFX
+ 0.33
FPBFX
  
High negative correlations   
FDEQX
- 0.66
FIEUX
FDEQX
- 0.38
FOSFX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Worldwide 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 Worldwide'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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