Fidelity High Correlations

Mutual Funds . USA . 
Fund . Fidelity High Income
SPHIX Fund  USD 7.94  0.01  0.13%   
The current 90-days correlation between Fidelity High Income and Fidelity Capital Income is 0.41 (i.e., Very weak diversification). The correlation of Fidelity High 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 High Correlation With Market

Modest diversification

The correlation between Fidelity High Income and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity High Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Fidelity High Income. 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.83FPURX Fidelity PuritanPairCorr
  0.83FPUKX Fidelity PuritanPairCorr
  0.76FQIPX Fidelity Freedom IndexPairCorr
  0.75FQLSX Fidelity Flex FreedomPairCorr
  0.8FRAGX Aggressive GrowthPairCorr
  0.8FRGAX Growth Allocation IndexPairCorr
  0.76FRLPX Fidelity Freedom IndexPairCorr
  0.73FRPCX Fidelity Sai AlternativePairCorr
  0.75FAASX Fidelity Asset ManagerPairCorr
  0.75FAAIX Fidelity Asset ManagerPairCorr
  0.78FABLX Fidelity Advisor BalancedPairCorr
  0.77FABCX Fidelity Advisor BalancedPairCorr
  0.8FACVX Fidelity ConvertiblePairCorr
  0.84FACPX Fidelity Advisor SumerPairCorr
  0.78FACNX Fidelity CanadaPairCorr
  0.79FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.47FQITX Fidelity Salem StreetPairCorr
  0.4FAERX Fidelity Advisor OverseasPairCorr

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   
FGMNX
+ 0.99
FTBFX
FFRHX
+ 0.92
FAGIX
FTBFX
+ 0.59
FNMIX
FGMNX
+ 0.53
FNMIX
FNMIX
+ 0.13
FAGIX
  
High negative correlations   
FGMNX
- 0.82
FFRHX
FFRHX
- 0.76
FTBFX
FGMNX
- 0.73
FAGIX
FTBFX
- 0.68
FAGIX
FFRHX
- 0.09
FNMIX

Risk-Adjusted Indicators

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