Fidelity American Correlations

Funds . USA . 
Fund . Fidelity American High
0P0000A2WI   6.88  0.01  0.15%   
The current 90-days correlation between Fidelity American High and Balanced Fund Retail is -0.17 (i.e., Good diversification). The correlation of Fidelity American 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.

Fidelity American Correlation With Market

Significant diversification

The correlation between Fidelity American High and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity American High and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Fidelity American High. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Fidelity Fund

  0.97VTSAX Vanguard Total StockPairCorr
  0.97VFIAX Vanguard 500 IndexPairCorr
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  0.97VSMPX Vanguard Total StockPairCorr
  0.97VSTSX Vanguard Total StockPairCorr
  0.97VITSX Vanguard Total StockPairCorr
  0.97VFINX Vanguard 500 IndexPairCorr
  0.97VFFSX Vanguard 500 IndexPairCorr
  0.97VGTSX Vanguard Total InterPairCorr
  0.97VTIAX Vanguard Total InterPairCorr
  0.97TAARX Transamerica AssetPairCorr
  0.98JAFJX John Hancock VariablePairCorr
  0.92ALMAX Alger Smidcap FocusPairCorr
  0.95UIVPX Mfs Intrinsic ValuePairCorr
  0.82PFONX Pimco International BondPairCorr
  0.98FLRAX Nuveen Large CapPairCorr
  0.98CMDQX Columbia ModeratePairCorr
  0.95QICNX Aqr International MultiPairCorr
  0.97MXHPX Great West ModeratelyPairCorr
  0.88AECSX Emerging Markets SmallPairCorr
  0.96USBAX Usaa Ultra ShortPairCorr
  0.97JAAYX Jpmorgan SmartretirementPairCorr
  0.97CDIRX Columbia Dividend IncomePairCorr
  0.97PRIAX International EmergingPairCorr
  0.91NSCFX Nuveen Nwq SmallPairCorr
  0.98GMWZX Mydestination 2025PairCorr
  0.97PXWIX Pax Ellevate GlobalPairCorr
  0.98RBITX American Funds 2050PairCorr
  0.75SWCAX Schwab California TaxPairCorr
  0.98JFBUX Jpmorgan Investor GrowthPairCorr
  0.97DSMLX Touchstone Large PanyPairCorr
  0.98FAGOX Fidelity Advisor GrowthPairCorr
  0.98JGYCX John Hancock GlobalPairCorr
  0.9LIFQX Lord Abbett InflationPairCorr
  0.98RNCOX Rivernorth E OpportunityPairCorr
  0.98RBFTX American Funds 2035PairCorr
  0.9TSFIX Touchstone Small CapPairCorr
  0.96NSGRX Northern Small CapPairCorr
  0.88PQSAX Virtus Kar SmallPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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