Fidelity Capital Correlations

FAGIX Fund

USD 10.75 0.07 0.66%

The current 90-days correlation between Fidelity Capital Income and Nuveen Large Cap is 0.85 (i.e., Very poor diversification). The correlation of Fidelity Capital 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 Capital Correlation With Market

Very weak diversification

The correlation between Fidelity Capital Income and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Capital Income 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 Capital Income. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Fidelity Mutual Fund

0.79	VWEAX	Vanguard High Yield	Pair Corr
0.8	VWEHX	Vanguard High Yield	Pair Corr
0.8	BHYCX	Blackrock Hi Yld	Pair Corr
0.77	BHYIX	Blackrock High Yield	Pair Corr
0.75	BHYSX	Blackrock Hi Yld	Pair Corr
0.78	BHYAX	Blackrock High Yield	Pair Corr
0.74	FAHHX	American Funds American	Pair Corr
0.74	FTAHX	American Funds American	Pair Corr
0.77	AHTFX	American High Income	Pair Corr
0.66	AHTCX	American High Income	Pair Corr
0.72	GPICX	Guidepath Conservative	Pair Corr
0.7	AA	Alcoa Corp	Pair Corr
0.68	CAT	Caterpillar	Pair Corr
0.75	IBM	International Business	Pair Corr
0.82	INTC	Intel Aggressive Push	Pair Corr

Moving against Fidelity Mutual Fund

0.94	USPSX	Profunds Ultrashort Downward Rally	Pair Corr
0.94	USPIX	Profunds Ultrashort Downward Rally	Pair Corr
0.68	T	ATT Inc	Pair Corr
0.42	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.31	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	FLRAX	LMISX	DLQIX	LMUSX	KCGSX	TALCX	BBISX
FLRAX		0.96	0.96	0.96	0.97	0.91	0.89	FLRAX
LMISX	0.96		0.92	1.0	0.97	0.9	0.92	LMISX
DLQIX	0.96	0.92		0.92	0.93	0.87	0.85	DLQIX
LMUSX	0.96	1.0	0.92		0.97	0.89	0.91	LMUSX
KCGSX	0.97	0.97	0.93	0.97		0.84	0.85	KCGSX
TALCX	0.91	0.9	0.87	0.89	0.84		0.97	TALCX
BBISX	0.89	0.92	0.85	0.91	0.85	0.97		BBISX
	FLRAX	LMISX	DLQIX	LMUSX	KCGSX	TALCX	BBISX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Capital 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 Capital'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
FLRAX	0.57	0.01	0.01	0.03	0.92	(0.50)	1.16	(1.31)	3.70
LMISX	0.56	0.05	0.05	0.07	0.78	(0.51)	1.26	(1.35)	3.60
DLQIX	0.58	0.02	0.02	0.04	0.85	(0.56)	1.14	(1.22)	3.70
LMUSX	0.56	0.05	0.05	0.07	0.78	(0.51)	1.25	(1.38)	3.59
KCGSX	0.69	0.06	0.05	0.08	0.93	(0.68)	1.60	(1.46)	3.99
TALCX	0.46	0.02	0.03	0.05	0.58	(0.51)	0.96	(0.94)	3.20
BBISX	0.51	0.03	0.04	0.06	0.60	(0.55)	1.06	(1.27)	3.29

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