Fidelity Absolute Correlations
| FCAB Fund | 25.08 0.02 0.08% |
The current 90-days correlation between Fidelity Absolute Income and RBC Select Balanced is 0.28 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Absolute moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Absolute Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Fidelity Absolute Correlation With Market
Very weak diversification
The correlation between Fidelity Absolute Income and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Absolute Income and DJI in the same portfolio, assuming nothing else is changed.
Fidelity |
The ability to find closely correlated positions to Fidelity Absolute could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Absolute when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Absolute - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Absolute Income to buy it.
Moving together with Fidelity Fund
| 0.7 | 0P0000706A | RBC Select Balanced | PairCorr |
| 0.62 | 0P0000S9O7 | PIMCO Monthly Income | PairCorr |
| 0.68 | 0P00007069 | RBC Portefeuille | PairCorr |
| 0.72 | 0P0000IUYO | Edgepoint Global Por | PairCorr |
| 0.69 | 0P0001FAU8 | TD Comfort Balanced | PairCorr |
| 0.64 | 0P00012UCU | RBC Global Equity | PairCorr |
Related Correlations Analysis
| 0.57 | 1.0 | 0.83 | 0.98 | 0.99 | 0P0000706A | ||
| 0.57 | 0.56 | 0.47 | 0.52 | 0.51 | 0P0000S9O7 | ||
| 1.0 | 0.56 | 0.82 | 0.98 | 0.99 | 0P00007069 | ||
| 0.83 | 0.47 | 0.82 | 0.8 | 0.81 | 0P0000IUYO | ||
| 0.98 | 0.52 | 0.98 | 0.8 | 0.98 | 0P0001FAU8 | ||
| 0.99 | 0.51 | 0.99 | 0.81 | 0.98 | 0P00012UCU | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Fidelity Fund performing well and Fidelity Absolute 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 Absolute'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 0P0000706A | 0.30 | 0.12 | (0.02) | 7.23 | 0.00 | 0.79 | 2.33 | |||
| 0P0000S9O7 | 0.20 | 0.01 | (0.43) | 0.42 | 0.17 | 0.41 | 1.14 | |||
| 0P00007069 | 0.36 | 0.15 | 0.06 | 11.27 | 0.00 | 0.98 | 2.76 | |||
| 0P0000IUYO | 0.57 | 0.19 | 0.09 | (38.82) | 0.27 | 1.51 | 4.96 | |||
| 0P0001FAU8 | 0.23 | 0.07 | (0.15) | 2.67 | 0.00 | 0.61 | 1.69 | |||
| 0P00012UCU | 0.64 | 0.25 | 0.17 | 57.82 | 0.28 | 1.61 | 4.12 |
Fidelity Absolute Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fidelity Absolute fund to make a market-neutral strategy. Peer analysis of Fidelity Absolute could also be used in its relative valuation, which is a method of valuing Fidelity Absolute by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |