Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FCPGX Fund  USD 33.95  0.47  1.40%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.75 (i.e., Poor diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Poor diversification

The correlation between Fidelity Small Cap and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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 price.

Moving together with Fidelity Mutual Fund

  0.99VSGAX Vanguard Small CapPairCorr
  0.99VSGIX Vanguard Small CapPairCorr
  0.99VISGX Vanguard Small CapPairCorr
  0.99VEXPX Vanguard ExplorerPairCorr
  0.99VEXRX Vanguard ExplorerPairCorr
  0.99JGMIX Janus TritonPairCorr
  0.99JGMRX Janus TritonPairCorr
  0.99JGMAX Janus TritonPairCorr
  0.99JGMCX Janus TritonPairCorr
  0.99JGMNX Janus TritonPairCorr
  0.85FSMMX Fs Multi StrategyPairCorr
  0.93BTMPX Ishares Msci EafePairCorr
  0.93BTMKX Blackrock InternationalPairCorr
  0.93MDIIX Blackrock Intern IndexPairCorr
  0.99DGINX Dgi BalancedPairCorr
  0.94HBLYX Hartford BalancedPairCorr
  0.95FFFCX Fidelity Freedom 2010PairCorr
  0.97SWYAX Schwab Target 2010PairCorr
  0.97FASCX Franklin K2 AlternativePairCorr
  0.98PALCX Allianzgi Global AllPairCorr
  0.85ISIAX Voya Strategic IncomePairCorr
  0.92RIVKX American Funds InterPairCorr
  0.97DCEMX Dunham Emerging MarketsPairCorr
  0.99MSTSX Morningstar UnconstrainedPairCorr
  0.96FISVX Fidelity Small CapPairCorr
  0.98RRTLX T Rowe PricePairCorr
  0.99MFLDX Marketfield Fund MarPairCorr
  0.94PSHAX Short Term FundPairCorr
  0.97FTXNX Fuller Thaler BehavioralPairCorr
  0.96JDSNX Perkins Small CapPairCorr
  0.99RYRUX Russell 2000 2x Steady GrowthPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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