Fidelity Small Correlations

FCPGX Fund

USD 33.48 0.18 0.53%

The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is -0.18 (i.e., Good 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

Good diversification

The correlation between Fidelity Small Cap and DJI is -0.15 (i.e., Good 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

0.97	FPTKX	Fidelity Freedom 2015	Pair Corr
0.98	FPURX	Fidelity Puritan	Pair Corr
0.98	FPUKX	Fidelity Puritan	Pair Corr
0.63	FPXTX	Fidelity Pennsylvania	Pair Corr
0.97	FQIFX	Fidelity Freedom Index	Pair Corr
0.98	FQIPX	Fidelity Freedom Index	Pair Corr
0.83	FQITX	Fidelity Salem Street	Pair Corr
1.0	FRBDX	Fidelity Freedom 2070	Pair Corr
1.0	FRBJX	Fidelity Advisor Freedom	Pair Corr
0.98	FRBKX	Fidelity Advisor Freedom	Pair Corr
1.0	FRBPX	Fidelity Advisor Freedom	Pair Corr
1.0	FRBQX	Fidelity Flex Freedom	Pair Corr
1.0	FRBUX	Fidelity Freedom Index	Pair Corr
0.98	FRAGX	Aggressive Growth	Pair Corr
0.96	FRAMX	Fidelity Income Repl	Pair Corr
0.96	FRASX	Fidelity Income Repl	Pair Corr
1.0	FRCHX	Fidelity Freedom Blend	Pair Corr
0.99	FRDCX	Fidelity Sustainable	Pair Corr
0.98	FRGAX	Growth Allocation Index	Pair Corr
0.66	FRESX	Fidelity Real Estate	Pair Corr
0.85	FRIOX	Fidelity Real Estate	Pair Corr
0.94	FRHMX	Fidelity Managed Ret	Pair Corr
0.99	FACVX	Fidelity Convertible	Pair Corr
0.99	FADTX	Fidelity Advisor Tec	Pair Corr
0.98	FAFDX	Fidelity Advisor Fin	Pair Corr
0.98	FAFCX	Fidelity Advisor Fin	Pair Corr
0.99	FAGIX	Fidelity Capital Income	Pair Corr
0.99	FAGCX	Fidelity Advisor Growth	Pair Corr
0.99	FAGAX	Fidelity Advisor Growth	Pair Corr
0.95	FTF	Franklin Templeton	Pair Corr
0.98	FSAKX	Strategic Advisers Total	Pair Corr
0.98	FSAMX	Strategic Advisers	Pair Corr
0.84	FSAVX	Automotive Portfolio	Pair Corr
0.96	FSAWX	Fidelity Sai Convertible	Pair Corr
0.77	FSAZX	Fidelity Arizona Mun	Pair Corr
0.98	FAOFX	Fidelity Advisor Series	Pair Corr
0.97	FSCOX	Fidelity International	Pair Corr

Related Correlations Analysis

	FCVIX	FCIGX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF	RWAYL
FCVIX		0.93	0.93	0.93	0.92	0.93	0.0	-0.09	-0.08	0.88	FCVIX
FCIGX	0.93		0.99	0.97	0.98	0.99	0.0	-0.14	-0.02	0.96	FCIGX
MSTSX	0.93	0.99		0.98	0.98	1.0	0.0	-0.11	0.0	0.95	MSTSX
LBHIX	0.93	0.97	0.98		0.97	0.98	0.0	-0.05	0.06	0.93	LBHIX
VIASP	0.92	0.98	0.98	0.97		0.98	0.0	-0.16	-0.05	0.97	VIASP
RRTLX	0.93	0.99	1.0	0.98	0.98		0.0	-0.09	0.02	0.95	RRTLX
OSHDF	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	OSHDF
70082LAB3	-0.09	-0.14	-0.11	-0.05	-0.16	-0.09	0.0		0.71	-0.21	70082LAB3
SITKF	-0.08	-0.02	0.0	0.06	-0.05	0.02	0.0	0.71		-0.03	SITKF
RWAYL	0.88	0.96	0.95	0.93	0.97	0.95	0.0	-0.21	-0.03		RWAYL
	FCVIX	FCIGX	MSTSX	LBHIX	VIASP	RRTLX	OSHDF	70082LAB3	SITKF	RWAYL

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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

RRTLX	+ 1.0	MSTSX
MSTSX	+ 0.99	FCIGX
RRTLX	+ 0.99	FCIGX
VIASP	+ 0.98	FCIGX
LBHIX	+ 0.98	MSTSX
VIASP	+ 0.98	MSTSX

High negative correlations

RWAYL	- 0.21	70082LAB3
70082LAB3	- 0.16	VIASP
70082LAB3	- 0.14	FCIGX
70082LAB3	- 0.11	MSTSX
70082LAB3	- 0.09	RRTLX
70082LAB3	- 0.09	FCVIX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FCVIX	0.98	0.05	0.07	0.21	0.99	(1.13)	2.42	(1.98)	6.76
FCIGX	0.83	0.28	0.07	(1.31)	0.74	(0.91)	2.37	(1.51)	5.59
MSTSX	0.49	0.20	0.02	(1.99)	0.33	(0.58)	1.45	(1.17)	3.51
LBHIX	0.18	0.04	(0.32)	0.41	0.00	(0.33)	0.49	(0.24)	1.22
VIASP	0.44	0.16	0.03	1.43	0.00	(0.57)	1.01	(0.76)	4.38
RRTLX	0.23	0.09	(0.20)	(2.23)	0.00	(0.30)	0.73	(0.39)	1.74
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
70082LAB3	1.56	(0.07)	0.00	0.56	0.00	0.00	2.55	(4.54)	20.47
SITKF	3.19	0.49	0.03	(0.33)	3.70	(4.72)	7.32	(6.98)	23.19
RWAYL	0.15	0.05	(0.57)	1.50	0.00	(0.20)	0.36	(0.24)	1.01

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