Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FECGX Fund  USD 28.27  0.18  0.63%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.92 (i.e., Almost no 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

Very poor diversification

The correlation between Fidelity Small Cap and DJI is 0.85 (i.e., Very 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

  0.98FPTKX Fidelity Freedom 2015PairCorr
  0.99FPURX Fidelity PuritanPairCorr
  0.99FPUKX Fidelity PuritanPairCorr
  0.7FPXTX Fidelity PennsylvaniaPairCorr
  0.99FQIFX Fidelity Freedom IndexPairCorr
  0.99FQIPX Fidelity Freedom IndexPairCorr
  0.86FQITX Fidelity Salem StreetPairCorr
  0.99FRBDX Fidelity Freedom 2070PairCorr
  0.99FRBJX Fidelity Advisor FreedomPairCorr
  0.99FRBKX Fidelity Advisor FreedomPairCorr
  0.99FRBPX Fidelity Advisor FreedomPairCorr
  0.99FRBQX Fidelity Flex FreedomPairCorr
  0.99FRBUX Fidelity Freedom IndexPairCorr
  0.99FRAGX Aggressive GrowthPairCorr
  0.96FRAMX Fidelity Income ReplPairCorr
  0.97FRASX Fidelity Income ReplPairCorr
  0.99FRCHX Fidelity Freedom BlendPairCorr
  0.99FRDCX Fidelity SustainablePairCorr
  0.99FRGAX Growth Allocation IndexPairCorr
  0.73FRESX Fidelity Real EstatePairCorr
  0.88FRIOX Fidelity Real EstatePairCorr
  0.96FRHMX Fidelity Managed RetPairCorr
  0.99FACVX Fidelity ConvertiblePairCorr
  0.99FADTX Fidelity Advisor TecPairCorr
  0.98FAFDX Fidelity Advisor FinPairCorr
  0.98FAFCX Fidelity Advisor FinPairCorr
  0.99FAGIX Fidelity Capital IncomePairCorr
  0.99FAGCX Fidelity Advisor GrowthPairCorr
  0.99FAGAX Fidelity Advisor GrowthPairCorr
  0.96FTF Franklin TempletonPairCorr
  1.0FSAKX Strategic Advisers TotalPairCorr
  0.98FSAMX Strategic AdvisersPairCorr
  0.87FSAVX Automotive PortfolioPairCorr
  0.96FSAWX Fidelity Sai ConvertiblePairCorr
  0.8FSAZX Fidelity Arizona MunPairCorr
  0.99FAOFX Fidelity Advisor SeriesPairCorr
  0.98FSCOX Fidelity InternationalPairCorr

Related Correlations Analysis

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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
LBHIX
+ 0.99
MSTSX
RRTLX
+ 0.99
LBHIX
LBHIX
+ 0.98
FCIGX
  
High negative correlations   
SITKF
- 0.23
FCVIX
RWAYL
- 0.21
70082LAB3
RWAYL
- 0.19
SITKF
SITKF
- 0.19
VIASP
SITKF
- 0.16
MSTSX
SITKF
- 0.16
FCIGX

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FCVIX  0.97  0.06  0.07  0.19  0.99 
(1.11)
 2.42 
(1.98)
 6.76 
FCIGX  0.82  0.12  0.11  0.25  0.73 
(0.89)
 2.37 
(1.51)
 5.59 
MSTSX  0.49  0.10  0.07  0.28  0.32 
(0.57)
 1.45 
(1.17)
 3.51 
LBHIX  0.18  0.05 (0.20) 0.44  0.00 
(0.33)
 0.49 
(0.24)
 1.22 
VIASP  0.45  0.15  0.09  1.19  0.00 
(0.58)
 1.01 
(0.76)
 4.38 
RRTLX  0.23  0.04 (0.11) 0.28  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  0.02  0.00  0.11  0.00 
 0.00 
 2.55 
(4.54)
 20.47 
SITKF  2.99  0.28  0.01 (0.17) 3.63 
(4.66)
 6.25 
(6.98)
 23.19 
RWAYL  0.15  0.04 (0.41) 1.21  0.00 
(0.20)
 0.36 
(0.24)
 1.01 

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