Fidelity Gnma Correlations

FGMNX Fund

USD 10.12 0.02 0.20%

The current 90-days correlation between Fidelity Gnma and Fidelity Government Income is 0.96 (i.e., Almost no diversification). The correlation of Fidelity Gnma 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 Gnma Correlation With Market

Modest diversification

The correlation between Fidelity Gnma Fund and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Gnma Fund 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 Gnma Fund. 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 board of governors.

Moving together with Fidelity Mutual Fund

0.64	FAGIX	Fidelity Capital Income	Pair Corr
0.61	FSEAX	Fidelity Emerging Asia	Pair Corr
0.88	FSNDX	Fidelity Salem Street	Pair Corr
0.63	FSNQX	Fidelity Freedom 2030	Pair Corr
0.62	FSRNX	Fidelity Real Estate	Pair Corr
0.62	FBMPX	Multimedia Portfolio	Pair Corr
0.86	FUAMX	Fidelity Intermediate	Pair Corr
0.65	FUEMX	Fidelity Flex Servative	Pair Corr
0.88	FUMBX	Fidelity Short Term	Pair Corr
0.62	FELCX	Fidelity Advisor Sem	Pair Corr
0.62	FFFEX	Fidelity Freedom 2030	Pair Corr
0.99	FXNAX	Fidelity Bond Index	Pair Corr
0.61	FGTKX	Fidelity Freedom 2030	Pair Corr
0.68	FGWMX	Fidelity New Markets	Pair Corr
0.68	FGVMX	Fidelity New Markets	Pair Corr
0.84	FHNFX	Fidelity Series Gove	Pair Corr
0.67	FHRVX	Fidelity Managed Ret	Pair Corr

Moving against Fidelity Mutual Fund

0.48

FDAGX

Consumer Staples Por

Pair Corr

Related Correlations Analysis

	FGOVX	FSHBX	FTBFX	FNMIX	SPHIX
FGOVX		0.75	0.89	0.55	0.51	FGOVX
FSHBX	0.75		0.95	0.92	0.92	FSHBX
FTBFX	0.89	0.95		0.85	0.84	FTBFX
FNMIX	0.55	0.92	0.85		0.98	FNMIX
SPHIX	0.51	0.92	0.84	0.98		SPHIX
	FGOVX	FSHBX	FTBFX	FNMIX	SPHIX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Gnma 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 Gnma'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
FGOVX	0.24	(0.01)	(0.36)	0.04	0.28	(0.27)	0.44	(0.55)	1.11
FSHBX	0.10	0.01	(0.80)	(0.62)	0.00	(0.17)	0.24	(0.12)	0.71
FTBFX	0.25	0.01	(0.31)	0.27	0.22	(0.29)	0.54	(0.53)	1.18
FNMIX	0.22	0.06	(0.26)	0.56	0.00	(0.29)	0.62	(0.31)	1.12
SPHIX	0.16	0.06	(0.26)	0.51	0.00	(0.26)	0.52	(0.13)	1.16

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