Fidelity New Correlations

Mutual Funds . USA . 
Fund . Fidelity New Markets
FGYMX Fund  USD 12.96  0.04  0.31%   
The current 90-days correlation between Fidelity New Markets and Ab Global Risk is 0.48 (i.e., Very weak diversification). The correlation of Fidelity New 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 New Correlation With Market

Very weak diversification

The correlation between Fidelity New Markets and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity New Markets 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 New Markets. 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 population.

Moving together with Fidelity Mutual Fund

  0.97FPTKX Fidelity Freedom 2015PairCorr
  0.96FPURX Fidelity PuritanPairCorr
  0.96FPUKX Fidelity PuritanPairCorr
  0.65FPXTX Fidelity PennsylvaniaPairCorr
  0.97FQIFX Fidelity Freedom IndexPairCorr
  0.96FQIPX Fidelity Freedom IndexPairCorr
  0.7FQITX Fidelity Salem StreetPairCorr
  0.95FQLSX Fidelity Flex FreedomPairCorr
  0.95FRBDX Fidelity Freedom 2070PairCorr
  0.95FRBEX Fidelity Freedom 2070PairCorr
  0.63FRBHX Fidelity Freedom 2070PairCorr
  0.95FRBJX Fidelity Advisor FreedomPairCorr
  0.82FRBKX Fidelity Advisor FreedomPairCorr
  0.82FRBLX Fidelity Advisor FreedomPairCorr
  0.63FRBOX Fidelity Advisor FreedomPairCorr
  0.82FRBPX Fidelity Advisor FreedomPairCorr
  0.83FRBQX Fidelity Flex FreedomPairCorr
  0.82FRBUX Fidelity Freedom IndexPairCorr
  0.63FRBVX Fidelity Freedom IndexPairCorr
  0.64FRBWX Fidelity Freedom IndexPairCorr
  0.82FRBYX Fidelity Freedom BlendPairCorr
  0.96FRAGX Aggressive GrowthPairCorr
  0.97FRAMX Fidelity Income ReplPairCorr
  0.63FRCFX Fidelity Freedom BlendPairCorr
  0.62FRCKX Fidelity Freedom BlendPairCorr
  0.63FRCNX Fidelity Freedom BlendPairCorr
  0.63FRCPX Fidelity Freedom BlendPairCorr
  0.62FRCVX Fidelity SustainablePairCorr
  0.63FRDEX Fidelity SustainablePairCorr
  0.96FRGAX Growth Allocation IndexPairCorr
  0.84FRIFX Fidelity Real EstatePairCorr
  0.66FRINX Fidelity Real EstatePairCorr
  0.98FRHMX Fidelity Managed RetPairCorr
  0.66FRIRX Fidelity Real EstatePairCorr
  0.84FRQHX Fidelity Managed RetPairCorr
  0.83FRQIX Fidelity Income ReplPairCorr
  0.63FRPDX Fidelity Sai AlternativePairCorr

Moving against Fidelity Mutual Fund

  0.66FRPCX Fidelity Sai AlternativePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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