Fidelity Canadian Correlations
| FID265 Fund | 114.00 1.30 1.15% |
The current 90-days correlation between Fidelity Canadian Growth and RBC Select Balanced is -0.1 (i.e., Good diversification). The correlation of Fidelity Canadian 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.
Fidelity Canadian Correlation With Market
Very weak diversification
The correlation between Fidelity Canadian Growth and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canadian Growth and DJI in the same portfolio, assuming nothing else is changed.
Fidelity |
The ability to find closely correlated positions to Fidelity Canadian could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Canadian when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Canadian - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Canadian Growth to buy it.
Moving together with Fidelity Fund
| 0.74 | 0P0000706A | RBC Select Balanced | PairCorr |
| 0.73 | 0P00007069 | RBC Portefeuille | PairCorr |
| 0.67 | 0P0000IUYO | Edgepoint Global Por | PairCorr |
| 0.73 | 0P0001FAU8 | TD Comfort Balanced | PairCorr |
| 0.7 | 0P00012UCU | RBC Global Equity | PairCorr |
Related Correlations Analysis
| 0.57 | 1.0 | 0.97 | 0.98 | 0.99 | 0P0000706A | ||
| 0.57 | 0.56 | 0.52 | 0.52 | 0.51 | 0P0000S9O7 | ||
| 1.0 | 0.56 | 0.98 | 0.98 | 0.99 | 0P00007069 | ||
| 0.97 | 0.52 | 0.98 | 0.94 | 0.97 | 0P0000IUYO | ||
| 0.98 | 0.52 | 0.98 | 0.94 | 0.98 | 0P0001FAU8 | ||
| 0.99 | 0.51 | 0.99 | 0.97 | 0.98 | 0P00012UCU | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Fidelity Fund performing well and Fidelity Canadian 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 Canadian'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 0P0000706A | 0.31 | 0.14 | 0.02 | (6.42) | 0.00 | 0.83 | 2.33 | |||
| 0P0000S9O7 | 0.20 | 0.01 | (0.42) | 0.55 | 0.17 | 0.41 | 1.14 | |||
| 0P00007069 | 0.37 | 0.18 | 0.10 | (6.10) | 0.00 | 1.05 | 2.76 | |||
| 0P0000IUYO | 0.58 | 0.19 | 0.11 | 2.61 | 0.26 | 1.51 | 4.96 | |||
| 0P0001FAU8 | 0.24 | 0.09 | (0.12) | (15.91) | 0.00 | 0.72 | 1.81 | |||
| 0P00012UCU | 0.66 | 0.29 | 0.21 | (4.36) | 0.20 | 1.71 | 4.12 |
Fidelity Canadian Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fidelity Canadian fund to make a market-neutral strategy. Peer analysis of Fidelity Canadian could also be used in its relative valuation, which is a method of valuing Fidelity Canadian by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |