Fidelity Select Correlations

Mutual Funds . USA . 
Fund . Fidelity Select Portfolios
FSENX Fund  USD 57.91  0.21  0.36%   
The current 90-days correlation between Fidelity Select Port and Fidelity Natural Resources is 0.09 (i.e., Significant diversification). The correlation of Fidelity Select 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 Select Correlation With Market

Weak diversification

The correlation between Fidelity Select Portfolios and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Select Portfolios 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 Select Portfolios. 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

  0.65FPTKX Fidelity Freedom 2015PairCorr
  0.68FPURX Fidelity PuritanPairCorr
  0.68FPUKX Fidelity PuritanPairCorr
  0.65FQIFX Fidelity Freedom IndexPairCorr
  0.65FQIPX Fidelity Freedom IndexPairCorr
  0.65FQLSX Fidelity Flex FreedomPairCorr
  0.64FRBDX Fidelity Freedom 2070PairCorr
  0.87FRBEX Fidelity Freedom 2070PairCorr
  0.78FRBHX Fidelity Freedom 2070PairCorr
  0.87FRBJX Fidelity Advisor FreedomPairCorr
  0.78FRBKX Fidelity Advisor FreedomPairCorr
  0.77FRBLX Fidelity Advisor FreedomPairCorr
  0.65FRBOX Fidelity Advisor FreedomPairCorr
  0.78FRBPX Fidelity Advisor FreedomPairCorr
  0.78FRBQX Fidelity Flex FreedomPairCorr
  0.78FRBUX Fidelity Freedom IndexPairCorr
  0.78FRBVX Fidelity Freedom IndexPairCorr
  0.78FRBWX Fidelity Freedom IndexPairCorr
  0.78FRBYX Fidelity Freedom BlendPairCorr
  0.78FRBZX Fidelity Freedom BlendPairCorr
  0.88FRAGX Aggressive GrowthPairCorr
  0.85FRAMX Fidelity Income ReplPairCorr
  0.77FRASX Fidelity Income ReplPairCorr
  0.65FRCFX Fidelity Freedom BlendPairCorr
  0.78FRCHX Fidelity Freedom BlendPairCorr
  0.64FRCKX Fidelity Freedom BlendPairCorr
  0.78FRCLX Fidelity Freedom BlendPairCorr
  0.65FRCNX Fidelity Freedom BlendPairCorr
  0.78FRCPX Fidelity Freedom BlendPairCorr
  0.77FRCQX Fidelity SustainablePairCorr
  0.77FRCRX Fidelity SustainablePairCorr
  0.77FRCVX Fidelity SustainablePairCorr
  0.77FRCWX Fidelity SustainablePairCorr
  0.77FRCYX Fidelity SustainablePairCorr
  0.77FRDCX Fidelity SustainablePairCorr
  0.77FRDDX Fidelity SustainablePairCorr
  0.87FRDEX Fidelity SustainablePairCorr
  0.88FRGAX Growth Allocation IndexPairCorr

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   
FSDAX
+ 0.9
FNARX
FSDAX
+ 0.86
FSDPX
FSDPX
+ 0.82
FNARX
FSAGX
+ 0.66
FNARX
FSDPX
+ 0.53
FSAGX
FSDAX
+ 0.53
FSAGX
  
High negative correlations   
FSDAX
- 0.87
FSHCX
FSDPX
- 0.8
FSHCX
FSHCX
- 0.8
FNARX
FSHCX
- 0.44
FSAGX

Risk-Adjusted Indicators

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