Fidelity Extended Correlations

Mutual Funds . USA . 
Fund . Fidelity Extended Market
FSMAX Fund  USD 104.79  1.36  1.31%   
The current 90-days correlation between Fidelity Extended Market and Fidelity Large Cap is 0.77 (i.e., Poor diversification). The correlation of Fidelity Extended 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 Extended Correlation With Market

Very poor diversification

The correlation between Fidelity Extended Market and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Extended Market 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 Extended Market. 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 nation.

Moving together with Fidelity Mutual Fund

  0.79FQIPX Fidelity Freedom IndexPairCorr
  0.8FQITX Fidelity Salem StreetPairCorr
  0.8FQLSX Fidelity Flex FreedomPairCorr
  0.61FRBDX Fidelity Freedom 2070PairCorr
  0.61FRBEX Fidelity Freedom 2070PairCorr
  0.65FRBJX Fidelity Advisor FreedomPairCorr
  0.66FRBKX Fidelity Advisor FreedomPairCorr
  0.67FRBLX Fidelity Advisor FreedomPairCorr
  0.65FRBNX Fidelity Advisor FreedomPairCorr
  0.65FRBOX Fidelity Advisor FreedomPairCorr
  0.64FRBPX Fidelity Advisor FreedomPairCorr
  0.62FRBQX Fidelity Flex FreedomPairCorr
  0.63FRBYX Fidelity Freedom BlendPairCorr
  0.63FRBZX Fidelity Freedom BlendPairCorr
  0.79FRAGX Aggressive GrowthPairCorr
  0.7FRASX Fidelity Income ReplPairCorr
  0.63FRCHX Fidelity Freedom BlendPairCorr
  0.82FRCKX Fidelity Freedom BlendPairCorr
  0.65FRCLX Fidelity Freedom BlendPairCorr
  0.64FRCNX Fidelity Freedom BlendPairCorr
  0.62FRCPX Fidelity Freedom BlendPairCorr
  0.61FRDCX Fidelity SustainablePairCorr
  0.76FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Extended 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 Extended'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
FSPGX  0.74 (0.07)(0.06) 0.01  1.12 
(0.72)
 1.72 
(1.83)
 4.35 
MDIJX  0.53  0.06 (0.02) 0.43  0.58 
(0.58)
 1.15 
(0.92)
 2.93 
PRWCX  0.35 (0.02)(0.12) 0.05  0.45 
(0.36)
 0.74 
(0.78)
 1.91 
RBHEX  0.54 (0.01)(0.03) 0.08  0.69 
(0.56)
 1.16 
(1.17)
 3.03 
VWILX  0.80  0.02  0.02  0.11  1.00 
(0.85)
 1.57 
(1.76)
 4.76 
VWIGX  0.80  0.02  0.02  0.11  1.00 
(0.85)
 1.55 
(1.78)
 4.72 
FSMDX  0.72 (0.04)(0.04) 0.04  0.91 
(0.71)
 1.38 
(1.46)
 3.17 
PREIX  0.60 (0.01)(0.02) 0.07  0.81 
(0.60)
 1.55 
(1.18)
 3.29 
LDLVX  0.06  0.00 (0.31)(0.09) 0.00 
(0.30)
 0.26 
(0.26)
 0.77 
VTTSX  0.52 (0.01)(0.03) 0.08  0.68 
(0.52)
 1.00 
(1.16)
 2.87 

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