Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSSNX Fund  USD 26.36  0.09  0.34%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap is 0.98 (i.e., Almost no diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Cap and DJI is 0.92 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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

  0.89FPTKX Fidelity Freedom 2015PairCorr
  0.97FPURX Fidelity PuritanPairCorr
  0.97FPUKX Fidelity PuritanPairCorr
  0.96FQIFX Fidelity Freedom IndexPairCorr
  0.96FQIPX Fidelity Freedom IndexPairCorr
  0.83FQITX Fidelity Salem StreetPairCorr
  0.96FQLSX Fidelity Flex FreedomPairCorr
  0.91FRBDX Fidelity Freedom 2070PairCorr
  0.91FRBEX Fidelity Freedom 2070PairCorr
  0.91FRBHX Fidelity Freedom 2070PairCorr
  0.91FRBJX Fidelity Advisor FreedomPairCorr
  0.91FRBKX Fidelity Advisor FreedomPairCorr
  0.96FRBLX Fidelity Advisor FreedomPairCorr
  0.91FRBOX Fidelity Advisor FreedomPairCorr
  0.96FRBPX Fidelity Advisor FreedomPairCorr
  0.91FRBQX Fidelity Flex FreedomPairCorr
  0.91FRBUX Fidelity Freedom IndexPairCorr
  0.96FRBVX Fidelity Freedom IndexPairCorr
  0.91FRBWX Fidelity Freedom IndexPairCorr
  0.91FRBYX Fidelity Freedom BlendPairCorr
  0.91FRBZX Fidelity Freedom BlendPairCorr
  0.96FRAGX Aggressive GrowthPairCorr
  0.86FRAMX Fidelity Income ReplPairCorr
  0.94FRASX Fidelity Income ReplPairCorr
  0.91FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.91FRCKX Fidelity Freedom BlendPairCorr
  0.91FRCLX Fidelity Freedom BlendPairCorr
  0.91FRCNX Fidelity Freedom BlendPairCorr
  0.91FRCPX Fidelity Freedom BlendPairCorr
  0.91FRCQX Fidelity SustainablePairCorr
  0.91FRCRX Fidelity SustainablePairCorr
  0.91FRCVX Fidelity SustainablePairCorr
  0.91FRCWX Fidelity SustainablePairCorr
  0.96FRCYX Fidelity SustainablePairCorr
  0.91FRDCX Fidelity SustainablePairCorr
  0.96FRDDX Fidelity SustainablePairCorr
  0.91FRDEX Fidelity SustainablePairCorr
  0.96FRGAX 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   
FXAIX
+ 0.99
FSMDX
FXAIX
+ 0.99
FSPGX
FSPGX
+ 0.97
FSMDX
FSPGX
+ 0.94
FSPSX
FSPSX
+ 0.93
FSMDX
FXAIX
+ 0.93
FSPSX
  
High negative correlations   
FXNAX
- 0.11
FSPSX
FSPGX
- 0.07
FXNAX
FXAIX
- 0.06
FXNAX
FXNAX
- 0.06
FSMDX

Risk-Adjusted Indicators

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