Fidelity 500 Correlations

Mutual Funds . USA . 
Fund . Fidelity 500 Index
FXAIX Fund  USD 218.77  1.17  0.54%   
The current 90-days correlation between Fidelity 500 Index and Fidelity Total Market is 0.99 (i.e., No risk reduction). The correlation of Fidelity 500 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 500 Correlation With Market

Almost no diversification

The correlation between Fidelity 500 Index and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity 500 Index 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 500 Index. 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.99FQIFX Fidelity Freedom IndexPairCorr
  1.0FRBJX Fidelity Advisor FreedomPairCorr
  1.0FRBKX Fidelity Advisor FreedomPairCorr
  0.71FRESX Fidelity Real EstatePairCorr
  0.88FRIOX Fidelity Real EstatePairCorr
  1.0FADTX Fidelity Advisor TecPairCorr
  0.99FAGIX Fidelity Capital IncomePairCorr
  0.99FAGCX Fidelity Advisor GrowthPairCorr
  0.96FTF Franklin TempletonPairCorr
  0.96FSAWX Fidelity Sai ConvertiblePairCorr
  0.99FAOFX Fidelity Advisor SeriesPairCorr
  0.95FAOSX Fidelity Advisor OverseasPairCorr
  1.0FSEQX Fidelity Advisor SusPairCorr
  0.98FSEAX Fidelity Emerging AsiaPairCorr
  0.81FSNDX Fidelity Salem StreetPairCorr
  0.99FSNQX Fidelity Freedom 2030PairCorr
  0.99FSMDX Fidelity Mid CapPairCorr
  1.0FSPGX Fidelity Large CapPairCorr
  0.95FSPSX Fidelity InternationalPairCorr
  0.86FSRNX Fidelity Real EstatePairCorr
  0.99FSSNX Fidelity Small CapPairCorr
  1.0FBIFX Fidelity Freedom IndexPairCorr
  0.99FBMPX Multimedia PortfolioPairCorr
  0.99FTCVX Fidelity ConvertiblePairCorr
  0.98FTIHX Fidelity Total InterPairCorr
  0.99FCLCX Fidelity Advisor IndPairCorr
  0.99FCLAX Fidelity Advisor IndPairCorr
  0.8FCMAX Fidelity CaliforniaPairCorr
  1.0FCLKX Fidelity Large CapPairCorr
  0.95FUEMX Fidelity Flex ServativePairCorr
  0.96FCPVX Fidelity Small CapPairCorr
  0.62FUMBX Fidelity Short TermPairCorr
  0.99FELCX Fidelity Advisor SemPairCorr
  0.99FEMKX Fidelity Emerging MarketsPairCorr
  0.99FFFEX Fidelity Freedom 2030PairCorr
  0.98FFRHX Fidelity Advisor FloatingPairCorr

Moving against Fidelity Mutual Fund

  0.45FDAGX Consumer Staples PorPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity 500 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 500'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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