Fidelity ClearPath Correlations

0P00007694

26.67 0.04 0.15%

The current 90-days correlation between Fidelity ClearPath 2045 and Fidelity AsiaStar Series is 0.54 (i.e., Very weak diversification). The correlation of Fidelity ClearPath 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 ClearPath Correlation With Market

Good diversification

The correlation between Fidelity ClearPath 2045 and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity ClearPath 2045 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity ClearPath 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 ClearPath 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 ClearPath - 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 ClearPath 2045 to buy it.

Moving together with Fidelity Fund

0.68	0P0000706A	RBC Select Balanced	Pair Corr
0.68	0P00007069	RBC Portefeuille	Pair Corr
0.69	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.74	0P0001FAU8	TD Comfort Balanced	Pair Corr

Related Correlations Analysis

	0P00007694	0P0000I3XT	0P000075FV	FID5982	FCAB	FAUS	FID265	FTHI
0P00007694		0.49	0.52	0.35	0.11	0.57	0.5	0.49	0P00007694
0P0000I3XT	0.49		0.0	-0.19	0.13	0.0	-0.02	-0.02	0P0000I3XT
0P000075FV	0.52	0.0		0.95	-0.3	0.79	1.0	0.9	0P000075FV
FID5982	0.35	-0.19	0.95		-0.37	0.68	0.96	0.82	FID5982
FCAB	0.11	0.13	-0.3	-0.37		-0.21	-0.31	-0.18	FCAB
FAUS	0.57	0.0	0.79	0.68	-0.21		0.78	0.71	FAUS
FID265	0.5	-0.02	1.0	0.96	-0.31	0.78		0.89	FID265
FTHI	0.49	-0.02	0.9	0.82	-0.18	0.71	0.89		FTHI
	0P00007694	0P0000I3XT	0P000075FV	FID5982	FCAB	FAUS	FID265	FTHI

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

FID265	+ 1.0	0P000075FV
FID265	+ 0.96	FID5982
FID5982	+ 0.95	0P000075FV
FTHI	+ 0.9	0P000075FV
FTHI	+ 0.89	FID265
FTHI	+ 0.82	FID5982

High negative correlations

FCAB	- 0.37	FID5982
FID265	- 0.31	FCAB
FCAB	- 0.3	0P000075FV
FAUS	- 0.21	FCAB
FID5982	- 0.19	0P0000I3XT
FTHI	- 0.18	FCAB

Risk-Adjusted Indicators

There is a big difference between Fidelity Fund performing well and Fidelity ClearPath 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 ClearPath'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
0P00007694	0.71	(0.07)	0.00	0.43	0.00	0.00	1.16	(1.25)	6.45
0P0000I3XT	0.67	0.00	0.03	0.09	0.83	(0.80)	1.29	(1.25)	4.66
0P000075FV	0.91	(0.02)	0.00	(0.24)	0.00	0.00	1.67	(1.94)	4.54
FID5982	1.12	(0.10)	0.00	(0.59)	0.00	0.00	2.09	(2.37)	6.40
FCAB	0.16	(0.01)	0.08	(0.26)	0.19	(0.15)	0.28	(0.28)	0.72
FAUS	0.78	(0.17)	0.00	(5.65)	0.00	0.00	1.47	(1.84)	4.22
FID265	0.91	(0.03)	0.00	(0.28)	0.00	0.00	1.67	(1.95)	4.54
FTHI	0.50	(0.01)	0.00	(0.06)	0.00	0.00	1.04	(1.03)	3.79

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity ClearPath without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Top Crypto Exchanges Now

Top Crypto Exchanges

Search and analyze digital assets across top global cryptocurrency exchanges

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC