Fidelity Canada Correlations

FACNX Fund

USD 67.63 0.92 1.38%

The current 90-days correlation between Fidelity Canada and Gmo High Yield is -0.16 (i.e., Good diversification). The correlation of Fidelity Canada 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 Canada Correlation With Market

Poor diversification

The correlation between Fidelity Canada Fund and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canada Fund 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 Canada Fund. 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

0.94	FRBUX	Fidelity Freedom Index	Pair Corr
0.94	FRCLX	Fidelity Freedom Blend	Pair Corr
0.71	FAFSX	Fidelity Advisor Fin	Pair Corr
0.71	FAMRX	Fidelity Asset Manager	Pair Corr
0.86	FASMX	Fidelity Asset Manager	Pair Corr
0.77	FASIX	Fidelity Asset Manager	Pair Corr
0.69	FASGX	Fidelity Asset Manager	Pair Corr
0.74	FSNOX	Fidelity Freedom 2020	Pair Corr
0.66	FSRRX	Fidelity Strategic Real	Pair Corr
0.81	FTFFX	Fidelity Advisor Freedom	Pair Corr
0.7	FCLKX	Fidelity Large Cap	Pair Corr
0.72	FDCPX	Computers Portfolio	Pair Corr

Related Correlations Analysis

	GHVIX	BXHCX	MWHIX	TAHFX	SGYAX	DIHRX	AHYMX	AGDZX
GHVIX		0.96	0.95	0.89	0.93	0.89	0.88	0.96	GHVIX
BXHCX	0.96		0.95	0.93	0.93	0.79	0.89	0.99	BXHCX
MWHIX	0.95	0.95		0.83	0.91	0.88	0.94	0.97	MWHIX
TAHFX	0.89	0.93	0.83		0.95	0.7	0.76	0.91	TAHFX
SGYAX	0.93	0.93	0.91	0.95		0.83	0.82	0.94	SGYAX
DIHRX	0.89	0.79	0.88	0.7	0.83		0.8	0.83	DIHRX
AHYMX	0.88	0.89	0.94	0.76	0.82	0.8		0.91	AHYMX
AGDZX	0.96	0.99	0.97	0.91	0.94	0.83	0.91		AGDZX
	GHVIX	BXHCX	MWHIX	TAHFX	SGYAX	DIHRX	AHYMX	AGDZX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Canada 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 Canada'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
GHVIX	0.16	0.00	0.18	(0.11)	0.16	(0.17)	0.30	(0.35)	1.01
BXHCX	0.13	0.00	0.13	0.05	0.14	(0.19)	0.37	(0.37)	1.00
MWHIX	0.12	0.00	0.20	(0.04)	0.06	(0.21)	0.54	(0.22)	0.87
TAHFX	0.16	0.00	0.11	(0.08)	0.19	(0.21)	0.49	(0.25)	1.24
SGYAX	0.16	0.02	0.19	0.14	0.07	(0.26)	0.56	(0.28)	1.57
DIHRX	0.59	0.09	0.13	0.15	0.66	(0.69)	1.51	(1.19)	3.80
AHYMX	0.12	0.00	0.15	0.13	0.13	(0.18)	0.22	(0.33)	0.76
AGDZX	0.14	0.00	0.17	(0.09)	0.09	(0.24)	0.43	(0.28)	1.01

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Fidelity Canada Correlations

Fidelity Canada Correlation With Market

Poor diversification

Moving together with Fidelity Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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