Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FASGX Fund  USD 27.72  0.23  0.84%   
The current 90-days correlation between Fidelity Asset Manager and Fidelity Asset Manager is 0.99 (i.e., No risk reduction). The correlation of Fidelity Asset 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 Asset Correlation With Market

Poor diversification

The correlation between Fidelity Asset Manager and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Asset Manager 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 Asset Manager. 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 price.

Moving together with Fidelity Mutual Fund

  0.77FPURX Fidelity PuritanPairCorr
  0.65FRBDX Fidelity Freedom 2070PairCorr
  0.65FRBHX Fidelity Freedom 2070PairCorr
  0.65FRBUX Fidelity Freedom IndexPairCorr
  0.7FRBYX Fidelity Freedom BlendPairCorr
  0.83FRAGX Aggressive GrowthPairCorr
  0.7FRCLX Fidelity Freedom BlendPairCorr
  0.8FRGAX Growth Allocation IndexPairCorr
  0.76FRLPX Fidelity Freedom IndexPairCorr
  1.0FAASX Fidelity Asset ManagerPairCorr
  1.0FAAIX Fidelity Asset ManagerPairCorr
  0.7FACTX Fidelity Advisor HealthPairCorr
  0.71FACDX Fidelity Advisor HealthPairCorr
  0.67FADTX Fidelity Advisor TecPairCorr
  0.72FAEGX Fidelity Advisor EquityPairCorr
  0.77FAFSX Fidelity Advisor FinPairCorr
  0.78FAFFX Fidelity Advisor FreedomPairCorr
  0.78FAFCX Fidelity Advisor FinPairCorr
  0.62FAGIX Fidelity Capital IncomePairCorr
  0.67FAGAX Fidelity Advisor GrowthPairCorr
  0.64FAHYX Fidelity Advisor HighPairCorr
  0.66FAHEX Fidelity Advisor HighPairCorr
  0.86FALAX Fidelity Advisor LargePairCorr
  0.95FSAAX Fidelity Asset ManagerPairCorr
  0.94FSANX Fidelity Asset ManagerPairCorr
  0.95FSATX Fidelity Asset ManagerPairCorr

Moving against Fidelity Mutual Fund

  0.35FAPEX Fidelity Advisor SusPairCorr

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   
FAMRX
+ 0.96
FASMX
FOSFX
+ 0.88
FASIX
FDSSX
+ 0.8
FAMRX
FASIX
+ 0.68
FASMX
FDSSX
+ 0.65
FASMX
FAMRX
+ 0.51
FASIX
  
High negative correlations   
FOSFX
- 0.45
FDSSX
FDSSX
- 0.09
FASIX

Risk-Adjusted Indicators

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