Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FASIX Fund  USD 13.70  0.01  0.07%   
The current 90-days correlation between Fidelity Asset Manager and Fidelity Asset Manager is 0.81 (i.e., Very poor diversification). 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 0.6 (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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.99FPTKX Fidelity Freedom 2015PairCorr
  0.76FPXTX Fidelity PennsylvaniaPairCorr
  0.93FQIFX Fidelity Freedom IndexPairCorr
  0.91FQITX Fidelity Salem StreetPairCorr
  0.75FQLSX Fidelity Flex FreedomPairCorr
  0.74FRBDX Fidelity Freedom 2070PairCorr
  0.74FRBHX Fidelity Freedom 2070PairCorr
  0.74FRBLX Fidelity Advisor FreedomPairCorr
  0.76FRBOX Fidelity Advisor FreedomPairCorr
  0.74FRBUX Fidelity Freedom IndexPairCorr
  0.71FRBYX Fidelity Freedom BlendPairCorr
  0.64FRAGX Aggressive GrowthPairCorr
  0.97FRASX Fidelity Income ReplPairCorr
  0.72FRCFX Fidelity Freedom BlendPairCorr
  0.71FRCLX Fidelity Freedom BlendPairCorr
  0.67FRCWX Fidelity SustainablePairCorr
  0.74FRGAX Growth Allocation IndexPairCorr
  0.88FRESX Fidelity Real EstatePairCorr
  0.83FRIFX Fidelity Real EstatePairCorr
  0.94FRIMX Fidelity Income ReplPairCorr
  0.83FRINX Fidelity Real EstatePairCorr
  0.84FRIOX Fidelity Real EstatePairCorr
  0.83FRIQX Fidelity Real EstatePairCorr
  0.87FRKMX Fidelity Managed RetPairCorr
  0.83FRIRX Fidelity Real EstatePairCorr
  0.82FRLPX Fidelity Freedom IndexPairCorr
  0.75FROGX Fidelity Municipal IncomePairCorr
  0.87FRQHX Fidelity Managed RetPairCorr
  0.94FRQIX Fidelity Income ReplPairCorr
  0.94FRQAX Fidelity Income ReplPairCorr
  0.8FACNX Fidelity CanadaPairCorr
  0.9FACFX Fidelity Advisor FreedomPairCorr

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
+ 0.98
FASGX
FASMX
+ 0.96
FASGX
FAMRX
+ 0.96
FASMX
FDSSX
+ 0.82
FASGX
FDSSX
+ 0.8
FAMRX
FDSSX
+ 0.65
FASMX
  
High negative correlations   
FDSSX
- 0.68
FGOVX
FGOVX
- 0.2
FAMRX
FGOVX
- 0.18
FASGX

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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