Fidelity Investment Correlations

Mutual Funds . USA . 
Fund . Fidelity Investment Grade
FBNDX Fund  USD 7.23  0.01  0.14%   
The current 90-days correlation between Fidelity Investment Grade and Fidelity Short Term Bond is 0.65 (i.e., Poor diversification). The correlation of Fidelity Investment 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 Investment Correlation With Market

Average diversification

The correlation between Fidelity Investment Grade and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Investment Grade 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 Investment Grade. 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 unemployment.

Moving together with Fidelity Mutual Fund

  0.79FQITX Fidelity Salem StreetPairCorr
  0.81FRAMX Fidelity Income ReplPairCorr
  0.7FRASX Fidelity Income ReplPairCorr
  0.68FRESX Fidelity Real EstatePairCorr
  0.82FRIFX Fidelity Real EstatePairCorr
  0.8FRIMX Fidelity Income ReplPairCorr
  0.84FRINX Fidelity Real EstatePairCorr
  0.83FRIOX Fidelity Real EstatePairCorr
  0.79FRIQX Fidelity Real EstatePairCorr
  0.79FRHMX Fidelity Managed RetPairCorr
  0.8FRKMX Fidelity Managed RetPairCorr
  0.82FRIRX Fidelity Real EstatePairCorr
  0.68FROGX Fidelity Municipal IncomePairCorr
  0.78FRQHX Fidelity Managed RetPairCorr
  0.8FRQIX Fidelity Income ReplPairCorr
  0.78FRQKX Fidelity Managed RetPairCorr
  0.8FRQAX Fidelity Income ReplPairCorr
  0.65FACTX Fidelity Advisor HealthPairCorr
  0.75FACFX Fidelity Advisor FreedomPairCorr
  0.64FACDX Fidelity Advisor HealthPairCorr

Moving against Fidelity Mutual Fund

  0.57FRPCX Fidelity Sai AlternativePairCorr
  0.56FPURX Fidelity PuritanPairCorr
  0.55FPUKX Fidelity PuritanPairCorr
  0.45FRAGX Aggressive GrowthPairCorr
  0.39FRPDX Fidelity Sai AlternativePairCorr
  0.33FQLSX Fidelity Flex FreedomPairCorr
  0.33FRLPX Fidelity Freedom IndexPairCorr
  0.32FRGAX Growth Allocation IndexPairCorr
  0.74FAFSX Fidelity Advisor FinPairCorr
  0.74FAFDX Fidelity Advisor FinPairCorr
  0.74FAFCX Fidelity Advisor FinPairCorr
  0.71FADTX Fidelity Advisor TecPairCorr
  0.71FAGAX Fidelity Advisor GrowthPairCorr
  0.7FACGX Fidelity Advisor GrowthPairCorr
  0.7FAGOX Fidelity Advisor GrowthPairCorr
  0.7FAGCX Fidelity Advisor GrowthPairCorr
  0.67FAGKX Fidelity Growth StraPairCorr

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   
FGOVX
+ 0.99
FTHRX
FGOVX
+ 0.96
FTBFX
FTHRX
+ 0.95
FTBFX
FTHRX
+ 0.79
FSHBX
FGOVX
+ 0.76
FSHBX
FTBFX
+ 0.75
FSHBX
  
High negative correlations   
FAGIX
- 0.67
FGOVX
FAGIX
- 0.63
FTHRX
FAGIX
- 0.6
FTBFX
FAGIX
- 0.12
FSHBX

Risk-Adjusted Indicators

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