Fidelity Stock Correlations

Mutual Funds . USA . 
Fund . Fidelity Stock Selector
FBRNX Fund  USD 85.28  0.88  1.04%   
The current 90-days correlation between Fidelity Stock Selector and Allianzgi Convertible Income is 0.83 (i.e., Very poor diversification). The correlation of Fidelity Stock 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 Stock Correlation With Market

Very poor diversification

The correlation between Fidelity Stock Selector and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Stock Selector 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 Stock Selector. 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

  0.98FPURX Fidelity PuritanPairCorr
  0.98FPUKX Fidelity PuritanPairCorr
  0.74FQIPX Fidelity Freedom IndexPairCorr
  0.7FQLSX Fidelity Flex FreedomPairCorr
  0.9FRAGX Aggressive GrowthPairCorr
  0.83FRGAX Growth Allocation IndexPairCorr
  0.74FRLPX Fidelity Freedom IndexPairCorr
  0.78FRPCX Fidelity Sai AlternativePairCorr
  0.74FAASX Fidelity Asset ManagerPairCorr
  0.76FAAIX Fidelity Asset Manager Potential GrowthPairCorr
  0.98FACVX Fidelity VertiblePairCorr
  0.93FACPX Fidelity Advisor SumerPairCorr
  0.95FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.62FQITX Fidelity Salem StreetPairCorr
  0.36FRPDX Fidelity Sai AlternativePairCorr
  0.54FAERX Fidelity Advisor OverseasPairCorr
  0.46FADCX Fidelity Advisor DivPairCorr
  0.45FADIX Fidelity Advisor DivPairCorr
  0.31FACTX Fidelity Advisor HealthPairCorr

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   
PRCCX
+ 0.99
XNCVX
VAADX
+ 0.99
XNCVX
VAADX
+ 0.98
PRCCX
PRCCX
+ 0.96
PBXIX
PBXIX
+ 0.93
XNCVX
VAADX
+ 0.91
PBXIX
  
High negative correlations   
VAADX
- 0.63
CCD
CCD
- 0.63
XNCVX
PRCCX
- 0.59
CCD
ARBOX
- 0.58
CCD
PBXIX
- 0.53
CCD
AVK
- 0.46
CCD

Risk-Adjusted Indicators

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