Fidelity Small Correlations

FCIGX Fund

USD 30.64 0.15 0.49%

The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.89 (i.e., Very poor diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Poor diversification

The correlation between Fidelity Small Cap and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Cap 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 Small Cap. 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

0.97	FPURX	Fidelity Puritan	Pair Corr
0.97	FPUKX	Fidelity Puritan	Pair Corr
0.69	FRAGX	Aggressive Growth	Pair Corr
0.61	FRDCX	Fidelity Sustainable	Pair Corr

Moving against FIDELITY Mutual Fund

0.34	FQITX	Fidelity Salem Street	Pair Corr
0.39	FRAMX	Fidelity Income Repl	Pair Corr
0.58	FRIFX	Fidelity Real Estate	Pair Corr
0.58	FRINX	Fidelity Real Estate	Pair Corr
0.58	FRIQX	Fidelity Real Estate	Pair Corr
0.58	FRIRX	Fidelity Real Estate	Pair Corr
0.56	FRIOX	Fidelity Real Estate	Pair Corr
0.41	FRHMX	Fidelity Managed Ret	Pair Corr

Related Correlations Analysis

	FCVIX	FCTGX	FHCIX	FCCGX	FANIX
FCVIX		0.97	0.61	0.97	0.59	FCVIX
FCTGX	0.97		0.6	1.0	0.5	FCTGX
FHCIX	0.61	0.6		0.6	-0.04	FHCIX
FCCGX	0.97	1.0	0.6		0.5	FCCGX
FANIX	0.59	0.5	-0.04	0.5		FANIX
	FCVIX	FCTGX	FHCIX	FCCGX	FANIX

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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

FCCGX	+ 1.0	FCTGX
FCTGX	+ 0.97	FCVIX
FCCGX	+ 0.97	FCVIX
FHCIX	+ 0.61	FCVIX
FHCIX	+ 0.6	FCTGX
FCCGX	+ 0.6	FHCIX

High negative correlations

FANIX

- 0.04

FHCIX

Risk-Adjusted Indicators

There is a big difference between FIDELITY Mutual Fund performing well and Fidelity Small 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 Small'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
FCVIX	0.86	(0.11)	0.00	(0.18)	0.00	0.00	1.53	(2.21)	4.34
FCTGX	1.15	(0.13)	0.00	(0.19)	0.00	0.00	1.98	(3.22)	5.90
FHCIX	0.91	(0.12)	0.00	(0.23)	0.00	0.00	1.46	(2.00)	10.43
FCCGX	1.15	(0.14)	0.00	(0.19)	0.00	0.00	1.99	(3.26)	5.86
FANIX	1.04	0.08	0.06	0.05	1.55	(0.96)	1.80	(2.57)	6.63

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