Fidelity Small Correlations

FCVIX Fund

USD 19.31 0.15 0.77%

The current 90-days correlation between Fidelity Small Cap and Fidelity New Markets is 0.36 (i.e., Weak 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 0.74 (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 gross domestic product.

Moving together with Fidelity Mutual Fund

0.96	FPURX	Fidelity Puritan	Pair Corr
0.96	FPUKX	Fidelity Puritan	Pair Corr
0.72	FRAGX	Aggressive Growth	Pair Corr
0.63	FRCQX	Fidelity Sustainable	Pair Corr
0.63	FRCRX	Fidelity Sustainable	Pair Corr
0.62	FRCVX	Fidelity Sustainable	Pair Corr
0.63	FRCWX	Fidelity Sustainable	Pair Corr
0.66	FRDCX	Fidelity Sustainable	Pair Corr
0.63	FRDEX	Fidelity Sustainable	Pair Corr
0.63	FRGAX	Growth Allocation Index	Pair Corr

Moving against Fidelity Mutual Fund

0.49	FRIFX	Fidelity Real Estate	Pair Corr
0.49	FRIQX	Fidelity Real Estate	Pair Corr
0.48	FRINX	Fidelity Real Estate	Pair Corr
0.48	FRIRX	Fidelity Real Estate	Pair Corr
0.46	FRIOX	Fidelity Real Estate	Pair Corr
0.35	FRPDX	Fidelity Sai Alternative	Pair Corr
0.32	FRHMX	Fidelity Managed Ret	Pair Corr
0.31	FRIMX	Fidelity Income Repl	Pair Corr

Related Correlations Analysis

	FGWMX	FPQIX	FGVMX	FPPIX	FYMIX	FGYMX	FYMMX	FYMRX	FPTIX
FGWMX		-0.48	1.0	-0.22	0.31	1.0	0.28	0.3	0.9	FGWMX
FPQIX	-0.48		-0.48	0.95	0.58	-0.46	0.6	0.58	-0.16	FPQIX
FGVMX	1.0	-0.48		-0.22	0.31	1.0	0.28	0.3	0.9	FGVMX
FPPIX	-0.22	0.95	-0.22		0.75	-0.2	0.77	0.76	0.12	FPPIX
FYMIX	0.31	0.58	0.31	0.75		0.33	1.0	1.0	0.54	FYMIX
FGYMX	1.0	-0.46	1.0	-0.2	0.33		0.3	0.32	0.91	FGYMX
FYMMX	0.28	0.6	0.28	0.77	1.0	0.3		1.0	0.52	FYMMX
FYMRX	0.3	0.58	0.3	0.76	1.0	0.32	1.0		0.54	FYMRX
FPTIX	0.9	-0.16	0.9	0.12	0.54	0.91	0.52	0.54		FPTIX
	FGWMX	FPQIX	FGVMX	FPPIX	FYMIX	FGYMX	FYMMX	FYMRX	FPTIX

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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

FGVMX	+ 1.0	FGWMX
FGYMX	+ 1.0	FGWMX
FGYMX	+ 1.0	FGVMX
FYMMX	+ 1.0	FYMIX
FYMRX	+ 1.0	FYMIX
FYMRX	+ 1.0	FYMMX

High negative correlations

FGVMX	- 0.48	FPQIX
FPQIX	- 0.48	FGWMX
FGYMX	- 0.46	FPQIX
FPPIX	- 0.22	FGVMX
FPPIX	- 0.22	FGWMX
FGYMX	- 0.2	FPPIX

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
FGWMX	0.24	0.02	0.25	0.22	0.25	(0.26)	0.55	(0.39)	1.42
FPQIX	0.88	(0.12)	0.00	(0.20)	0.00	0.00	1.55	(2.18)	4.34
FGVMX	0.24	0.02	0.24	0.21	0.24	(0.27)	0.48	(0.40)	1.40
FPPIX	0.87	(0.07)	0.00	(0.14)	0.00	0.00	1.50	(2.29)	4.43
FYMIX	0.58	0.00	0.00	(0.08)	0.00	0.00	1.05	(1.42)	3.58
FGYMX	0.24	0.02	0.24	0.19	0.24	(0.27)	0.54	(0.40)	1.42
FYMMX	0.58	(0.01)	0.00	(0.08)	0.00	0.00	1.06	(1.42)	3.58
FYMRX	0.58	0.00	0.00	(0.08)	0.00	0.00	1.05	(1.32)	3.58
FPTIX	0.13	0.01	0.29	0.02	0.16	(0.13)	0.26	(0.35)	1.13

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