Fidelity Stock Correlations

FDSCX Fund

USD 35.31 0.92 2.68%

The current 90-days correlation between Fidelity Stock Selector and Fidelity Stock Selector 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

Poor diversification

The correlation between Fidelity Stock Selector and DJI is 0.73 (i.e., 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.96	FPURX	Fidelity Puritan	Pair Corr
0.66	FRAGX	Aggressive Growth	Pair Corr
0.62	FAASX	Fidelity Asset Manager	Pair Corr
0.61	FAAIX	Fidelity Asset Manager	Pair Corr
0.92	FACPX	Fidelity Advisor Sumer	Pair Corr
0.78	FAFSX	Fidelity Advisor Fin	Pair Corr
0.78	FAFCX	Fidelity Advisor Fin	Pair Corr
0.89	FAGAX	Fidelity Advisor Growth	Pair Corr
0.82	FAHYX	Fidelity Advisor High	Pair Corr
0.86	FAHEX	Fidelity Advisor High	Pair Corr
0.85	FALAX	Fidelity Advisor Large	Pair Corr
0.88	FSAVX	Automotive Portfolio	Pair Corr
0.68	FAMRX	Fidelity Asset Manager	Pair Corr
0.68	FSCHX	Chemicals Portfolio	Pair Corr
0.9	FSCPX	Consumer Discretionary	Pair Corr
0.85	FSCSX	Software And It	Pair Corr
0.89	FAPMX	Fidelity Summer Street	Pair Corr

Moving against Fidelity Mutual Fund

0.61	FRIQX	Fidelity Real Estate	Pair Corr
0.61	FRIRX	Fidelity Real Estate	Pair Corr
0.59	FRIOX	Fidelity Real Estate	Pair Corr
0.48	FADCX	Fidelity Advisor Div	Pair Corr
0.43	FRQIX	Fidelity Income Repl	Pair Corr
0.43	FRQAX	Fidelity Income Repl	Pair Corr
0.43	FADIX	Fidelity Advisor Div	Pair Corr
0.79	FSAWX	Fidelity Sai Convertible	Pair Corr
0.74	FSKLX	Fidelity Sai Interna	Pair Corr
0.68	FAPEX	Fidelity Advisor Sus	Pair Corr
0.64	FSEDX	Fidelity Series Emerging	Pair Corr
0.5	FSIKX	Fidelity Sustainable	Pair Corr
0.43	FAOAX	Fidelity Advisor Overseas	Pair Corr
0.43	FAOSX	Fidelity Advisor Overseas	Pair Corr

Related Correlations Analysis

	FDSSX	FDEQX	FFTYX	FDVLX	FTRNX
FDSSX		0.9	0.9	0.83	0.91	FDSSX
FDEQX	0.9		0.98	0.95	0.83	FDEQX
FFTYX	0.9	0.98		0.97	0.86	FFTYX
FDVLX	0.83	0.95	0.97		0.8	FDVLX
FTRNX	0.91	0.83	0.86	0.8		FTRNX
	FDSSX	FDEQX	FFTYX	FDVLX	FTRNX

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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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FDSSX	0.96	(0.13)	(0.17)	1.62	(2.36)	5.80
FDEQX	1.08	(0.09)	(0.12)	1.87	(2.72)	5.94
FFTYX	0.83	(0.08)	(0.13)	1.40	(1.99)	4.08
FDVLX	0.84	(0.06)	(0.11)	1.48	(2.03)	3.81
FTRNX	1.69	(0.39)	(0.34)	2.51	(4.22)	11.13

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