Fidelity Value Correlations

Mutual Funds . USA . 
Fund . Fidelity Value Discovery
FDVKX Fund  USD 12.05  0.06  0.50%   
The current 90-days correlation between Fidelity Value Discovery and Aqr Long Short Equity is 0.48 (i.e., Very weak diversification). The correlation of Fidelity Value 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 Value Correlation With Market

Very weak diversification

The correlation between Fidelity Value Discovery and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Value Discovery 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 Value Discovery. 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 industry.

Moving together with Fidelity Mutual Fund

  0.81FPTKX Fidelity Freedom 2015PairCorr
  0.81FQIFX Fidelity Freedom IndexPairCorr
  0.68FQIPX Fidelity Freedom IndexPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.77FRAMX Fidelity Income ReplPairCorr
  0.78FRASX Fidelity Income ReplPairCorr
  0.61FRGAX Growth Allocation IndexPairCorr
  0.92FRESX Fidelity Real EstatePairCorr
  0.89FRIFX Fidelity Real EstatePairCorr
  0.76FRIMX Fidelity Income ReplPairCorr
  0.89FRINX Fidelity Real EstatePairCorr
  0.89FRIOX Fidelity Real EstatePairCorr
  0.89FRIQX Fidelity Real EstatePairCorr
  0.76FRHMX Fidelity Managed RetPairCorr
  0.76FRKMX Fidelity Managed RetPairCorr
  0.89FRIRX Fidelity Real EstatePairCorr
  0.68FRLPX Fidelity Freedom IndexPairCorr
  0.66FROGX Fidelity Municipal IncomePairCorr
  0.76FRQHX Fidelity Managed RetPairCorr
  0.76FRQIX Fidelity Income ReplPairCorr
  0.76FRQKX Fidelity Managed RetPairCorr
  0.77FRQAX Fidelity Income ReplPairCorr
  0.8FAASX Fidelity Asset ManagerPairCorr
  0.8FAAIX Fidelity Asset ManagerPairCorr
  0.64FACVX Fidelity VertiblePairCorr
  0.85FACTX Fidelity Advisor HealthPairCorr
  0.95FACNX Fidelity CanadaPairCorr
  0.79FACFX Fidelity Advisor FreedomPairCorr
  0.85FACDX Fidelity Advisor HealthPairCorr

Moving against Fidelity Mutual Fund

  0.71FRPCX Fidelity Sai AlternativePairCorr

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   
SMYIX
+ 0.92
SEHAX
SMYIX
+ 0.87
AAEZX
DHGCX
+ 0.81
AAEZX
LEQCX
+ 0.76
QLENX
AAEZX
+ 0.72
SEHAX
DHGCX
+ 0.68
SMYIX
  
High negative correlations   
GMADX
- 0.23
QLENX
SEHAX
- 0.14
QLENX

Risk-Adjusted Indicators

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