Fidelity Small Correlations

FECGX Fund

USD 25.36 0.09 0.35%

The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap is 0.91 (i.e., Almost no 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

0.96	FPURX	Fidelity Puritan	Pair Corr
0.96	FPUKX	Fidelity Puritan	Pair Corr
0.66	FRAGX	Aggressive Growth	Pair Corr

Moving against Fidelity Mutual Fund

0.38	FQITX	Fidelity Salem Street	Pair Corr
0.43	FRAMX	Fidelity Income Repl	Pair Corr
0.32	FRASX	Fidelity Income Repl	Pair Corr
0.61	FRIFX	Fidelity Real Estate	Pair Corr
0.61	FRINX	Fidelity Real Estate	Pair Corr
0.61	FRIQX	Fidelity Real Estate	Pair Corr
0.61	FRIRX	Fidelity Real Estate	Pair Corr
0.59	FRIOX	Fidelity Real Estate	Pair Corr
0.44	FRIMX	Fidelity Income Repl	Pair Corr

Related Correlations Analysis

	FMDGX	FISVX	FSPGX	FIMVX	FLCOX
FMDGX		0.92	0.92	0.93	0.69	FMDGX
FISVX	0.92		0.95	0.93	0.52	FISVX
FSPGX	0.92	0.95		0.87	0.46	FSPGX
FIMVX	0.93	0.93	0.87		0.77	FIMVX
FLCOX	0.69	0.52	0.46	0.77		FLCOX
	FMDGX	FISVX	FSPGX	FIMVX	FLCOX

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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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FMDGX	1.19	(0.07)	(0.13)	1.84	(3.40)	5.87
FISVX	0.88	(0.12)	(0.20)	1.44	(2.20)	4.69
FSPGX	1.09	(0.10)	(0.17)	1.77	(2.75)	6.38
FIMVX	0.72	(0.05)	(0.13)	1.25	(1.71)	3.26
FLCOX	0.65	0.01	(0.05)	1.17	(1.42)	3.24

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