Fidelity Growth Correlations

Mutual Funds . USA . 
Fund . Fidelity Growth Discovery
FGDKX Fund  USD 61.30  0.88  1.46%   
The current 90-days correlation between Fidelity Growth Discovery and Fidelity Leveraged Pany is 0.81 (i.e., Very poor diversification). The correlation of Fidelity Growth 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 Growth Correlation With Market

Weak diversification

The correlation between Fidelity Growth Discovery and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Growth 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 Growth 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

  0.84FPURX Fidelity PuritanPairCorr
  0.84FPUKX Fidelity PuritanPairCorr
  0.67FQLSX Fidelity Flex FreedomPairCorr
  0.85FAASX Fidelity Asset ManagerPairCorr
  0.84FAAIX Fidelity Asset ManagerPairCorr
  0.9FACVX Fidelity ConvertiblePairCorr
  0.8FACTX Fidelity Advisor HealthPairCorr
  0.85FACPX Fidelity Advisor SumerPairCorr
  0.63FACNX Fidelity CanadaPairCorr
  0.8FACDX Fidelity Advisor HealthPairCorr
  0.87FADTX Fidelity Advisor TecPairCorr
  0.92FADAX Fidelity Advisor DividendPairCorr

Moving against Fidelity Mutual Fund

  0.61FRPCX Fidelity Sai AlternativePairCorr
  0.39FRPDX 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   
FDGKX
+ 0.93
FLCKX
FVLKX
+ 0.72
FLCKX
FBGKX
+ 0.67
FDGKX
FVLKX
+ 0.52
FDGKX
FBGKX
+ 0.5
FLCKX
FOSKX
+ 0.25
FDGKX
  
High negative correlations   
FBGKX
- 0.03
FVLKX
FOSKX
- 0.01
FVLKX

Risk-Adjusted Indicators

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