Fidelity Growth Correlations

Mutual Funds . USA . 
Fund . Fidelity Growth Discovery
FGDKX Fund  USD 59.61  0.02  0.03%   
The current 90-days correlation between Fidelity Growth Discovery and Fidelity Leveraged Pany is 0.94 (i.e., Almost no 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

Poor diversification

The correlation between Fidelity Growth Discovery and DJI is 0.7 (i.e., Poor 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

  0.9FPURX Fidelity PuritanPairCorr
  0.98FPUKX Fidelity PuritanPairCorr
  0.75FRAGX Aggressive GrowthPairCorr
  0.66FRGAX Growth Allocation IndexPairCorr
  0.7FAASX Fidelity Asset ManagerPairCorr
  0.69FAAIX Fidelity Asset ManagerPairCorr
  0.93FACVX Fidelity ConvertiblePairCorr
  0.78FACTX Fidelity Advisor HealthPairCorr
  0.9FACPX Fidelity Advisor SumerPairCorr
  0.99FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.58FRIFX Fidelity Real EstatePairCorr
  0.58FRIRX Fidelity Real EstatePairCorr
  0.57FRIQX Fidelity Real EstatePairCorr
  0.56FRINX Fidelity Real EstatePairCorr
  0.41FRIMX Fidelity Income ReplPairCorr
  0.41FRKMX Fidelity Managed RetPairCorr
  0.4FRIOX Fidelity Real EstatePairCorr
  0.4FRQHX Fidelity Managed RetPairCorr
  0.4FRQIX Fidelity Income ReplPairCorr
  0.4FAFAX Fidelity Advisor FreedomPairCorr
  0.38FADIX Fidelity Advisor DivPairCorr
  0.37FRQAX Fidelity Income ReplPairCorr
  0.37FADCX Fidelity Advisor DivPairCorr
  0.37FAERX Fidelity Advisor OverseasPairCorr

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   
FBGKX
+ 0.97
FLCKX
FVLKX
+ 0.95
FLCKX
FDGKX
+ 0.93
FLCKX
FBGKX
+ 0.93
FVLKX
FVLKX
+ 0.91
FDGKX
FBGKX
+ 0.9
FDGKX
  
High negative correlations   
FOSKX
- 0.45
FBGKX
FOSKX
- 0.37
FVLKX
FOSKX
- 0.37
FLCKX
FOSKX
- 0.3
FDGKX

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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