Fidelity Global Correlations

FGEP Fund

11.11 0.02 0.18%

The current 90-days correlation between Fidelity Global Equity and Global Healthcare Income is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Global moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Global Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Global Correlation With Market

Very weak diversification

The correlation between Fidelity Global Equity and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Global Equity and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Global could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Global when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Global - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Global Equity to buy it.

Moving together with Fidelity Fund

0.96	0P0000706A	RBC Select Balanced	Pair Corr
0.96	0P00007069	RBC Portefeuille	Pair Corr
0.93	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.9	0P0001FAU8	TD Comfort Balanced	Pair Corr
0.97	0P00012UCU	RBC Global Equity	Pair Corr

Related Correlations Analysis

	HIG	0P000070HA	CIG18006	MMF4606	FGEP	0P0001D8QF	CIF823	0P000070I2	0P0000JO4O
HIG		-0.85	-0.85	-0.39	-0.82	-0.77	-0.81	-0.59	-0.78	HIG
0P000070HA	-0.85		1.0	0.71	0.94	0.87	0.92	0.64	0.89	0P000070HA
CIG18006	-0.85	1.0		0.71	0.94	0.87	0.92	0.64	0.89	CIG18006
MMF4606	-0.39	0.71	0.71		0.71	0.69	0.72	0.36	0.72	MMF4606
FGEP	-0.82	0.94	0.94	0.71		0.94	0.94	0.73	0.93	FGEP
0P0001D8QF	-0.77	0.87	0.87	0.69	0.94		0.94	0.75	0.92	0P0001D8QF
CIF823	-0.81	0.92	0.92	0.72	0.94	0.94		0.78	0.96	CIF823
0P000070I2	-0.59	0.64	0.64	0.36	0.73	0.75	0.78		0.76	0P000070I2
0P0000JO4O	-0.78	0.89	0.89	0.72	0.93	0.92	0.96	0.76		0P0000JO4O
	HIG	0P000070HA	CIG18006	MMF4606	FGEP	0P0001D8QF	CIF823	0P000070I2	0P0000JO4O

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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

CIG18006	+ 1.0	0P000070HA
0P0000JO4O	+ 0.96	CIF823
FGEP	+ 0.94	0P000070HA
FGEP	+ 0.94	CIG18006
0P0001D8QF	+ 0.94	FGEP
CIF823	+ 0.94	FGEP

High negative correlations

CIG18006	- 0.85	HIG
0P000070HA	- 0.85	HIG
FGEP	- 0.82	HIG
CIF823	- 0.81	HIG
0P0000JO4O	- 0.78	HIG
0P0001D8QF	- 0.77	HIG

Risk-Adjusted Indicators

There is a big difference between Fidelity Fund performing well and Fidelity Global 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 Global'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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HIG	0.78	(0.12)	0.00	(0.44)	0.00	0.00	1.85	(2.60)	5.41
0P000070HA	0.99	0.25	0.14	0.59	1.09	(1.16)	2.77	(2.23)	5.87
CIG18006	0.99	0.25	0.14	0.59	1.09	(1.16)	2.77	(2.23)	5.87
MMF4606	0.44	(0.01)	(0.14)	0.10	0.51	(0.45)	0.87	(0.97)	2.55
FGEP	0.38	0.10	0.04	0.43	0.00	(0.46)	0.94	(0.75)	2.21
0P0001D8QF	0.37	0.07	(0.04)	0.42	0.09	(0.44)	0.75	(0.56)	2.73
CIF823	0.54	0.05	(0.02)	0.22	0.69	(0.55)	1.18	(1.33)	3.36
0P000070I2	0.92	0.06	(0.04)	2.09	1.33	(0.89)	1.76	(2.03)	5.54
0P0000JO4O	0.32	0.03	(0.16)	0.25	0.24	(0.36)	0.76	(0.66)	1.62

Fidelity Global Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fidelity Global fund to make a market-neutral strategy. Peer analysis of Fidelity Global could also be used in its relative valuation, which is a method of valuing Fidelity Global by comparing valuation metrics with similar companies.

Global Healthcare Income CI Global Alpha CI Global Alpha Manulife Global Equity Fidelity Global Equity BMO Concentrated Global Capital Group Global CI Global Resource Edgepoint Global Growth American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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