Fidelity Mega Correlations

FGRCX Fund

USD 24.15 0.54 2.29%

The current 90-days correlation between Fidelity Mega Cap and Fidelity Freedom 2015 is 0.83 (i.e., Very poor diversification). The correlation of Fidelity Mega 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 Mega Correlation With Market

Poor diversification

The correlation between Fidelity Mega Cap and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Mega 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 Mega 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.8	FQLSX	Fidelity Flex Freedom	Pair Corr
0.7	FRCPX	Fidelity Freedom Blend	Pair Corr
0.83	FRLPX	Fidelity Freedom Index	Pair Corr
0.63	FAASX	Fidelity Asset Manager	Pair Corr
0.63	FAAIX	Fidelity Asset Manager	Pair Corr
0.64	FACPX	Fidelity Advisor Sumer	Pair Corr
0.91	FACGX	Fidelity Advisor Growth	Pair Corr
0.87	FAFSX	Fidelity Advisor Fin	Pair Corr
0.79	FAFFX	Fidelity Advisor Freedom	Pair Corr
0.65	FAFEX	Fidelity Advisor Freedom	Pair Corr
0.88	FAFDX	Fidelity Advisor Fin	Pair Corr
0.77	FAFCX	Fidelity Advisor Fin	Pair Corr
0.91	FAGOX	Fidelity Advisor Growth	Pair Corr
0.74	FAGNX	Fidelity Advisor Energy	Pair Corr
0.73	FAGKX	Fidelity Growth Stra	Pair Corr
0.89	FAGIX	Fidelity Capital Income	Pair Corr
0.85	FAGCX	Fidelity Advisor Growth	Pair Corr
0.91	FAGAX	Fidelity Advisor Growth	Pair Corr

Related Correlations Analysis

	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRBDX	FRBKX
FPTKX		0.3	0.31	0.82	0.95	0.84	0.9	0.81	0.83	0.84	FPTKX
FPURX	0.3		1.0	0.14	0.54	0.69	0.0	0.78	0.71	0.7	FPURX
FPUKX	0.31	1.0		0.14	0.54	0.69	0.0	0.78	0.71	0.7	FPUKX
FPXTX	0.82	0.14	0.14		0.76	0.54	0.68	0.54	0.52	0.53	FPXTX
FQIFX	0.95	0.54	0.54	0.76		0.91	0.76	0.93	0.89	0.91	FQIFX
FQIPX	0.84	0.69	0.69	0.54	0.91		0.7	0.95	0.99	0.99	FQIPX
FQITX	0.9	0.0	0.0	0.68	0.76	0.7		0.58	0.68	0.7	FQITX
FQLSX	0.81	0.78	0.78	0.54	0.93	0.95	0.58		0.95	0.96	FQLSX
FRBDX	0.83	0.71	0.71	0.52	0.89	0.99	0.68	0.95		1.0	FRBDX
FRBKX	0.84	0.7	0.7	0.53	0.91	0.99	0.7	0.96	1.0		FRBKX
	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRBDX	FRBKX

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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

FPUKX	+ 1.0	FPURX
FRBKX	+ 1.0	FRBDX
FRBDX	+ 0.99	FQIPX
FRBKX	+ 0.99	FQIPX
FRBKX	+ 0.96	FQLSX
FQIFX	+ 0.95	FPTKX

High negative correlations

FQITX	- 0.0	FPUKX
FQITX	- 0.0	FPURX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Mega 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 Mega'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
FPTKX	0.33	0.00	0.00	(0.11)	0.00	0.00	0.61	(0.69)	1.75
FPURX	0.66	(0.07)	0.00	(0.22)	0.00	0.00	1.07	(1.74)	3.71
FPUKX	0.66	(0.07)	0.00	(0.22)	0.00	0.00	1.07	(1.70)	3.72
FPXTX	0.17	(0.03)	0.00	(1.17)	0.00	0.00	0.29	(0.38)	0.86
FQIFX	0.41	(0.01)	0.00	(0.13)	0.00	0.00	0.80	(1.01)	2.35
FQIPX	0.63	0.02	0.00	(0.08)	0.00	0.00	1.14	(1.38)	3.86
FQITX	0.67	0.07	0.11	0.02	0.95	(0.67)	1.56	(1.57)	4.42
FQLSX	0.70	0.00	0.00	(0.11)	0.00	0.00	1.22	(1.43)	4.20
FRBDX	0.69	0.01	0.00	(0.09)	0.00	0.00	1.34	(1.42)	4.12
FRBKX	0.69	0.01	0.00	(0.09)	0.00	0.00	1.35	(1.51)	4.24

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