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

  0.8FQLSX Fidelity Flex FreedomPairCorr
  0.7FRCPX Fidelity Freedom BlendPairCorr
  0.83FRLPX Fidelity Freedom IndexPairCorr
  0.63FAASX Fidelity Asset ManagerPairCorr
  0.63FAAIX Fidelity Asset ManagerPairCorr
  0.64FACPX Fidelity Advisor SumerPairCorr
  0.91FACGX Fidelity Advisor GrowthPairCorr
  0.87FAFSX Fidelity Advisor FinPairCorr
  0.79FAFFX Fidelity Advisor FreedomPairCorr
  0.65FAFEX Fidelity Advisor FreedomPairCorr
  0.88FAFDX Fidelity Advisor FinPairCorr
  0.77FAFCX Fidelity Advisor FinPairCorr
  0.91FAGOX Fidelity Advisor GrowthPairCorr
  0.74FAGNX Fidelity Advisor EnergyPairCorr
  0.73FAGKX Fidelity Growth StraPairCorr
  0.89FAGIX Fidelity Capital IncomePairCorr
  0.85FAGCX Fidelity Advisor GrowthPairCorr
  0.91FAGAX Fidelity Advisor GrowthPairCorr

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   
FPUKXFPURX
FRBKXFRBDX
FRBDXFQIPX
FRBKXFQIPX
FRBKXFQLSX
FQIFXFPTKX
  
High negative correlations   
FQITXFPUKX
FQITXFPURX

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FPTKX  0.33  0.00  0.00 (0.11) 0.00 
 0.61 
 1.75 
FPURX  0.66 (0.07) 0.00 (0.22) 0.00 
 1.07 
 3.71 
FPUKX  0.66 (0.07) 0.00 (0.22) 0.00 
 1.07 
 3.72 
FPXTX  0.17 (0.03) 0.00 (1.17) 0.00 
 0.29 
 0.86 
FQIFX  0.41 (0.01) 0.00 (0.13) 0.00 
 0.80 
 2.35 
FQIPX  0.63  0.02  0.00 (0.08) 0.00 
 1.14 
 3.86 
FQITX  0.67  0.07  0.11  0.02  0.95 
 1.56 
 4.42 
FQLSX  0.70  0.00  0.00 (0.11) 0.00 
 1.22 
 4.20 
FRBDX  0.69  0.01  0.00 (0.09) 0.00 
 1.34 
 4.12 
FRBKX  0.69  0.01  0.00 (0.09) 0.00 
 1.35 
 4.24