Fidelity China Correlations

FHKTX Fund

USD 41.07 0.17 0.42%

The current 90-days correlation between Fidelity China Region and Precious Metals And is 0.37 (i.e., Weak diversification). The correlation of Fidelity China 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 China Correlation With Market

Modest diversification

The correlation between Fidelity China Region and DJI is 0.29 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity China Region 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 China Region. 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 estimate.

Moving together with Fidelity Mutual Fund

0.82	FPTKX	Fidelity Freedom 2015	Pair Corr
0.61	FQIFX	Fidelity Freedom Index	Pair Corr
0.88	FQITX	Fidelity Salem Street	Pair Corr
0.88	FRAMX	Fidelity Income Repl	Pair Corr
0.86	FRASX	Fidelity Income Repl	Pair Corr
0.7	FRESX	Fidelity Real Estate	Pair Corr

Moving against Fidelity Mutual Fund

0.42	FPURX	Fidelity Puritan	Pair Corr
0.42	FPUKX	Fidelity Puritan	Pair Corr

Related Correlations Analysis

	UIPMX	FEGOX	FRGOX	GLDAX	SGDLX	MXKJX
UIPMX		0.98	0.99	0.98	0.97	-0.56	UIPMX
FEGOX	0.98		0.98	1.0	0.98	-0.57	FEGOX
FRGOX	0.99	0.98		0.98	0.97	-0.55	FRGOX
GLDAX	0.98	1.0	0.98		0.99	-0.56	GLDAX
SGDLX	0.97	0.98	0.97	0.99		-0.52	SGDLX
MXKJX	-0.56	-0.57	-0.55	-0.56	-0.52		MXKJX
	UIPMX	FEGOX	FRGOX	GLDAX	SGDLX	MXKJX

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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

GLDAX	+ 1.0	FEGOX
FRGOX	+ 0.99	UIPMX
SGDLX	+ 0.99	GLDAX
FEGOX	+ 0.98	UIPMX
GLDAX	+ 0.98	UIPMX
FRGOX	+ 0.98	FEGOX

High negative correlations

MXKJX	- 0.57	FEGOX
MXKJX	- 0.56	GLDAX
MXKJX	- 0.56	UIPMX
MXKJX	- 0.55	FRGOX
MXKJX	- 0.52	SGDLX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity China 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 China'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
UIPMX	1.16	0.35	0.24	0.98	1.17	(1.28)	2.90	(2.32)	7.10
FEGOX	1.12	0.29	0.21	(2.30)	1.21	(1.20)	2.28	(2.26)	6.31
FRGOX	1.22	0.42	0.27	0.74	1.17	(1.38)	3.38	(2.63)	6.89
GLDAX	1.11	0.29	0.21	(3.53)	1.16	(1.17)	2.83	(2.49)	6.45
SGDLX	1.24	0.24	0.16	(4.37)	1.36	(1.33)	3.01	(2.88)	7.21
MXKJX	1.09	(0.05)	0.00	(0.12)	0.00	0.00	1.47	(1.97)	26.05

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