Fidelity Canada Correlations

Mutual Funds . USA . 
Fund . Fidelity Canada Fund
FICCX Fund  USD 66.88  0.41  0.61%   
The current 90-days correlation between Fidelity Canada and Tiaa Cref Inflation Link is 0.1 (i.e., Average diversification). The correlation of Fidelity Canada 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 Canada Correlation With Market

Poor diversification

The correlation between Fidelity Canada Fund and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canada Fund 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 Canada Fund. 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

  0.95FRBUX Fidelity Freedom IndexPairCorr
  0.94FRCLX Fidelity Freedom BlendPairCorr
  0.62FRQIX Fidelity Income ReplPairCorr
  0.71FAFSX Fidelity Advisor FinPairCorr
  0.75FTF Franklin TempletonPairCorr
  0.74FAMRX Fidelity Asset ManagerPairCorr
  0.77FASMX Fidelity Asset ManagerPairCorr
  0.8FASIX Fidelity Asset ManagerPairCorr
  0.63FASGX Fidelity Asset ManagerPairCorr
  0.82FSNOX Fidelity Freedom 2020PairCorr
  0.68FSRRX Fidelity Strategic RealPairCorr
  0.62FSVLX Consumer Finance PorPairCorr
  0.93FTFFX Fidelity Advisor FreedomPairCorr
  0.71FCLKX Fidelity Large CapPairCorr
  0.64FFGIX Fidelity Global ModityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Canada 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 Canada'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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