Fidelity Europe Correlations

FIEUX Fund

USD 39.69 0.33 0.82%

The current 90-days correlation between Fidelity Europe and Fidelity Pacific Basin is 0.74 (i.e., Poor diversification). The correlation of Fidelity Europe 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 Europe Correlation With Market

Good diversification

The correlation between Fidelity Europe Fund and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Europe 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 Europe 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 employment.

Moving together with Fidelity Mutual Fund

0.76	FPTKX	Fidelity Freedom 2015	Pair Corr
0.91	FQITX	Fidelity Salem Street	Pair Corr
0.9	FRAMX	Fidelity Income Repl	Pair Corr
0.86	FRASX	Fidelity Income Repl	Pair Corr
0.61	FRESX	Fidelity Real Estate	Pair Corr
0.93	FRIFX	Fidelity Real Estate	Pair Corr
0.9	FRIMX	Fidelity Income Repl	Pair Corr

Moving against Fidelity Mutual Fund

0.44	FPUKX	Fidelity Puritan	Pair Corr
0.39	FPURX	Fidelity Puritan	Pair Corr

Related Correlations Analysis

	FPBFX	FJPNX	FECAX	FNORX	FSEAX
FPBFX		0.79	0.6	0.86	0.84	FPBFX
FJPNX	0.79		0.3	0.79	0.79	FJPNX
FECAX	0.6	0.3		0.56	0.38	FECAX
FNORX	0.86	0.79	0.56		0.79	FNORX
FSEAX	0.84	0.79	0.38	0.79		FSEAX
	FPBFX	FJPNX	FECAX	FNORX	FSEAX

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Europe 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 Europe'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
FPBFX	0.85	0.05	0.12	(1.27)	1.01	(0.91)	1.44	(1.79)	5.86
FJPNX	0.83	(0.03)	0.00	0.08	0.00	0.00	1.80	(2.50)	5.22
FECAX	0.08	0.00	0.71	3.76	0.00	(0.24)	0.09	(0.18)	0.97
FNORX	0.98	0.04	0.10	(0.19)	1.30	(0.90)	2.04	(1.86)	7.25
FSEAX	0.94	0.03	0.08	0.38	1.27	(0.90)	1.75	(2.18)	6.48

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