Fidelity Canada Correlations

FIQEX Fund

USD 66.60 0.41 0.61%

The current 90-days correlation between Fidelity Canada and Putnam Global Financials is 0.84 (i.e., Very poor 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 income.

Moving together with Fidelity Mutual Fund

0.95	FRBUX	Fidelity Freedom Index	Pair Corr
0.94	FRCLX	Fidelity Freedom Blend	Pair Corr
0.62	FRQIX	Fidelity Income Repl	Pair Corr
0.71	FAFSX	Fidelity Advisor Fin	Pair Corr
0.75	FTF	Franklin Templeton	Pair Corr
0.73	FAMRX	Fidelity Asset Manager	Pair Corr
0.77	FASMX	Fidelity Asset Manager	Pair Corr
0.81	FASIX	Fidelity Asset Manager	Pair Corr
0.63	FASGX	Fidelity Asset Manager	Pair Corr
0.82	FSNOX	Fidelity Freedom 2020	Pair Corr
0.68	FSRRX	Fidelity Strategic Real	Pair Corr
0.62	FSVLX	Consumer Finance Por	Pair Corr
0.93	FTFFX	Fidelity Advisor Freedom	Pair Corr
0.71	FCLKX	Fidelity Large Cap	Pair Corr
0.64	FFGIX	Fidelity Global Modity	Pair Corr

Related Correlations Analysis

	PGFMX	MCBXX	PSSRX	FIKBX	GCFSX	DVFYX	FNPIX	FIDAX
PGFMX		0.0	0.63	0.69	0.9	0.92	0.87	0.55	PGFMX
MCBXX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	MCBXX
PSSRX	0.63	0.0		0.97	0.34	0.67	0.81	0.98	PSSRX
FIKBX	0.69	0.0	0.97		0.44	0.78	0.91	0.92	FIKBX
GCFSX	0.9	0.0	0.34	0.44		0.86	0.71	0.25	GCFSX
DVFYX	0.92	0.0	0.67	0.78	0.86		0.95	0.56	DVFYX
FNPIX	0.87	0.0	0.81	0.91	0.71	0.95		0.71	FNPIX
FIDAX	0.55	0.0	0.98	0.92	0.25	0.56	0.71		FIDAX
	PGFMX	MCBXX	PSSRX	FIKBX	GCFSX	DVFYX	FNPIX	FIDAX

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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

FIDAX	+ 0.98	PSSRX
FIKBX	+ 0.97	PSSRX
FNPIX	+ 0.95	DVFYX
DVFYX	+ 0.92	PGFMX
FIDAX	+ 0.92	FIKBX
FNPIX	+ 0.91	FIKBX

High negative correlations

FIDAX	- 0.0	MCBXX
FNPIX	- 0.0	MCBXX
DVFYX	- 0.0	MCBXX
GCFSX	- 0.0	MCBXX
FIKBX	- 0.0	MCBXX
PSSRX	- 0.0	MCBXX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PGFMX	0.39	0.01	0.00	(0.05)	0.00	0.00	0.85	(0.86)	2.21
MCBXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PSSRX	0.97	(0.10)	0.00	(0.16)	0.00	0.00	1.69	(3.18)	6.03
FIKBX	0.89	(0.03)	0.00	(0.10)	0.00	0.00	1.66	(2.69)	6.29
GCFSX	0.75	0.10	0.10	0.06	1.04	(0.76)	1.80	(2.41)	4.68
DVFYX	0.83	0.07	0.06	0.01	1.31	(0.78)	1.65	(2.39)	6.47
FNPIX	1.23	0.06	0.00	(0.02)	0.00	0.00	2.08	(3.48)	9.08
FIDAX	0.99	(0.11)	0.00	(0.18)	0.00	0.00	1.82	(3.26)	7.22

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