Fidelity Flex Correlations

Mutual Funds . USA . 
Fund . Fidelity Flex Mid
FLAPX Fund  USD 19.02  0.23  1.22%   
The current 90-days correlation between Fidelity Flex Mid and Fidelity Flex Small is 0.93 (i.e., Almost no diversification). The correlation of Fidelity Flex 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 Flex Correlation With Market

Very weak diversification

The correlation between Fidelity Flex Mid and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Flex Mid 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 Flex Mid. 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 american community survey.

Moving together with Fidelity Mutual Fund

  0.67FPTKX Fidelity Freedom 2015PairCorr
  0.86FPURX Fidelity PuritanPairCorr
  0.86FPUKX Fidelity PuritanPairCorr
  0.73FQIFX Fidelity Freedom IndexPairCorr
  0.65FQIPX Fidelity Freedom IndexPairCorr
  0.8FQLSX Fidelity Flex FreedomPairCorr
  0.71FRAGX Aggressive GrowthPairCorr
  0.7FRGAX Growth Allocation IndexPairCorr
  0.77FRESX Fidelity Real EstatePairCorr
  0.65FRLPX Fidelity Freedom IndexPairCorr
  0.76FAASX Fidelity Asset ManagerPairCorr
  0.76FAAIX Fidelity Asset ManagerPairCorr
  0.78FACVX Fidelity ConvertiblePairCorr
  0.65FACTX Fidelity Advisor HealthPairCorr
  0.65FACPX Fidelity Advisor SumerPairCorr
  0.84FACNX Fidelity CanadaPairCorr
  0.63FACDX Fidelity Advisor HealthPairCorr
  0.62FADMX Fidelity Advisor StrPairCorr

Moving against Fidelity Mutual Fund

  0.51FRPCX Fidelity Sai AlternativePairCorr

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   
FIBUX
+ 0.93
FUENX
FIBUX
+ 0.7
FITFX
FDFIX
+ 0.67
FITFX
FUENX
+ 0.6
FITFX
FDFIX
+ 0.49
FLXSX
FUENX
+ 0.46
FLXSX
  
High negative correlations   
FITFX
- 0.01
FLXSX

Risk-Adjusted Indicators

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