Fidelity Water Correlations

Mutual Funds . USA . 
Fund . Fidelity Water Sustainability
FLOWX Fund  USD 17.15  0.03  0.17%   
The current 90-days correlation between Fidelity Water Susta and Strategic Advisers Small Mid is 0.16 (i.e., Average diversification). The correlation of Fidelity Water 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 Water Correlation With Market

Poor diversification

The correlation between Fidelity Water Sustainability and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Water Sustainability 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 Water Sustainability. 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 housing.

Moving together with Fidelity Mutual Fund

  0.8FQIPX Fidelity Freedom IndexPairCorr
  0.65FQLSX Fidelity Flex FreedomPairCorr
  0.66FRBDX Fidelity Freedom 2070PairCorr
  0.81FRBHX Fidelity Freedom 2070PairCorr
  0.66FRBLX Fidelity Advisor FreedomPairCorr
  0.66FRBOX Fidelity Advisor FreedomPairCorr
  0.82FRBPX Fidelity Advisor FreedomPairCorr
  0.8FRBUX Fidelity Freedom IndexPairCorr
  0.61FRBVX Fidelity Freedom IndexPairCorr
  0.81FRBYX Fidelity Freedom BlendPairCorr
  0.77FRAGX Aggressive GrowthPairCorr
  0.65FRCFX Fidelity Freedom BlendPairCorr
  0.64FRCHX Fidelity Freedom BlendPairCorr
  0.64FRCKX Fidelity Freedom BlendPairCorr
  0.66FRCLX Fidelity Freedom BlendPairCorr
  0.64FRCNX Fidelity Freedom BlendPairCorr
  0.64FRCQX Fidelity SustainablePairCorr
  0.65FRCWX Fidelity SustainablePairCorr
  0.64FRCYX Fidelity SustainablePairCorr
  0.81FRDCX Fidelity SustainablePairCorr
  0.64FRDEX Fidelity SustainablePairCorr
  0.79FRGAX Growth Allocation IndexPairCorr

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   
FBOTX
+ 0.0
FARMX
FMEDX
+ 0.0
FARMX
FTEKX
+ 0.0
FARMX
FNTEX
+ 0.0
FARMX
FMEDX
+ 0.0
FBOTX
FTEKX
+ 0.0
FBOTX
  
High negative correlations   
FNTEX
- 0.0
FTEKX
FNTEX
- 0.0
FMEDX
FTEKX
- 0.0
FMEDX
FNTEX
- 0.0
FBOTX
FTEKX
- 0.0
FBOTX
FMEDX
- 0.0
FBOTX

Risk-Adjusted Indicators

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