Fidelity Magellan Correlations

Mutual Funds . USA . 
Fund . Fidelity Magellan Fund
FMAGX Fund  USD 14.55  0.30  2.11%   
The current 90-days correlation between Fidelity Magellan and Fidelity Growth Income is 0.89 (i.e., Very poor diversification). The correlation of Fidelity Magellan 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 Magellan Correlation With Market

Poor diversification

The correlation between Fidelity Magellan Fund and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Magellan 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 Magellan 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 price.

Moving together with Fidelity Mutual Fund

  0.98FPURX Fidelity PuritanPairCorr
  0.98FPUKX Fidelity PuritanPairCorr
  0.7FQLSX Fidelity Flex FreedomPairCorr
  0.67FRBDX Fidelity Freedom 2070PairCorr
  0.66FRBHX Fidelity Freedom 2070PairCorr
  0.66FRBLX Fidelity Advisor FreedomPairCorr
  0.62FRBOX Fidelity Advisor FreedomPairCorr
  0.66FRBUX Fidelity Freedom IndexPairCorr
  0.69FRBYX Fidelity Freedom BlendPairCorr
  0.83FRAGX Aggressive GrowthPairCorr
  0.68FRCFX Fidelity Freedom BlendPairCorr
  0.69FRCLX Fidelity Freedom BlendPairCorr
  0.75FRCWX Fidelity SustainablePairCorr
  0.75FRGAX Growth Allocation IndexPairCorr
  0.66FRLPX Fidelity Freedom IndexPairCorr
  0.73FAASX Fidelity Asset ManagerPairCorr
  0.73FAAIX Fidelity Asset ManagerPairCorr
  0.85FACVX Fidelity ConvertiblePairCorr
  0.89FACPX Fidelity Advisor SumerPairCorr
  0.97FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.4FRIFX Fidelity Real EstatePairCorr
  0.4FRIQX Fidelity Real EstatePairCorr
  0.39FRINX Fidelity Real EstatePairCorr
  0.39FRIRX Fidelity Real EstatePairCorr
  0.38FRIOX Fidelity Real EstatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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