Fidelity Emerging Correlations

Mutual Funds . USA . 
Fund . Fidelity Emerging Markets
FPADX Fund  USD 11.11  0.04  0.36%   
The current 90-days correlation between Fidelity Emerging Markets and Fidelity International Index is 0.74 (i.e., Poor diversification). The correlation of Fidelity Emerging 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 Emerging Correlation With Market

Good diversification

The correlation between Fidelity Emerging Markets and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Emerging Markets 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 Emerging Markets. 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 unemployment.

Moving together with Fidelity Mutual Fund

  0.8FPTKX Fidelity Freedom 2015PairCorr
  0.67FQIFX Fidelity Freedom IndexPairCorr
  0.82FQITX Fidelity Salem StreetPairCorr
  0.82FRASX Fidelity Income ReplPairCorr
  0.69FRESX Fidelity Real EstatePairCorr
  0.82FRIFX Fidelity Real EstatePairCorr
  0.85FRIMX Fidelity Income ReplPairCorr
  0.81FRINX Fidelity Real EstatePairCorr
  0.8FRIOX Fidelity Real EstatePairCorr
  0.81FRIQX Fidelity Real EstatePairCorr
  0.88FRHMX Fidelity Managed RetPairCorr
  0.88FRKMX Fidelity Managed RetPairCorr
  0.81FRIRX Fidelity Real EstatePairCorr
  0.88FRQHX Fidelity Managed RetPairCorr
  0.88FRQIX Fidelity Income ReplPairCorr
  0.85FRQKX Fidelity Managed RetPairCorr
  0.85FRQAX Fidelity Income ReplPairCorr

Moving against Fidelity Mutual Fund

  0.38FPUKX Fidelity PuritanPairCorr
  0.32FPURX Fidelity PuritanPairCorr
  0.6FACPX Fidelity Advisor Sumer Steady GrowthPairCorr
  0.52FADTX Fidelity Advisor TecPairCorr
  0.45FAEGX Fidelity Advisor EquityPairCorr
  0.41FACGX Fidelity Advisor GrowthPairCorr
  0.41FAGOX Fidelity Advisor GrowthPairCorr
  0.4FAGKX Fidelity Growth Stra Steady GrowthPairCorr
  0.35FRPCX Fidelity Sai AlternativePairCorr
  0.34FACVX Fidelity ConvertiblePairCorr

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   
FIPDX
+ 0.95
FUAMX
FIPDX
+ 0.93
FSPSX
FUAMX
+ 0.89
FSPSX
FIPDX
+ 0.74
FSRNX
FSRNX
+ 0.73
FSPSX
FUAMX
+ 0.68
FSRNX
  
High negative correlations   
FSSNX
- 0.74
FUAMX
FSSNX
- 0.65
FIPDX
FSSNX
- 0.6
FSPSX
FSSNX
- 0.11
FSRNX

Risk-Adjusted Indicators

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