Fidelity Puritan Correlations

Mutual Funds . USA . 
Fund . Fidelity Puritan Fund
FPUKX Fund  USD 24.38  0.28  1.16%   
The current 90-days correlation between Fidelity Puritan and Jp Morgan Smartretirement is 0.93 (i.e., Almost no diversification). The correlation of Fidelity Puritan 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 Puritan Correlation With Market

Poor diversification

The correlation between Fidelity Puritan 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 Puritan 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 Puritan 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 industry.

Moving together with Fidelity Mutual Fund

  1.0FPURX Fidelity PuritanPairCorr
  0.63FQIPX Fidelity Freedom IndexPairCorr
  0.68FQLSX Fidelity Flex FreedomPairCorr
  0.81FRAGX Aggressive GrowthPairCorr
  0.63FRCWX Fidelity SustainablePairCorr
  0.65FRDCX Fidelity SustainablePairCorr
  0.73FRGAX Growth Allocation IndexPairCorr
  0.62FRLPX Fidelity Freedom IndexPairCorr
  0.77FAASX Fidelity Asset ManagerPairCorr
  0.77FAAIX Fidelity Asset ManagerPairCorr
  0.9FACVX Fidelity ConvertiblePairCorr

Moving against Fidelity Mutual Fund

  0.42FRIFX Fidelity Real EstatePairCorr
  0.42FRIQX Fidelity Real EstatePairCorr
  0.41FRINX Fidelity Real EstatePairCorr
  0.4FRIOX Fidelity Real EstatePairCorr
  0.42FRIRX Fidelity Real EstatePairCorr

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   
RTIUX
+ 0.96
DIHRX
VIPIX
+ 0.93
DIHRX
VIPIX
+ 0.91
RTIUX
WRLDX
+ 0.86
RTIUX
WRLDX
+ 0.85
DIHRX
VIPIX
+ 0.82
WRLDX
  
High negative correlations   
XHYIX
- 0.26
OPTCX
XHYIX
- 0.19
VIPIX
XHYIX
- 0.13
DIHRX
XHYIX
- 0.11
RTIUX

Risk-Adjusted Indicators

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