Fidelity Salem Correlations

Mutual Funds . USA . 
Fund . Fidelity Salem Street
FQITX Fund  USD 13.00  0.03  0.23%   
The current 90-days correlation between Fidelity Salem Street and Guidemark Large Cap is 0.66 (i.e., Poor diversification). The correlation of Fidelity Salem 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 Salem Correlation With Market

Very weak diversification

The correlation between Fidelity Salem Street and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Salem Street 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 Salem Street. 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 estimate.

Moving together with Fidelity Mutual Fund

  0.94FPTKX Fidelity Freedom 2015PairCorr
  0.69FPXTX Fidelity PennsylvaniaPairCorr
  0.79FQIFX Fidelity Freedom IndexPairCorr
  0.61FRBDX Fidelity Freedom 2070PairCorr
  0.62FRBHX Fidelity Freedom 2070PairCorr
  0.62FRBLX Fidelity Advisor FreedomPairCorr
  0.61FRBUX Fidelity Freedom IndexPairCorr
  0.96FRASX Fidelity Income ReplPairCorr
  0.83FRESX Fidelity Real EstatePairCorr
  0.9FRIFX Fidelity Real EstatePairCorr
  0.96FRIMX Fidelity Income ReplPairCorr
  0.9FRINX Fidelity Real EstatePairCorr
  0.9FRIOX Fidelity Real EstatePairCorr
  0.9FRIQX Fidelity Real EstatePairCorr
  0.93FRKMX Fidelity Managed RetPairCorr
  0.9FRIRX Fidelity Real EstatePairCorr
  0.64FRLPX Fidelity Freedom IndexPairCorr
  0.68FROGX Fidelity Municipal IncomePairCorr
  0.93FRQHX Fidelity Managed RetPairCorr
  0.96FRQIX Fidelity Income ReplPairCorr
  0.96FRQAX Fidelity Income ReplPairCorr
  0.67FACNX Fidelity CanadaPairCorr
  0.94FACFX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.53FADTX Fidelity Advisor TecPairCorr
  0.46FACPX Fidelity Advisor SumerPairCorr
  0.43FAEGX Fidelity Advisor EquityPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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