Fidelity Small Correlations

FSCRX Fund

USD 22.90 0.14 0.61%

The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.01 (i.e., Significant diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Good diversification

The correlation between Fidelity Small Cap 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 Small Cap 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 Small Cap. 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 metropolitan statistical area.

Moving together with Fidelity Mutual Fund

0.98	VSMAX	Vanguard Small Cap	Pair Corr
0.77	VSCIX	Vanguard Small Cap	Pair Corr
0.98	VSCPX	Vanguard Small Cap	Pair Corr
0.98	NAESX	Vanguard Small Cap	Pair Corr
0.96	FSSNX	Fidelity Small Cap	Pair Corr
0.98	DFSTX	Us Small Cap	Pair Corr
0.69	PASVX	T Rowe Price	Pair Corr
0.95	PRVIX	T Rowe Price	Pair Corr
0.95	TRZVX	T Rowe Price	Pair Corr
0.7	PRSVX	T Rowe Price	Pair Corr
0.63	SMPSX	Semiconductor Ultrasector	Pair Corr
0.81	CISGX	Touchstone Sands Capital	Pair Corr
0.65	JPM	JPMorgan Chase	Pair Corr
0.81	BAC	Bank of America	Pair Corr
0.73	HD	Home Depot	Pair Corr

Moving against Fidelity Mutual Fund

0.51	TREMX	T Rowe Price	Pair Corr
0.69	VZ	Verizon Communications	Pair Corr
0.64	MCD	McDonalds	Pair Corr
0.6	KO	Coca Cola	Pair Corr
0.59	PG	Procter Gamble	Pair Corr
0.58	TRV	The Travelers Companies	Pair Corr
0.55	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	FCPVX	FTQGX	FSMVX	FLCSX	FSDPX
FCPVX		0.76	0.75	0.8	0.43	FCPVX
FTQGX	0.76		0.97	0.93	0.52	FTQGX
FSMVX	0.75	0.97		0.91	0.5	FSMVX
FLCSX	0.8	0.93	0.91		0.68	FLCSX
FSDPX	0.43	0.52	0.5	0.68		FSDPX
	FCPVX	FTQGX	FSMVX	FLCSX	FSDPX

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Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FCPVX	0.86	(0.11)	(0.18)	1.53	(2.21)	4.29
FTQGX	1.28	(0.17)	2.67	2.02	(3.21)	8.16
FSMVX	0.85	(0.14)	(3.01)	1.38	(2.29)	4.72
FLCSX	0.79	(0.03)	0.53	1.51	(1.90)	4.91
FSDPX	0.87	(0.11)	1.29	1.38	(1.91)	7.59

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