Fidelity Small Correlations

FSCRX Fund

USD 23.73 0.14 0.59%

The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.78 (i.e., Poor 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

Very weak diversification

The correlation between Fidelity Small Cap and DJI is 0.54 (i.e., Very weak 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

0.77	FPURX	Fidelity Puritan	Pair Corr
0.76	FPUKX	Fidelity Puritan	Pair Corr
0.72	FRESX	Fidelity Real Estate	Pair Corr
0.75	FAASX	Fidelity Asset Manager	Pair Corr
0.75	FAAIX	Fidelity Asset Manager	Pair Corr
0.9	FACVX	Fidelity Convertible	Pair Corr
0.85	FACTX	Fidelity Advisor Health	Pair Corr
0.8	FACPX	Fidelity Advisor Sumer	Pair Corr
0.81	FACNX	Fidelity Canada	Pair Corr
0.86	FACDX	Fidelity Advisor Health	Pair Corr
0.67	FADTX	Fidelity Advisor Tec	Pair Corr

Moving against Fidelity Mutual Fund

0.77	FRPCX	Fidelity Sai Alternative	Pair Corr
0.33	FRPDX	Fidelity Sai Alternative	Pair Corr

Related Correlations Analysis

	FCPVX	FTQGX	FSMVX	FLCSX	FSDPX
FCPVX		0.9	0.87	0.47	0.81	FCPVX
FTQGX	0.9		0.87	0.4	0.86	FTQGX
FSMVX	0.87	0.87		0.1	0.95	FSMVX
FLCSX	0.47	0.4	0.1		0.13	FLCSX
FSDPX	0.81	0.86	0.95	0.13		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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FCPVX	0.73	(0.09)	0.00	(0.13)	0.00	0.00	1.48	(1.70)	5.40
FTQGX	1.23	(0.17)	0.00	(0.21)	0.00	0.00	1.87	(3.21)	9.55
FSMVX	0.78	(0.20)	0.00	(0.31)	0.00	0.00	1.33	(1.59)	8.35
FLCSX	0.62	0.01	0.02	0.00	0.95	(0.58)	1.21	(1.34)	4.16
FSDPX	0.81	(0.19)	0.00	(0.29)	0.00	0.00	1.25	(1.54)	8.08

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