Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSLCX Fund  USD 19.87  0.17  0.85%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap Stock is 0.93 (i.e., Almost no 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

Average diversification

The correlation between Fidelity Small Cap and DJI is 0.15 (i.e., Average 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 main economic indicators.

Moving together with Fidelity Mutual Fund

  0.91FPURX Fidelity PuritanPairCorr
  0.88FPUKX Fidelity PuritanPairCorr
  0.87FQIPX Fidelity Freedom IndexPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.93FRAGX Aggressive GrowthPairCorr
  0.91FRGAX Growth Allocation IndexPairCorr
  0.82FRLPX Fidelity Freedom IndexPairCorr
  0.67FRPCX Fidelity Sai AlternativePairCorr
  0.83FAASX Fidelity Asset ManagerPairCorr
  0.84FAAIX Fidelity Asset ManagerPairCorr
  0.87FACVX Fidelity VertiblePairCorr
  0.81FACPX Fidelity Advisor Sumer Downward RallyPairCorr
  0.7FACNX Fidelity CanadaPairCorr
  0.81FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.43FQITX Fidelity Salem StreetPairCorr
  0.33FRPDX Fidelity Sai AlternativePairCorr
  0.36FAERX Fidelity Advisor OverseasPairCorr
  0.31FADCX Fidelity Advisor Div Downward RallyPairCorr

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   
FDVLX
+ 0.98
FMCSX
FDCAX
+ 0.94
FMCSX
FDSCX
+ 0.9
FDVLX
FDVLX
+ 0.89
FDCAX
FDSCX
+ 0.88
FMCSX
FDSCX
+ 0.84
FDCAX
  
High negative correlations   
FDIVX
- 0.41
FDSCX
FDIVX
- 0.4
FMCSX
FDIVX
- 0.35
FDVLX
FDIVX
- 0.35
FDCAX

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.

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