Fidelity Asset Correlations

Mutual Funds . USA . 
Fund . Fidelity Asset Manager
FTAWX Fund  USD 13.68  0.02  0.15%   
The current 90-days correlation between Fidelity Asset Manager and Pace Smallmedium Value is 0.79 (i.e., Poor diversification). The correlation of Fidelity Asset 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 Asset Correlation With Market

Poor diversification

The correlation between Fidelity Asset Manager and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Asset Manager 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 Asset Manager. 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 housing.

Moving together with Fidelity Mutual Fund

  0.99FPTKX Fidelity Freedom 2015PairCorr
  0.75FPXTX Fidelity PennsylvaniaPairCorr
  0.95FQIFX Fidelity Freedom IndexPairCorr
  0.91FQITX Fidelity Salem StreetPairCorr
  0.76FQLSX Fidelity Flex FreedomPairCorr
  0.74FRBDX Fidelity Freedom 2070PairCorr
  0.75FRBHX Fidelity Freedom 2070PairCorr
  0.75FRBLX Fidelity Advisor FreedomPairCorr
  0.77FRBOX Fidelity Advisor FreedomPairCorr
  0.75FRBUX Fidelity Freedom IndexPairCorr
  0.72FRBYX Fidelity Freedom BlendPairCorr
  0.65FRAGX Aggressive GrowthPairCorr
  0.97FRASX Fidelity Income ReplPairCorr
  0.73FRCFX Fidelity Freedom BlendPairCorr
  0.72FRCLX Fidelity Freedom BlendPairCorr
  0.68FRCWX Fidelity SustainablePairCorr
  0.75FRGAX Growth Allocation IndexPairCorr
  0.89FRESX Fidelity Real EstatePairCorr
  0.82FRIFX Fidelity Real EstatePairCorr
  0.93FRIMX Fidelity Income ReplPairCorr
  0.82FRINX Fidelity Real EstatePairCorr
  0.83FRIOX Fidelity Real EstatePairCorr
  0.82FRIQX Fidelity Real EstatePairCorr
  0.87FRKMX Fidelity Managed RetPairCorr
  0.82FRIRX Fidelity Real EstatePairCorr
  0.82FRLPX Fidelity Freedom IndexPairCorr
  0.74FROGX Fidelity Municipal IncomePairCorr
  0.87FRQHX Fidelity Managed RetPairCorr
  0.93FRQIX Fidelity Income ReplPairCorr
  0.94FRQAX Fidelity Income ReplPairCorr
  0.8FACNX Fidelity CanadaPairCorr
  0.89FACFX Fidelity Advisor FreedomPairCorr

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   
PRDMX
+ 0.92
PCSVX
PRDMX
+ 0.66
ESCIX
ESCIX
+ 0.48
PCSVX
AOPAX
+ 0.38
UCPIX
ESCIX
+ 0.38
AOPAX
CSCVX
+ 0.33
AOPAX
  
High negative correlations   
UCPIX
- 0.98
PCSVX
PRDMX
- 0.92
UCPIX
ESCIX
- 0.52
UCPIX
AOPAX
- 0.37
PCSVX
PRDMX
- 0.15
AOPAX
CSCVX
- 0.11
UCPIX

Risk-Adjusted Indicators

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