Fidelity 500 Correlations

Mutual Funds . USA . 
Fund . Fidelity 500 Index
FXAIX Fund  USD 197.36  0.17  0.09%   
The current 90-days correlation between Fidelity 500 Index and Fidelity Total Market is 1.0 (i.e., No risk reduction). The correlation of Fidelity 500 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 500 Correlation With Market

Poor diversification

The correlation between Fidelity 500 Index and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity 500 Index 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 500 Index. 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.97FPURX Fidelity PuritanPairCorr
  0.97FPUKX Fidelity PuritanPairCorr
  0.76FQLSX Fidelity Flex FreedomPairCorr
  0.71FRBDX Fidelity Freedom 2070PairCorr
  0.7FRBHX Fidelity Freedom 2070PairCorr
  0.7FRBLX Fidelity Advisor FreedomPairCorr
  0.72FRBUX Fidelity Freedom IndexPairCorr
  0.74FRBYX Fidelity Freedom BlendPairCorr
  0.88FRAGX Aggressive GrowthPairCorr
  0.74FRCFX Fidelity Freedom BlendPairCorr
  0.64FRCLX Fidelity Freedom BlendPairCorr
  0.79FRCWX Fidelity SustainablePairCorr
  0.81FRGAX Growth Allocation IndexPairCorr
  0.72FRLPX Fidelity Freedom IndexPairCorr
  0.79FAASX Fidelity Asset ManagerPairCorr
  0.79FAAIX Fidelity Asset ManagerPairCorr
  0.83FACVX Fidelity ConvertiblePairCorr
  0.88FACPX Fidelity Advisor SumerPairCorr
  0.62FACNX Fidelity CanadaPairCorr
  0.97FACGX Fidelity Advisor GrowthPairCorr
  0.72FADTX Fidelity Advisor TecPairCorr

Moving against Fidelity Mutual Fund

  0.31FRINX Fidelity Real EstatePairCorr
  0.31FRIQX Fidelity Real EstatePairCorr
  0.31FRIRX Fidelity Real EstatePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity 500 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 500'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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