Fidelity Mega Correlations

FZALX Fund

USD 25.46 0.02 0.08%

The current 90-days correlation between Fidelity Mega Cap and Goldman Sachs Clean is -0.12 (i.e., Good diversification). The correlation of Fidelity Mega 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 Mega Correlation With Market

Good diversification

The correlation between Fidelity Mega Cap and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Mega 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 Mega 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 bureau of economic analysis.

Moving together with Fidelity Mutual Fund

0.82	VTSAX	Vanguard Total Stock	Pair Corr
0.82	VFIAX	Vanguard 500 Index	Pair Corr
0.82	VTSMX	Vanguard Total Stock	Pair Corr
0.82	VITSX	Vanguard Total Stock	Pair Corr
0.82	VSMPX	Vanguard Total Stock	Pair Corr
0.82	VSTSX	Vanguard Total Stock	Pair Corr
0.82	VFINX	Vanguard 500 Index	Pair Corr
0.82	VFFSX	Vanguard 500 Index	Pair Corr
0.76	VINIX	Vanguard Institutional	Pair Corr
0.76	VIIIX	Vanguard Institutional	Pair Corr
0.73	HD	Home Depot	Pair Corr
0.76	BA	Boeing	Pair Corr
0.87	JPM	JPMorgan Chase	Pair Corr
0.83	BAC	Bank of America	Pair Corr
0.84	AXP	American Express	Pair Corr

Moving against Fidelity Mutual Fund

0.48	TRV	The Travelers Companies	Pair Corr
0.42	MRK	Merck Company	Pair Corr
0.33	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	GCEBX	SGDLX	SGDIX	AGGWX	XGGNX	GLDAX	QGLDX	MXKJX
GCEBX		0.33	0.33	0.37	0.27	0.38	0.34	-0.3	GCEBX
SGDLX	0.33		1.0	0.99	0.96	0.99	0.96	-0.52	SGDLX
SGDIX	0.33	1.0		0.99	0.96	0.99	0.96	-0.52	SGDIX
AGGWX	0.37	0.99	0.99		0.96	1.0	0.98	-0.56	AGGWX
XGGNX	0.27	0.96	0.96	0.96		0.96	0.95	-0.52	XGGNX
GLDAX	0.38	0.99	0.99	1.0	0.96		0.98	-0.56	GLDAX
QGLDX	0.34	0.96	0.96	0.98	0.95	0.98		-0.55	QGLDX
MXKJX	-0.3	-0.52	-0.52	-0.56	-0.52	-0.56	-0.55		MXKJX
	GCEBX	SGDLX	SGDIX	AGGWX	XGGNX	GLDAX	QGLDX	MXKJX

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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

SGDIX	+ 1.0	SGDLX
GLDAX	+ 1.0	AGGWX
AGGWX	+ 0.99	SGDLX
GLDAX	+ 0.99	SGDLX
AGGWX	+ 0.99	SGDIX
GLDAX	+ 0.99	SGDIX

High negative correlations

MXKJX	- 0.56	GLDAX
MXKJX	- 0.56	AGGWX
MXKJX	- 0.55	QGLDX
MXKJX	- 0.52	XGGNX
MXKJX	- 0.52	SGDIX
MXKJX	- 0.52	SGDLX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Mega 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 Mega'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
GCEBX	0.74	0.03	0.06	0.05	1.11	(0.74)	1.49	(2.40)	4.21
SGDLX	1.24	0.26	0.18	0.73	1.36	(1.33)	3.01	(2.88)	7.21
SGDIX	1.24	0.26	0.18	0.77	1.40	(1.31)	3.01	(2.89)	7.24
AGGWX	1.25	0.36	0.24	0.65	1.36	(1.37)	2.70	(2.67)	7.23
XGGNX	0.62	0.12	0.17	0.30	0.71	(0.71)	1.44	(1.20)	3.21
GLDAX	1.11	0.32	0.23	0.68	1.16	(1.17)	2.83	(2.49)	6.45
QGLDX	0.72	0.18	0.28	(3.60)	0.68	(0.81)	1.71	(1.33)	3.97
MXKJX	1.08	(0.07)	0.00	(0.17)	0.00	0.00	1.42	(1.97)	26.05

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