Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FCIGX Fund  USD 33.72  0.32  0.94%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Small Cap is 0.86 (i.e., Very 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 good diversification

The correlation between Fidelity Small Cap and DJI is -0.24 (i.e., Very good 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 price.

Moving together with Fidelity Mutual Fund

  0.84VSGAX Vanguard Small CapPairCorr
  0.99VSGIX Vanguard Small CapPairCorr
  0.99VISGX Vanguard Small CapPairCorr
  0.99VEXPX Vanguard ExplorerPairCorr
  0.99VEXRX Vanguard ExplorerPairCorr
  0.99JGMIX Janus TritonPairCorr
  0.99JGMRX Janus TritonPairCorr
  0.84JGMAX Janus TritonPairCorr
  0.99JGMCX Janus TritonPairCorr
  0.84JGMNX Janus TritonPairCorr
  0.73LIIAX Columbia Porate IncomePairCorr
  0.81SRINX Columbia Porate IncomePairCorr
  0.94WRHIX Ivy High IncomePairCorr
  0.85WHIAX Ivy High IncomePairCorr
  0.84IHIFX Ivy High IncomePairCorr
  0.95IVHIX Ivy High IncomePairCorr
  0.83MAUKX Pioneer Multi AssetPairCorr
  0.62AA Alcoa CorpPairCorr
  0.68CVX Chevron Corp Earnings Call This WeekPairCorr
  0.66CAT CaterpillarPairCorr
  0.62IBM International BusinessPairCorr
  0.65JPM JPMorgan Chase Sell-off TrendPairCorr
  0.61INTC IntelPairCorr

Moving against Fidelity Mutual Fund

  0.43TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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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.

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