Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FCPVX Fund  USD 19.93  0.19  0.94%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Trend Fund is 0.45 (i.e., Very weak 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 weak diversification

The correlation between Fidelity Small Cap and DJI is 0.57 (i.e., Very weak 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 unemployment.

Moving together with Fidelity Mutual Fund

  0.88FPTKX Fidelity Freedom 2015PairCorr
  0.66FPURX Fidelity PuritanPairCorr
  0.66FPUKX Fidelity PuritanPairCorr
  0.86FPXTX Fidelity PennsylvaniaPairCorr
  0.88FQIFX Fidelity Freedom IndexPairCorr
  0.88FQIPX Fidelity Freedom IndexPairCorr
  0.72FQITX Fidelity Salem StreetPairCorr
  0.88FQLSX Fidelity Flex FreedomPairCorr
  0.84FRBDX Fidelity Freedom 2070PairCorr
  0.84FRBEX Fidelity Freedom 2070PairCorr
  0.84FRBHX Fidelity Freedom 2070PairCorr
  0.84FRBJX Fidelity Advisor FreedomPairCorr
  0.84FRBKX Fidelity Advisor FreedomPairCorr
  0.84FRBLX Fidelity Advisor FreedomPairCorr
  0.84FRBOX Fidelity Advisor FreedomPairCorr
  0.84FRBPX Fidelity Advisor FreedomPairCorr
  0.85FRBQX Fidelity Flex FreedomPairCorr
  0.85FRBUX Fidelity Freedom IndexPairCorr
  0.85FRBVX Fidelity Freedom IndexPairCorr
  0.85FRBWX Fidelity Freedom IndexPairCorr
  0.85FRBYX Fidelity Freedom BlendPairCorr
  0.85FRBZX Fidelity Freedom BlendPairCorr
  0.88FRAGX Aggressive GrowthPairCorr
  0.87FRAMX Fidelity Income ReplPairCorr
  0.89FRASX Fidelity Income ReplPairCorr
  0.84FRCFX Fidelity Freedom BlendPairCorr
  0.84FRCHX Fidelity Freedom BlendPairCorr
  0.84FRCKX Fidelity Freedom BlendPairCorr
  0.82FRCLX Fidelity Freedom BlendPairCorr
  0.84FRCNX Fidelity Freedom BlendPairCorr
  0.82FRCPX Fidelity Freedom BlendPairCorr
  0.84FRCQX Fidelity SustainablePairCorr
  0.84FRCRX Fidelity SustainablePairCorr
  0.84FRCVX Fidelity SustainablePairCorr
  0.84FRCWX Fidelity SustainablePairCorr
  0.84FRCYX Fidelity SustainablePairCorr
  0.84FRDCX Fidelity SustainablePairCorr
  0.84FRDDX Fidelity SustainablePairCorr
  0.84FRDEX Fidelity SustainablePairCorr
  0.88FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis


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

FGRTX
+ 0.94
FTRNX
SHRAX
+ 0.89
FTRNX
FGRTX
+ 0.89
PRNEX
FGRTX
+ 0.89
SHRAX
WMGYX
+ 0.88
HRAUX
FGRTX
+ 0.86
FIVLX
  

High negative correlations

WMGYX
- 0.07
SHRAX
WMGYX
- 0.06
FIVLX
WMGYX
- 0.03
FGRTX
WMGYX
- 0.03
PRNEX
WMGYX
- 0.02
FTRNX

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.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FTRNX  0.84 (0.03)(0.01) 0.06  1.21 
(0.82)
 1.60 
(1.98)
 5.63 
FIVLX  0.52  0.01 (0.02) 0.10  0.52 
(0.58)
 1.13 
(0.94)
 3.63 
HRAUX  0.72 (0.13) 0.00 (0.03) 0.00 
 0.00 
 1.42 
(1.27)
 4.75 
FDEGX  0.79 (0.11) 0.00 (0.01) 0.00 
 0.00 
 1.48 
(1.72)
 4.57 
PRNEX  0.54  0.03  0.01  0.13  0.65 
(0.54)
 1.08 
(1.16)
 4.29 
SHRAX  0.71  0.06 (0.02)(1.19) 0.88 
(0.76)
 1.48 
(1.57)
 4.76 
FGRTX  0.53  0.04  0.04  0.13  0.60 
(0.60)
 1.31 
(0.92)
 5.97 
SMVLX  0.70  0.05 (0.05)(0.29) 0.82 
(0.77)
 1.35 
(1.27)
 6.10 
CSRSX  0.58 (0.06) 0.00 (0.03) 0.00 
 0.00 
 1.35 
(1.11)
 4.25 
WMGYX  0.78 (0.16) 0.00 (0.05) 0.00 
 0.00 
 1.44 
(1.50)
 4.99 

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