Fidelity Short Correlations

Mutual Funds . USA . 
Fund . Fidelity Short Term Bond
FNSOX Fund  USD 10.11  0.01  0.1%   
The current 90-days correlation between Fidelity Short Term and Fidelity Freedom 2015 is 0.21 (i.e., Modest diversification). The correlation of Fidelity Short 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 Short Correlation With Market

Significant diversification

The correlation between Fidelity Short Term Bond and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Short Term Bond 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 Short Term Bond. 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 metropolitan statistical area.

Moving together with Fidelity Mutual Fund

  0.8FPURX Fidelity PuritanPairCorr
  0.8FPUKX Fidelity PuritanPairCorr
  0.84FPXTX Fidelity PennsylvaniaPairCorr
  0.61FRASX Fidelity Income ReplPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Short 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 Short'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
FPTKX  0.22  0.00 (0.11) 0.06  0.23 
(0.24)
 0.48 
(0.48)
 1.37 
FPURX  0.46  0.04  0.00  0.15  0.53 
(0.46)
 1.27 
(1.10)
 3.31 
FPUKX  0.46  0.04  0.00  0.14  0.55 
(0.48)
 1.31 
(1.10)
 3.27 
FPXTX  0.08  0.01 (0.36)(1.51) 0.00 
(0.13)
 0.19 
(0.19)
 0.48 
FQIFX  0.30  0.00 (0.07) 0.05  0.39 
(0.30)
 0.63 
(0.66)
 1.72 
FQIPX  0.52  0.00 (0.02) 0.05  0.75 
(0.49)
 1.00 
(1.12)
 2.86 
FQITX  0.73 (0.05)(0.05) 0.00  1.07 
(0.68)
 1.09 
(1.50)
 5.11 
FQLSX  0.53  0.00 (0.01) 0.06  0.79 
(0.50)
 1.04 
(1.17)
 3.05 
FRBDX  0.54  0.03 (0.02) 0.27  0.81 
(0.50)
 1.05 
(1.21)
 3.05 
FRBEX  0.54  0.03 (0.02) 0.30  0.83 
(0.50)
 1.06 
(1.21)
 3.10 

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