Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSSNX Fund  USD 28.03  0.17  0.60%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap is 0.94 (i.e., Almost no 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 poor diversification

The correlation between Fidelity Small Cap and DJI is 0.84 (i.e., Very poor 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 board of governors.

Moving together with Fidelity Mutual Fund

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  0.98FQIFX Fidelity Freedom IndexPairCorr
  0.99FQIPX Fidelity Freedom IndexPairCorr
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  0.99FQLSX Fidelity Flex FreedomPairCorr
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  0.99FRBEX Fidelity Freedom 2070PairCorr
  0.99FRBHX Fidelity Freedom 2070PairCorr
  0.99FRBJX Fidelity Advisor FreedomPairCorr
  0.99FRBKX Fidelity Advisor FreedomPairCorr
  0.99FRBLX Fidelity Advisor FreedomPairCorr
  0.66FRBOX Fidelity Advisor FreedomPairCorr
  0.99FRBPX Fidelity Advisor FreedomPairCorr
  0.99FRBQX Fidelity Flex FreedomPairCorr
  0.99FRBUX Fidelity Freedom IndexPairCorr
  0.99FRBVX Fidelity Freedom IndexPairCorr
  0.99FRBWX Fidelity Freedom IndexPairCorr
  0.99FRBYX Fidelity Freedom BlendPairCorr
  0.99FRBZX Fidelity Freedom BlendPairCorr
  0.99FRAGX Aggressive GrowthPairCorr
  0.96FRAMX Fidelity Income ReplPairCorr
  0.97FRASX Fidelity Income ReplPairCorr
  0.99FRCFX Fidelity Freedom BlendPairCorr
  0.99FRCHX Fidelity Freedom BlendPairCorr
  0.66FRCKX Fidelity Freedom BlendPairCorr
  0.99FRCLX Fidelity Freedom BlendPairCorr
  0.66FRCNX Fidelity Freedom BlendPairCorr
  0.99FRCPX Fidelity Freedom BlendPairCorr
  0.98FRCQX Fidelity SustainablePairCorr
  0.98FRCRX Fidelity SustainablePairCorr
  0.98FRCVX Fidelity SustainablePairCorr
  0.98FRCWX Fidelity SustainablePairCorr
  0.98FRCYX Fidelity SustainablePairCorr
  0.98FRDCX Fidelity SustainablePairCorr
  0.98FRDDX Fidelity SustainablePairCorr
  0.98FRDEX Fidelity SustainablePairCorr
  0.99FRGAX Growth Allocation IndexPairCorr

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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