Correlation Between Fidelity Series and Calvert Us

Can any of the company-specific risk be diversified away by investing in both Fidelity Series and Calvert Us at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fidelity Series and Calvert Us into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Fidelity Series Emerging and Calvert Large Cap E, you can compare the effects of market volatilities on Fidelity Series and Calvert Us and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity Series with a short position of Calvert Us. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Series and Calvert Us.

Diversification Opportunities for Fidelity Series and Calvert Us

0.96

Correlation Coefficient

Fidelity Series  Calvert Us

Almost no diversification

The 3 months correlation between Fidelity and Calvert is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Series Emerging and Calvert Large Cap E in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Large Cap and Fidelity Series is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity Series Emerging are associated (or correlated) with Calvert Us. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Large Cap has no effect on the direction of Fidelity Series i.e., Fidelity Series and Calvert Us go up and down completely randomly.

Pair Corralation between Fidelity Series and Calvert Us

Assuming the 90 days horizon Fidelity Series Emerging is expected to generate 1.06 times more return on investment than Calvert Us. However, Fidelity Series is 1.06 times more volatile than Calvert Large Cap E. It trades about 0.13 of its potential returns per unit of risk. Calvert Large Cap E is currently generating about 0.05 per unit of risk. If you would invest  1,051  in Fidelity Series Emerging on May 28, 2025 and sell it today you would earn a total of  24.00  from holding Fidelity Series Emerging or generate 2.28% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	100.0%
Values	Daily Returns

Fidelity Series Emerging  vs.  Calvert Large Cap E

Fidelity Series Emerging

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Fidelity Series Emerging are ranked lower than 18 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak technical and fundamental indicators, Fidelity Series may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Calvert Large Cap

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calvert Large Cap E are ranked lower than 17 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calvert Us may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Fidelity Series and Calvert Us

The main advantage of trading using opposite Fidelity Series and Calvert Us positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Series position performs unexpectedly, Calvert Us can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Calvert Us will offset losses from the drop in Calvert Us' long position.

The idea behind Fidelity Series Emerging and Calvert Large Cap E pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Insider Screener module to find insiders across different sectors to evaluate their impact on performance.