Fidelity Sai Correlations

FRPDX Fund

9.39 0.03 0.32%

The current 90-days correlation between Fidelity Sai Alternative and T Rowe Price is -0.19 (i.e., Good diversification). The correlation of Fidelity Sai 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 Sai Correlation With Market

Good diversification

The correlation between Fidelity Sai Alternative and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sai Alternative 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 Sai Alternative. 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 against Fidelity Mutual Fund

0.8	FPXTX	Fidelity Pennsylvania	Pair Corr
0.74	FROGX	Fidelity Municipal Income	Pair Corr
0.56	FRESX	Fidelity Real Estate	Pair Corr
0.54	FRIFX	Fidelity Real Estate	Pair Corr
0.54	FRINX	Fidelity Real Estate	Pair Corr
0.54	FRIOX	Fidelity Real Estate	Pair Corr
0.54	FRIQX	Fidelity Real Estate	Pair Corr
0.53	FRIRX	Fidelity Real Estate	Pair Corr
0.52	FRHMX	Fidelity Managed Ret	Pair Corr
0.51	FRIMX	Fidelity Income Repl	Pair Corr
0.51	FRKMX	Fidelity Managed Ret	Pair Corr
0.51	FRQHX	Fidelity Managed Ret	Pair Corr
0.51	FRQIX	Fidelity Income Repl	Pair Corr
0.51	FRQKX	Fidelity Managed Ret	Pair Corr
0.5	FRAMX	Fidelity Income Repl	Pair Corr
0.49	FRASX	Fidelity Income Repl	Pair Corr
0.43	FPTKX	Fidelity Freedom 2015	Pair Corr
0.43	FQIFX	Fidelity Freedom Index	Pair Corr
0.63	FADMX	Fidelity Advisor Str	Pair Corr
0.5	FRQAX	Fidelity Income Repl	Pair Corr
0.48	FAFAX	Fidelity Advisor Freedom	Pair Corr
0.47	FACFX	Fidelity Advisor Freedom	Pair Corr
0.38	FRYBX	Fidelity Balanced	Pair Corr

Related Correlations Analysis

	PRFRX	PRSIX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP
PRFRX		0.56	-0.67	0.0	-0.03	0.48	-0.05	0.6	-0.67	0.63	PRFRX
PRSIX	0.56		-0.54	0.0	-0.37	0.88	0.34	0.8	-0.34	0.29	PRSIX
444859BR2	-0.67	-0.54		0.0	0.3	-0.5	-0.06	-0.55	0.5	-0.45	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	-0.03	-0.37	0.3	0.0		-0.44	-0.34	-0.33	-0.07	0.12	BRRAY
MSTSX	0.48	0.88	-0.5	0.0	-0.44		0.27	0.69	-0.06	-0.02	MSTSX
ABHYX	-0.05	0.34	-0.06	0.0	-0.34	0.27		0.56	-0.14	-0.08	ABHYX
LBHIX	0.6	0.8	-0.55	0.0	-0.33	0.69	0.56		-0.38	0.3	LBHIX
SCAXF	-0.67	-0.34	0.5	0.0	-0.07	-0.06	-0.14	-0.38		-0.83	SCAXF
VIASP	0.63	0.29	-0.45	0.0	0.12	-0.02	-0.08	0.3	-0.83		VIASP
	PRFRX	PRSIX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP

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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

MSTSX	+ 0.88	PRSIX
LBHIX	+ 0.8	PRSIX
LBHIX	+ 0.69	MSTSX
VIASP	+ 0.63	PRFRX
LBHIX	+ 0.6	PRFRX
PRSIX	+ 0.56	PRFRX

High negative correlations

VIASP	- 0.83	SCAXF
SCAXF	- 0.67	PRFRX
444859BR2	- 0.67	PRFRX
LBHIX	- 0.55	444859BR2
444859BR2	- 0.54	PRSIX
MSTSX	- 0.5	444859BR2

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Sai 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 Sai'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PRFRX	0.08	0.03	0.00	1.41	0.00	0.00	0.11	(0.11)	0.88
PRSIX	0.23	(0.01)	(0.28)	0.09	0.26	(0.24)	0.50	(0.55)	1.35
444859BR2	1.36	(0.01)	0.00	0.16	0.00	0.00	5.93	(5.79)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.11)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.49	(0.03)	(0.13)	0.07	0.50	(0.61)	1.21	(1.02)	2.80
ABHYX	0.18	0.03	(0.23)	(0.15)	0.24	(0.24)	0.34	(0.33)	1.91
LBHIX	0.12	0.01	(0.44)	0.51	0.00	(0.28)	0.24	(0.24)	0.96
SCAXF	0.70	(0.37)	0.00	(19.66)	0.00	0.00	0.00	0.00	23.47
VIASP	0.75	0.08	(0.04)	(1.44)	1.13	(0.82)	2.28	(1.20)	7.18

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