Fidelity Small Correlations

Mutual Funds . USA . 
Fund . Fidelity Small Cap
FSSNX Fund  USD 28.10  0.46  1.66%   
The current 90-days correlation between Fidelity Small Cap and Fidelity Mid Cap is 0.92 (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 weak diversification

The correlation between Fidelity Small Cap and DJI is 0.55 (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 board of governors.

Moving together with Fidelity Mutual Fund

  0.84FRESX Fidelity Real EstatePairCorr
  0.69FRIFX Fidelity Real EstatePairCorr
  0.77FRINX Fidelity Real EstatePairCorr
  0.62FRHMX Fidelity Managed RetPairCorr
  0.62FRKMX Fidelity Managed RetPairCorr
  0.76FRIRX Fidelity Real EstatePairCorr
  0.62FRQIX Fidelity Income ReplPairCorr
  0.61FAASX Fidelity Asset ManagerPairCorr
  0.85FACTX Fidelity Advisor HealthPairCorr
  0.82FACNX Fidelity CanadaPairCorr
  0.78FACDX Fidelity Advisor HealthPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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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