Fidelity New Correlations

Mutual Funds . USA . 
Fund . Fidelity New Markets
FGVMX Fund  USD 13.77  0.01  0.07%   
The current 90-days correlation between Fidelity New Markets and Nuveen Strategic Municipal is 0.32 (i.e., Weak diversification). The correlation of Fidelity New 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 New Correlation With Market

Good diversification

The correlation between Fidelity New Markets and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity New Markets 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 New Markets. 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 inflation.

Moving together with Fidelity Mutual Fund

  0.68FPTKX Fidelity Freedom 2015PairCorr
  0.81FPURX Fidelity PuritanPairCorr
  0.81FPUKX Fidelity PuritanPairCorr
  0.89FPXTX Fidelity PennsylvaniaPairCorr
  0.64FQIFX Fidelity Freedom IndexPairCorr
  0.64FQIPX Fidelity Freedom IndexPairCorr
  0.63FQLSX Fidelity Flex FreedomPairCorr
  0.67FRBDX Fidelity Freedom 2070PairCorr
  0.67FRBEX Fidelity Freedom 2070PairCorr
  0.64FRBHX Fidelity Freedom 2070PairCorr
  0.66FRBQX Fidelity Flex FreedomPairCorr
  0.63FRBUX Fidelity Freedom IndexPairCorr
  0.63FRBVX Fidelity Freedom IndexPairCorr
  0.63FRBWX Fidelity Freedom IndexPairCorr
  0.65FRBYX Fidelity Freedom BlendPairCorr
  0.61FRBZX Fidelity Freedom BlendPairCorr
  0.64FRAGX Aggressive GrowthPairCorr
  0.67FRAMX Fidelity Income ReplPairCorr
  0.64FRASX Fidelity Income ReplPairCorr
  0.65FRCFX Fidelity Freedom BlendPairCorr
  0.61FRCHX Fidelity Freedom BlendPairCorr
  0.63FRCNX Fidelity Freedom BlendPairCorr
  0.65FRCPX Fidelity Freedom BlendPairCorr
  0.67FRCQX Fidelity SustainablePairCorr
  0.64FRCRX Fidelity SustainablePairCorr
  0.68FRCVX Fidelity SustainablePairCorr
  0.67FRCWX Fidelity SustainablePairCorr
  0.66FRCYX Fidelity SustainablePairCorr
  0.61FRDCX Fidelity SustainablePairCorr
  0.68FRDDX Fidelity SustainablePairCorr
  0.68FRDEX Fidelity SustainablePairCorr
  0.65FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity New 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 New'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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