FIDELITY INCOME Correlations

FIRVX Fund

USD 58.02 -0.04 -0.07%

Current 90-days correlation between Fidelity Income and Fidelity Income Replacement is 0.98 (i.e., Almost no diversification).Monitoring how FIDELITY INCOME's correlations shift over time is a forward-looking risk management exercise, especially ahead of major economic events or earnings announcements.

Market Correlation Summary - FIDELITY INCOME

Very weak diversification

The correlation between FIRVX and DJI is 0.55, which Macroaxis classifies as Very weak diversification for the selected horizon. The cleaner interpretation is to review correlation beside volatility, expected return, and the role each holding plays in the portfolio.

Investing Opportunities provides context for diversified portfolio design. Additional portfolio transparency improves capital positioning. The allocation shows a weighting toward Fidelity Income Replacement. The weighting is visible within the allocation breakdown. The sizing of each position reflects the overall allocation strategy. 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 small area income & poverty estimates.

Moving together with FIDELITY Mutual Fund

0.98	FQIFX	Fidelity Freedom Index	Pair Corr
0.74	FTF	Franklin Templeton	Pair Corr
0.96	FSAMX	Strategic Advisers	Pair Corr
0.86	FSAWX	Fidelity Sai Convertible	Pair Corr
0.93	FSHGX	Fidelity Sai High	Pair Corr
0.71	FASYX	Fidelity Sai Sustainable	Pair Corr
0.64	FAUDX	Strategic Advisers Short	Pair Corr
0.98	FSNVX	Fidelity Freedom 2040	Pair Corr
0.74	FSPWX	Fidelity Sai Inflation	Pair Corr
0.98	FTIEX	Fidelity Total	Pair Corr
0.74	FCALX	Fidelity Climate Action	Pair Corr
0.95	FTYJX	Fidelity Freedom Blend	Pair Corr
0.93	FEQIX	Fidelity Equity Income	Pair Corr
0.82	FESIX	Fidelity Sai Real	Pair Corr
0.94	FFIJX	Fidelity Freedom Index	Pair Corr
0.98	FXIFX	Fidelity Freedom Index	Pair Corr
0.9	FGWMX	Fidelity New Markets	Pair Corr
1.0	FHRVX	Fidelity Managed	Pair Corr
0.89	FICVX	FIDELITY CONVERTIBLE	Pair Corr
0.94	FIJFX	Materials Portfolio	Pair Corr
0.97	FILFX	Strategic Advisers	Pair Corr
0.9	FISVX	Fidelity Small Cap	Pair Corr
0.96	FKIDX	Fidelity Diversified	Pair Corr
0.63	FNITX	Fidelity Advisor New	Pair Corr
0.9	FPIOX	Strategic Advisers Income	Pair Corr
0.99	VTWNX	Vanguard Target	Pair Corr
0.93	FSNOX	Fidelity Freedom 2020	Pair Corr
0.91	PARBX	Trowe Price Retirement	Pair Corr
0.91	RRTBX	Trowe Price Retirement	Pair Corr
0.95	AACTX	American Funds 2020	Pair Corr
0.95	CCCTX	American Funds 2020	Pair Corr
0.99	FAOTX	American Funds 2020	Pair Corr
0.92	TRDBX	T Rowe Price	Pair Corr
0.99	RDCTX	American Funds 2020	Pair Corr

Related Correlations Analysis

	FIRQX	FIRSX	QSML	FSYJX	FFIDX	LVAFX	GAGEX	ALTEX	JAQAX	FRIMX
FIRQX		1.0	0.23	0.96	-0.1	0.89	0.63	0.88	0.0	1.0	FIRQX
FIRSX	1.0		0.28	0.96	-0.05	0.88	0.59	0.88	0.0	1.0	FIRSX
QSML	0.23	0.28		0.15	0.8	-0.01	-0.51	0.06	0.0	0.23	QSML
FSYJX	0.96	0.96	0.15		-0.17	0.89	0.7	0.95	0.0	0.96	FSYJX
FFIDX	-0.1	-0.05	0.8	-0.17		-0.26	-0.75	-0.3	0.0	-0.1	FFIDX
LVAFX	0.89	0.88	-0.01	0.89	-0.26		0.74	0.83	0.0	0.89	LVAFX
GAGEX	0.63	0.59	-0.51	0.7	-0.75	0.74		0.79	0.0	0.63	GAGEX
ALTEX	0.88	0.88	0.06	0.95	-0.3	0.83	0.79		0.0	0.88	ALTEX
JAQAX	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	JAQAX
FRIMX	1.0	1.0	0.23	0.96	-0.1	0.89	0.63	0.88	0.0		FRIMX
	FIRQX	FIRSX	QSML	FSYJX	FFIDX	LVAFX	GAGEX	ALTEX	JAQAX	FRIMX

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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

FIRSX	+ 1.0	FIRQX
FRIMX	+ 1.0	FIRQX
FRIMX	+ 1.0	FIRSX
FSYJX	+ 0.96	FIRQX
FSYJX	+ 0.96	FIRSX
FRIMX	+ 0.96	FSYJX

High negative correlations

GAGEX	- 0.75	FFIDX
GAGEX	- 0.51	QSML
ALTEX	- 0.3	FFIDX
LVAFX	- 0.26	FFIDX
FFIDX	- 0.17	FSYJX
FRIMX	- 0.1	FFIDX

Risk-Adjusted Indicators

FIDELITY INCOME Mutual Fund may look attractive on headline returns alone, but deeper analysis often tells a different story. Without reviewing risk-adjusted indicators, investors may overweight recent returns and underweight the volatility required to achieve them. 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
FIRQX	0.17	0.02	0.33	0.02	0.24	-0.17	0.36	-0.48	1.15
FIRSX	0.21	0.03	0.27	0.02	0.28	-0.20	0.41	-0.58	1.40
QSML	0.79	0.01	0.00	-0.08	0.00	0.00	1.38	-1.73	5.47
FSYJX	0.96	0.23	0.15	0.14	1.42	-1.01	2.19	-1.88	7.85
FFIDX	0.59	-0.02	0.00	-0.11	0.00	0.00	0.96	-1.47	3.17
LVAFX	0.51	0.20	0.40	0.40	0.30	-0.58	0.97	-0.94	8.94
GAGEX	0.99	0.46	0.48	2.79	0.62	-1.20	2.41	-1.46	4.30
ALTEX	1.63	0.34	0.14	0.16	1.94	-1.67	3.34	-3.52	9.71
JAQAX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FRIMX	0.17	0.02	0.33	0.02	0.23	-0.17	0.36	-0.49	1.14

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