Fidelity Select Correlations

Mutual Funds . USA . 
Fund . Fidelity Select Semiconductors
FSELX Fund  USD 37.32  1.47  3.79%   
The current 90-days correlation between Fidelity Select Semi and Technology Portfolio Technology is 0.9 (i.e., Almost no diversification). The correlation of Fidelity Select 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 Select Correlation With Market

Very weak diversification

The correlation between Fidelity Select Semiconductors and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Select Semiconductors 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 Select Semiconductors. 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

  0.88YB Yuanbao American DepPairCorr
  0.62FIG Figma, Inc Earnings Call TomorrowPairCorr
  0.71GENVR Gen Digital ContingentPairCorr
  0.85BULLW Webull WarrantsPairCorr
  0.82BZAIW Blaize Holdings, Warrants Symbol ChangePairCorr
  0.83MIND Mind TechnologyPairCorr
  0.92HPE-PC Hewlett Packard EntePairCorr
  0.92DAICW CID HoldCo, WarrantsPairCorr
  0.84RZLVW Rezolve AI LimitedPairCorr
  0.62ACFN Acorn Energy, CommonPairCorr
  0.82SHOP SHOPIFY INCPairCorr
  0.96FPTKX Fidelity Freedom 2015PairCorr
  0.98FPURX Fidelity PuritanPairCorr

Moving against Fidelity Mutual Fund

  0.93FAASW DigiAsia CorpPairCorr
  0.83DVLT Datavault AI Symbol ChangePairCorr
  0.78HPAIW Helport AI LimitedPairCorr
  0.73VISL Vislink TechnologiesPairCorr
  0.57APCXW AppTech Payments CorpPairCorr
  0.48OUSTW Ouster, WarrantsPairCorr
  0.46OUSTZ Ouster, WarrantsPairCorr
  0.4VBIX Viewbix Common StockPairCorr
  0.34FIEE FiEE, IncPairCorr
  0.86SMTK SmartKem, Common StockPairCorr
  0.79NOVA Sunnova Energy InterPairCorr
  0.73NUAI New Era EnergyPairCorr
  0.73APCX Apptech CorpPairCorr
  0.71ODYS Odysightai Common StockPairCorr
  0.64MYSE Myseum,PairCorr
  0.38ZEOWW Zeo Energy CorpPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

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