Fidelity High Correlations

Mutual Funds . USA . 
Fund . Fidelity High Income
SPHIX Fund  USD 8.16  0.02  0.25%   
The current 90-days correlation between Fidelity High Income and Blackrock Sm Cap is 0.54 (i.e., Very weak diversification). The correlation of Fidelity High 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 High Correlation With Market

Almost no diversification

The correlation between Fidelity High Income and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity High Income and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Fidelity High Income. 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.95FPTKX Fidelity Freedom 2015PairCorr
  0.94FPURX Fidelity PuritanPairCorr
  0.94FPUKX Fidelity PuritanPairCorr
  0.85FPXTX Fidelity PennsylvaniaPairCorr
  0.91FQIFX Fidelity Freedom IndexPairCorr
  0.94FQIPX Fidelity Freedom IndexPairCorr
  0.9FQITX Fidelity Salem StreetPairCorr
  0.97FQLSX Fidelity Flex FreedomPairCorr
  0.95FRBDX Fidelity Freedom 2070PairCorr
  0.95FRBEX Fidelity Freedom 2070PairCorr
  0.95FRBHX Fidelity Freedom 2070PairCorr
  0.94FRBJX Fidelity Advisor FreedomPairCorr
  0.93FRBKX Fidelity Advisor FreedomPairCorr
  0.94FRBNX Fidelity Advisor FreedomPairCorr
  0.94FRBOX Fidelity Advisor FreedomPairCorr
  0.94FRBPX Fidelity Advisor FreedomPairCorr
  0.95FRBQX Fidelity Flex FreedomPairCorr
  0.91FRBUX Fidelity Freedom IndexPairCorr
  0.91FRBVX Fidelity Freedom IndexPairCorr
  0.87FRBWX Fidelity Freedom IndexPairCorr
  0.96FRBYX Fidelity Freedom BlendPairCorr
  0.97FRBZX Fidelity Freedom BlendPairCorr
  0.94FRAGX Aggressive GrowthPairCorr
  0.9FRAMX Fidelity Income ReplPairCorr
  0.93FRASX Fidelity Income ReplPairCorr
  0.94FRCFX Fidelity Freedom BlendPairCorr
  0.94FRCHX Fidelity Freedom BlendPairCorr
  0.94FRCJX Fidelity Freedom BlendPairCorr
  0.93FRCKX Fidelity Freedom BlendPairCorr
  0.95FRCLX Fidelity Freedom BlendPairCorr
  0.94FRCNX Fidelity Freedom BlendPairCorr
  0.91FRCPX Fidelity Freedom BlendPairCorr
  0.92FRCQX Fidelity SustainablePairCorr
  0.92FRCRX Fidelity SustainablePairCorr
  0.88FRCWX Fidelity SustainablePairCorr
  0.91FRCYX Fidelity SustainablePairCorr
  0.91FRDCX Fidelity SustainablePairCorr
  0.88FRDEX Fidelity SustainablePairCorr
  0.93FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity High 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 High'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FMSDX  0.52 (0.02)(0.07) 0.06  0.69 
(0.54)
 0.93 
(1.25)
 2.74 
SVBAX  0.59  0.22  0.30  1.03  0.00 
(0.74)
 0.85 
(0.82)
 13.70 
CDSIX  0.07  0.00 (1.01) 0.40  0.00 
(0.11)
 0.13 
(0.06)
 0.51 
JRBYX  0.33  0.00 (0.10) 0.09  0.31 
(0.35)
 0.67 
(0.63)
 1.90 
CSQ  0.70 (0.03)(0.04) 0.06  0.88 
(0.72)
 1.46 
(1.47)
 4.16 
BFRKX  0.07  0.02 (0.67) 0.76  0.00 
(0.21)
 0.11 
(0.11)
 0.75 
JDSNX  0.75  0.15  0.17  0.26  0.40 
(0.87)
 2.08 
(1.01)
 4.94 
JSCVX  0.75  0.15  0.17  0.26  0.42 
(0.88)
 2.12 
(1.01)
 4.93 
MASKX  0.93  0.08  0.08  0.16  0.98 
(1.02)
 1.98 
(1.78)
 4.73 
MDSKX  0.94  0.08  0.08  0.16  0.97 
(1.02)
 1.97 
(1.82)
 4.72 

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