Fidelity High Correlations

Mutual Funds . USA . 
Fund . Fidelity High Income
SPHIX Fund  USD 8.13  0.02  0.25%   
The current 90-days correlation between Fidelity High Income and Fidelity Global Bond is 0.28 (i.e., Modest 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

Weak diversification

The correlation between Fidelity High Income and DJI is 0.38 (i.e., Weak 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

  0.96FPTKX Fidelity Freedom 2015PairCorr
  0.94FPURX Fidelity PuritanPairCorr
  0.94FPUKX Fidelity PuritanPairCorr
  0.78FPXTX Fidelity PennsylvaniaPairCorr
  0.96FQIFX Fidelity Freedom IndexPairCorr
  0.94FQIPX Fidelity Freedom IndexPairCorr
  0.94FQLSX Fidelity Flex FreedomPairCorr
  0.94FRBDX Fidelity Freedom 2070PairCorr
  0.94FRBEX Fidelity Freedom 2070PairCorr
  0.94FRBHX Fidelity Freedom 2070PairCorr
  0.93FRBJX Fidelity Advisor FreedomPairCorr
  0.93FRBKX Fidelity Advisor FreedomPairCorr
  0.93FRBLX Fidelity Advisor FreedomPairCorr
  0.93FRBOX Fidelity Advisor FreedomPairCorr
  0.93FRBPX Fidelity Advisor FreedomPairCorr
  0.94FRBQX Fidelity Flex FreedomPairCorr
  0.94FRBUX Fidelity Freedom IndexPairCorr
  0.94FRBVX Fidelity Freedom IndexPairCorr
  0.94FRBWX Fidelity Freedom IndexPairCorr
  0.94FRBYX Fidelity Freedom BlendPairCorr
  0.94FRBZX Fidelity Freedom BlendPairCorr
  0.95FRAGX Aggressive GrowthPairCorr
  0.95FRAMX Fidelity Income ReplPairCorr
  0.96FRASX Fidelity Income ReplPairCorr
  0.94FRCFX Fidelity Freedom BlendPairCorr
  0.94FRCHX Fidelity Freedom BlendPairCorr
  0.94FRCKX Fidelity Freedom BlendPairCorr
  0.94FRCLX Fidelity Freedom BlendPairCorr
  0.94FRCNX Fidelity Freedom BlendPairCorr
  0.94FRCPX Fidelity Freedom BlendPairCorr
  0.94FRCQX Fidelity SustainablePairCorr
  0.94FRCRX Fidelity SustainablePairCorr
  0.94FRCVX Fidelity SustainablePairCorr
  0.93FRCWX Fidelity SustainablePairCorr
  0.93FRCYX Fidelity SustainablePairCorr
  0.93FRDCX Fidelity SustainablePairCorr
  0.93FRDDX Fidelity SustainablePairCorr
  0.94FRDEX Fidelity SustainablePairCorr
  0.95FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis


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

FQIFX
+ 1.0
FPTKX
FPUKX
+ 1.0
FPURX
FQIPX
+ 0.99
FPTKX
FQIPX
+ 0.99
FQIFX
FQIPX
+ 0.98
FGILX
FPURX
+ 0.98
FPTKX
  

High negative correlations

FQITX
- 0.29
FGBFX
FQITX
- 0.19
FPUKX
FQITX
- 0.19
FPURX
FQITX
- 0.17
FPXTX
FQITX
- 0.14
FHIFX
FQITX
- 0.1
FPTKX

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
FGBFX  0.17  0.04 (0.21) 0.92  0.00 
(0.23)
 0.38 
(0.25)
 0.88 
FGILX  0.39  0.02 (0.02) 0.12  0.38 
(0.42)
 1.07 
(0.81)
 2.22 
FHIFX  0.11  0.03 (0.28) 0.45  0.00 
(0.17)
 0.25 
(0.12)
 0.74 
FPTKX  0.21  0.04 (0.08) 0.22  0.00 
(0.25)
 0.52 
(0.34)
 1.24 
FPURX  0.34  0.05  0.01  0.20  0.03 
(0.40)
 0.76 
(0.61)
 1.85 
FPUKX  0.34  0.05  0.01  0.19  0.09 
(0.41)
 0.72 
(0.65)
 1.89 
FPXTX  0.11  0.02 (0.51)(3.06) 0.00 
(0.19)
 0.30 
(0.20)
 0.69 
FQIFX  0.28  0.04 (0.03) 0.18  0.01 
(0.33)
 0.59 
(0.49)
 1.64 
FQIPX  0.41  0.04  0.03  0.15  0.29 
(0.48)
 1.11 
(0.83)
 2.18 
FQITX  0.63 (0.07)(0.10) 0.00  0.85 
(0.58)
 1.24 
(1.41)
 3.68 

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