Correlation Between Fidelity American and Pacific Funds
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By analyzing existing cross correlation between Fidelity American High and Pacific Funds Strategic, you can compare the effects of market volatilities on Fidelity American and Pacific Funds and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity American with a short position of Pacific Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity American and Pacific Funds.
Diversification Opportunities for Fidelity American and Pacific Funds
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fidelity and Pacific is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity American High and Pacific Funds Strategic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pacific Funds Strategic and Fidelity American is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity American High are associated (or correlated) with Pacific Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pacific Funds Strategic has no effect on the direction of Fidelity American i.e., Fidelity American and Pacific Funds go up and down completely randomly.
Pair Corralation between Fidelity American and Pacific Funds
Assuming the 90 days trading horizon Fidelity American High is expected to generate 0.92 times more return on investment than Pacific Funds. However, Fidelity American High is 1.09 times less risky than Pacific Funds. It trades about 0.31 of its potential returns per unit of risk. Pacific Funds Strategic is currently generating about 0.25 per unit of risk. If you would invest 675.00 in Fidelity American High on June 2, 2025 and sell it today you would earn a total of 19.00 from holding Fidelity American High or generate 2.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Fidelity American High vs. Pacific Funds Strategic
Performance |
| Timeline |
| Fidelity American High |
| Pacific Funds Strategic |
Fidelity American and Pacific Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity American and Pacific Funds
The main advantage of trading using opposite Fidelity American and Pacific Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity American position performs unexpectedly, Pacific Funds can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Pacific Funds will offset losses from the drop in Pacific Funds' long position.| Fidelity American vs. Goldman Sachs Mid | Fidelity American vs. Bts Managed Income | Fidelity American vs. Mfs Global Total | Fidelity American vs. Meridian Small Cap |
| Pacific Funds vs. Europac Gold Fund | Pacific Funds vs. World Precious Minerals | Pacific Funds vs. International Investors Gold | Pacific Funds vs. Sprott Gold Equity |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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