Correlation Between Fidelity Large and Calvert Large
Can any of the company-specific risk be diversified away by investing in both Fidelity Large and Calvert Large at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fidelity Large and Calvert Large into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Large Cap and Calvert Large Cap, you can compare the effects of market volatilities on Fidelity Large and Calvert Large 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 Large with a short position of Calvert Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Large and Calvert Large.
Diversification Opportunities for Fidelity Large and Calvert Large
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Calvert is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Large Cap and Calvert Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Large Cap and Fidelity Large 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 Large Cap are associated (or correlated) with Calvert Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Large Cap has no effect on the direction of Fidelity Large i.e., Fidelity Large and Calvert Large go up and down completely randomly.
Pair Corralation between Fidelity Large and Calvert Large
Assuming the 90 days horizon Fidelity Large Cap is expected to generate 5.52 times more return on investment than Calvert Large. However, Fidelity Large is 5.52 times more volatile than Calvert Large Cap. It trades about 0.24 of its potential returns per unit of risk. Calvert Large Cap is currently generating about 0.18 per unit of risk. If you would invest 1,601 in Fidelity Large Cap on June 4, 2025 and sell it today you would earn a total of 149.00 from holding Fidelity Large Cap or generate 9.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Fidelity Large Cap vs. Calvert Large Cap
Performance |
| Timeline |
| Fidelity Large Cap |
| Calvert Large Cap |
Fidelity Large and Calvert Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Large and Calvert Large
The main advantage of trading using opposite Fidelity Large and Calvert Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Large position performs unexpectedly, Calvert Large 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 Calvert Large will offset losses from the drop in Calvert Large's long position.| Fidelity Large vs. Fidelity Freedom 2015 | Fidelity Large vs. Fidelity Puritan Fund | Fidelity Large vs. Fidelity Pennsylvania Municipal | Fidelity Large vs. Fidelity Freedom Index |
| Calvert Large vs. Pace Smallmedium Value | Calvert Large vs. Lsv Small Cap | Calvert Large vs. Perkins Small Cap | Calvert Large vs. American Century Etf |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |