Correlation Between Fidelity International and Amg Managers
Can any of the company-specific risk be diversified away by investing in both Fidelity International and Amg Managers 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 International and Amg Managers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity International Small and Amg Managers Cadence, you can compare the effects of market volatilities on Fidelity International and Amg Managers 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 International with a short position of Amg Managers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity International and Amg Managers.
Diversification Opportunities for Fidelity International and Amg Managers
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fidelity and Amg is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity International Small and Amg Managers Cadence in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amg Managers Cadence and Fidelity International 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 International Small are associated (or correlated) with Amg Managers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amg Managers Cadence has no effect on the direction of Fidelity International i.e., Fidelity International and Amg Managers go up and down completely randomly.
Pair Corralation between Fidelity International and Amg Managers
Assuming the 90 days horizon Fidelity International Small is expected to generate 0.98 times more return on investment than Amg Managers. However, Fidelity International Small is 1.02 times less risky than Amg Managers. It trades about -0.01 of its potential returns per unit of risk. Amg Managers Cadence is currently generating about -0.05 per unit of risk. If you would invest 3,689 in Fidelity International Small on July 24, 2025 and sell it today you would lose (18.00) from holding Fidelity International Small or give up 0.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity International Small vs. Amg Managers Cadence
Performance |
| Timeline |
| Fidelity International |
| Amg Managers Cadence |
Fidelity International and Amg Managers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity International and Amg Managers
The main advantage of trading using opposite Fidelity International and Amg Managers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity International position performs unexpectedly, Amg Managers 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 Amg Managers will offset losses from the drop in Amg Managers' long position.| Fidelity International vs. Fidelity Mega Cap | Fidelity International vs. Fidelity Large Cap | Fidelity International vs. Fidelity Growth Discovery | Fidelity International vs. Fidelity Stock Selector |
| Amg Managers vs. Eagle Capital Growth | Amg Managers vs. Manager Directed Portfolios | Amg Managers vs. Monetta Young Investor | Amg Managers vs. Monongahela All Cap |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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