Materials Portfolio Correlations

FIJFX Fund

USD 98.26 2.04 2.03%

The correlation of Materials Portfolio 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Materials Portfolio moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Materials Portfolio Fidelity moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Significant diversification

The correlation between Materials Portfolio Fidelity and NYA is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Materials Portfolio Fidelity and NYA in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Materials Portfolio Fidelity. Also, note that the market value of any mutual fund could be tightly coupled with the direction of predictive economic indicators such as signals in census.

The ability to find closely correlated positions to Materials Portfolio could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Materials Portfolio when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Materials Portfolio - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Materials Portfolio Fidelity to buy it.

Moving together with Materials Mutual Fund

0.62	FPURX	Fidelity Puritan	Pair Corr
0.62	FPUKX	Fidelity Puritan	Pair Corr
0.64	FQIPX	Fidelity Freedom Index	Pair Corr
0.67	FQLSX	Fidelity Flex Freedom	Pair Corr
0.64	FRAGX	Aggressive Growth	Pair Corr
0.61	FRGAX	Growth Allocation Index	Pair Corr
0.64	FRLPX	Fidelity Freedom Index	Pair Corr

Related Correlations Analysis

	GMOWX	MSTSX	VIASP	OGEAX	GBEI	KNF	AMPL	PCTPX	SEGI
GMOWX		0.48	0.8	0.52	-0.31	-0.12	-0.58	-0.34	0.28	GMOWX
MSTSX	0.48		0.74	0.79	-0.17	-0.23	0.07	0.5	0.21	MSTSX
VIASP	0.8	0.74		0.78	-0.07	-0.39	-0.27	0.01	0.49	VIASP
OGEAX	0.52	0.79	0.78		0.16	-0.34	0.02	0.32	0.38	OGEAX
GBEI	-0.31	-0.17	-0.07	0.16		-0.1	0.29	0.22	0.17	GBEI
KNF	-0.12	-0.23	-0.39	-0.34	-0.1		-0.28	0.02	-0.67	KNF
AMPL	-0.58	0.07	-0.27	0.02	0.29	-0.28		0.59	-0.06	AMPL
PCTPX	-0.34	0.5	0.01	0.32	0.22	0.02	0.59		-0.19	PCTPX
SEGI	0.28	0.21	0.49	0.38	0.17	-0.67	-0.06	-0.19		SEGI
	GMOWX	MSTSX	VIASP	OGEAX	GBEI	KNF	AMPL	PCTPX	SEGI

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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

VIASP	+ 0.8	GMOWX
OGEAX	+ 0.79	MSTSX
OGEAX	+ 0.78	VIASP
VIASP	+ 0.74	MSTSX
PCTPX	+ 0.59	AMPL
OGEAX	+ 0.52	GMOWX

High negative correlations

SEGI	- 0.67	KNF
AMPL	- 0.58	GMOWX
KNF	- 0.39	VIASP
KNF	- 0.34	OGEAX
PCTPX	- 0.34	GMOWX
GBEI	- 0.31	GMOWX

Risk-Adjusted Indicators

There is a big difference between Materials Mutual Fund performing well and Materials Portfolio 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 Materials Portfolio'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GMOWX	0.84	0.17	0.13	4.31	0.95	(0.87)	1.78	(1.53)	5.67
MSTSX	0.48	0.02	0.02	0.05	0.68	(0.49)	0.92	(1.29)	3.08
VIASP	1.31	0.33	0.16	0.25	1.69	(1.40)	3.96	(2.60)	13.41
OGEAX	0.55	0.04	0.03	1.16	0.60	(0.60)	1.12	(1.21)	2.76
GBEI	2.92	0.69	0.00	(5.05)	0.00	0.00	9.80	0.00	38.38
KNF	1.30	(0.14)	0.00	(0.07)	0.00	0.00	2.47	(2.91)	8.13
AMPL	7.08	0.27	0.02	(0.25)	8.74	(8.04)	18.10	(11.19)	52.93
PCTPX	0.13	(0.02)	0.00	(0.21)	0.00	0.00	0.28	(0.28)	1.03
SEGI	12.60	2.73	0.16	11.97	10.05	(24.63)	20.00	(16.67)	128.57

Other Information on Investing in Materials Mutual Fund

Materials Portfolio financial ratios help investors to determine whether Materials Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Materials with respect to the benefits of owning Materials Portfolio security.

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