Fidelity Magellan Correlations
FMAGX Fund | USD 13.96 0.04 0.29% |
The correlation of Fidelity Magellan 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 Fidelity Magellan moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Magellan Fund 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.
Poor diversification
The correlation between Fidelity Magellan Fund and NYA is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Magellan Fund and NYA in the same portfolio, assuming nothing else is changed.
Fidelity |
The ability to find closely correlated positions to Fidelity Magellan could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Magellan 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 Fidelity Magellan - 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 Fidelity Magellan Fund to buy it.
Moving together with Fidelity Mutual Fund
0.86 | FPTKX | Fidelity Freedom 2015 | PairCorr |
0.9 | FPURX | Fidelity Puritan | PairCorr |
0.9 | FPUKX | Fidelity Puritan | PairCorr |
0.87 | FQIFX | Fidelity Freedom Index | PairCorr |
0.9 | FQIPX | Fidelity Freedom Index | PairCorr |
0.9 | FQLSX | Fidelity Flex Freedom | PairCorr |
0.84 | FRAMX | Fidelity Income Repl | PairCorr |
0.86 | FRASX | Fidelity Income Repl | PairCorr |
0.75 | FRIFX | Fidelity Real Estate | PairCorr |
0.73 | FRINX | Fidelity Real Estate | PairCorr |
0.84 | FRHMX | Fidelity Managed Ret | PairCorr |
0.72 | FRIRX | Fidelity Real Estate | PairCorr |
0.9 | FRLPX | Fidelity Freedom Index | PairCorr |
0.85 | FRQHX | Fidelity Managed Ret | PairCorr |
0.85 | FRQIX | Fidelity Income Repl | PairCorr |
0.85 | FRQKX | Fidelity Managed Ret | PairCorr |
0.86 | FRQYX | Fidelity Advisor Managed | PairCorr |
0.84 | FRQAX | Fidelity Income Repl | PairCorr |
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Fidelity Mutual Fund performing well and Fidelity Magellan 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 Magellan'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 | ||
---|---|---|---|---|---|---|---|---|---|---|
PRHSX | 0.59 | (0.04) | 0.00 | (6.98) | 0.00 | 1.28 | 3.52 | |||
RPMGX | 0.63 | (0.03) | 0.00 | (0.29) | 0.00 | 1.15 | 3.32 | |||
PRNHX | 0.73 | (0.13) | 0.00 | 10.79 | 0.00 | 1.25 | 3.78 | |||
PRMTX | 0.74 | 0.04 | 0.02 | (0.60) | 0.85 | 1.61 | 4.05 |
Other Information on Investing in Fidelity Mutual Fund
Fidelity Magellan financial ratios help investors to determine whether Fidelity 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 Fidelity with respect to the benefits of owning Fidelity Magellan security.
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