Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Emerging
FEATX Fund  USD 47.04  0.34  0.72%   
The current 90-days correlation between Fidelity Advisor Emerging and Fidelity Advisor Emerging is 0.91 (i.e., Almost no diversification). The correlation of Fidelity Advisor 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Advisor Correlation With Market

Weak diversification

The correlation between Fidelity Advisor Emerging and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Emerging and DJI 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 Fidelity Advisor Emerging. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Fidelity Mutual Fund

  0.77FPTKX Fidelity Freedom 2015PairCorr
  0.75FRINX Fidelity Real EstatePairCorr
  0.74FRIOX Fidelity Real EstatePairCorr
  0.75FRIQX Fidelity Real EstatePairCorr
  0.75FRIRX Fidelity Real EstatePairCorr
  0.78FRQHX Fidelity Managed RetPairCorr
  0.78FRQIX Fidelity Income ReplPairCorr
  0.79FRQAX Fidelity Income ReplPairCorr
  0.78FADIX Fidelity Advisor DivPairCorr
  0.77FADCX Fidelity Advisor DivPairCorr
  0.76FAERX Fidelity Advisor OverseasPairCorr
  0.63FAFEX Fidelity Advisor FreedomPairCorr

Moving against Fidelity Mutual Fund

  0.59FACPX Fidelity Advisor SumerPairCorr
  0.37FADTX Fidelity Advisor TecPairCorr
  0.36FPURX Fidelity PuritanPairCorr
  0.55FSCPX Consumer DiscretionaryPairCorr
  0.55FSCRX Fidelity Small CapPairCorr
  0.47FSBDX Fidelity Series BluePairCorr
  0.41FSCTX Fidelity Advisor SmallPairCorr
  0.36FAGAX Fidelity Advisor GrowthPairCorr
  0.36FSCSX Software And ItPairCorr
  0.32FAEGX Fidelity Advisor EquityPairCorr
  0.32FSCEX Fidelity Advisor SmallPairCorr

Related Correlations Analysis

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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   
FERIX
+ 1.0
FERCX
FERCX
+ 0.93
FTMKX
FERIX
+ 0.93
FTMKX
FAFSX
+ 0.53
FAGNX
FAGNX
+ 0.02
FTMKX
  
High negative correlations   
FAGNX
- 0.19
FERCX
FAGNX
- 0.18
FERIX
FAFSX
- 0.11
FERIX
FAFSX
- 0.11
FERCX
FAFSX
- 0.1
FTMKX

Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Advisor 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 Advisor'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.

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