Fidelity Advisor Correlations

FIKHX Fund

USD 121.86 3.31 2.64%

The current 90-days correlation between Fidelity Advisor Tec and Fidelity Advisor Health is 0.66 (i.e., Poor 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

Very weak diversification

The correlation between Fidelity Advisor Technology and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Technology 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 Technology. 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 rate.

Moving together with Fidelity Mutual Fund

0.83	VEEA	Veea Inc Symbol Change	Pair Corr
0.81	VISL	Vislink Technologies Earnings Call This Week	Pair Corr
0.72	DVLT	Datavault AI Symbol Change	Pair Corr
0.69	FMTO	Femto Technologies Symbol Change	Pair Corr
0.61	YAAS	Youxin Technology	Pair Corr
0.82	ZENA	ZenaTech	Pair Corr
0.74	VSTEW	Vast Renewables	Pair Corr
0.84	HPE-PC	Hewlett Packard Ente	Pair Corr
0.83	VEEAW	Veea Inc Symbol Change	Pair Corr
0.64	MYNA	Mynaric AG ADR	Pair Corr
0.86	NOVA	Sunnova Energy Inter	Pair Corr
0.63	NXXT	NextNRG Symbol Change	Pair Corr
0.86	CORZZ	Core Scientific, Tranche	Pair Corr
0.73	SLNHP	Soluna Holdings Preferred	Pair Corr

Moving against Fidelity Mutual Fund

0.66	EMKR	EMCORE	Pair Corr
0.53	HCP	Hashicorp	Pair Corr
0.79	NTCL	NETCLASS TECHNOLOGY INC	Pair Corr
0.73	MTTR	Matterport	Pair Corr
0.71	HPAIW	Helport AI Limited	Pair Corr
0.66	LGTY	Logility Supply Chain Symbol Change	Pair Corr
0.47	INFN	Infinera	Pair Corr
0.32	ZEOWW	Zeo Energy Corp	Pair Corr
0.54	FQITX	Fidelity Salem Street	Pair Corr
0.37	FPTKX	Fidelity Freedom 2015	Pair Corr
0.35	FPXTX	Fidelity Pennsylvania	Pair Corr

Related Correlations Analysis

	FIKCX	FIKBX	FIKAX	FIKGX	FZAHX
FIKCX		0.51	0.01	0.6	0.59	FIKCX
FIKBX	0.51		0.55	0.44	0.77	FIKBX
FIKAX	0.01	0.55		0.28	0.43	FIKAX
FIKGX	0.6	0.44	0.28		0.87	FIKGX
FZAHX	0.59	0.77	0.43	0.87		FZAHX
	FIKCX	FIKBX	FIKAX	FIKGX	FZAHX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FIKCX	0.92	(0.14)	0.00	(0.17)	0.00	0.00	1.46	(1.42)	10.39
FIKBX	0.84	0.00	0.00	0.00	1.32	(0.78)	1.73	(1.95)	6.29
FIKAX	0.95	0.14	0.09	0.21	1.43	(0.94)	1.80	(2.54)	6.59
FIKGX	2.10	(0.26)	0.00	(0.18)	0.00	0.00	3.28	(5.64)	15.05
FZAHX	1.36	(0.11)	0.00	(0.09)	0.00	0.00	2.53	(3.37)	7.45

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