Fidelity Advisor Correlations

FMFMX Fund

USD 16.08 0.24 1.52%

The current 90-days correlation between Fidelity Advisor Series and Fidelity Freedom 2015 is 0.31 (i.e., Weak 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

Modest diversification

The correlation between Fidelity Advisor Series and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Series 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 Series. 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 population.

Moving together with Fidelity Mutual Fund

0.63	FRESX	Fidelity Real Estate	Pair Corr
0.7	FRPDX	Fidelity Sai Alternative	Pair Corr
0.61	FACTX	Fidelity Advisor Health	Pair Corr
0.95	FACNX	Fidelity Canada	Pair Corr

Moving against Fidelity Mutual Fund

0.36

FRPCX

Fidelity Sai Alternative

Pair Corr

Related Correlations Analysis

	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRAGX	FRAMX
FPTKX		0.17	0.16	0.73	0.95	0.66	0.73	0.68	0.44	0.97	FPTKX
FPURX	0.17		1.0	0.32	0.45	0.83	-0.49	0.78	0.95	-0.04	FPURX
FPUKX	0.16	1.0		0.32	0.45	0.82	-0.49	0.78	0.94	-0.04	FPUKX
FPXTX	0.73	0.32	0.32		0.77	0.57	0.31	0.55	0.47	0.72	FPXTX
FQIFX	0.95	0.45	0.45	0.77		0.84	0.51	0.84	0.68	0.87	FQIFX
FQIPX	0.66	0.83	0.82	0.57	0.84		0.05	0.99	0.96	0.47	FQIPX
FQITX	0.73	-0.49	-0.49	0.31	0.51	0.05		0.1	-0.23	0.82	FQITX
FQLSX	0.68	0.78	0.78	0.55	0.84	0.99	0.1		0.93	0.49	FQLSX
FRAGX	0.44	0.95	0.94	0.47	0.68	0.96	-0.23	0.93		0.23	FRAGX
FRAMX	0.97	-0.04	-0.04	0.72	0.87	0.47	0.82	0.49	0.23		FRAMX
	FPTKX	FPURX	FPUKX	FPXTX	FQIFX	FQIPX	FQITX	FQLSX	FRAGX	FRAMX

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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

FPUKX	+ 1.0	FPURX
FQLSX	+ 0.99	FQIPX
FRAMX	+ 0.97	FPTKX
FRAGX	+ 0.96	FQIPX
FQIFX	+ 0.95	FPTKX
FRAGX	+ 0.95	FPURX

High negative correlations

FQITX	- 0.49	FPUKX
FQITX	- 0.49	FPURX
FRAGX	- 0.23	FQITX
FRAMX	- 0.04	FPUKX
FRAMX	- 0.04	FPURX

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
FPTKX	0.26	(0.05)	0.00	(0.16)	0.00	0.00	0.58	(0.59)	2.11
FPURX	0.40	(0.01)	(0.03)	0.00	0.65	(0.39)	0.77	(0.94)	3.83
FPUKX	0.40	(0.01)	(0.03)	0.00	0.63	(0.41)	0.77	(0.98)	3.84
FPXTX	0.17	(0.03)	0.00	0.82	0.00	0.00	0.29	(0.38)	1.43
FQIFX	0.31	(0.05)	0.00	(0.10)	0.00	0.00	0.66	(0.66)	2.61
FQIPX	0.45	(0.03)	0.00	(0.03)	0.00	0.00	0.98	(0.89)	3.70
FQITX	0.69	(0.17)	0.00	(0.44)	0.00	0.00	1.04	(1.79)	5.40
FQLSX	0.49	(0.03)	0.00	(0.03)	0.00	0.00	1.04	(1.02)	3.91
FRAGX	0.43	(0.01)	(0.03)	0.00	0.65	(0.43)	0.86	(0.78)	3.88
FRAMX	0.20	(0.05)	0.00	(0.28)	0.00	0.00	0.37	(0.39)	1.65

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