Fidelity Advisor Correlations

FSLSX Fund

USD 65.44 0.22 0.34%

The current 90-days correlation between Fidelity Advisor Value and Fidelity Small Cap is 0.86 (i.e., Very 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 poor diversification

The correlation between Fidelity Advisor Value and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Value 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 Value. 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 state.

Moving together with Fidelity Mutual Fund

0.93	FPURX	Fidelity Puritan	Pair Corr
0.93	FPUKX	Fidelity Puritan	Pair Corr
0.82	FQIPX	Fidelity Freedom Index	Pair Corr
0.9	FRAGX	Aggressive Growth	Pair Corr
0.83	FAASX	Fidelity Asset Manager	Pair Corr
0.84	FAAIX	Fidelity Asset Manager	Pair Corr
0.68	FABCX	Fidelity Advisor Balanced	Pair Corr
0.87	FACGX	Fidelity Advisor Growth	Pair Corr
0.91	FAFSX	Fidelity Advisor Fin	Pair Corr
0.91	FAFCX	Fidelity Advisor Fin	Pair Corr
0.87	FAGOX	Fidelity Advisor Growth	Pair Corr
0.78	FAGNX	Fidelity Advisor Energy	Pair Corr
0.95	FAGKX	Fidelity Growth Stra	Pair Corr
0.91	FAGIX	Fidelity Capital Income	Pair Corr
0.87	FAGCX	Fidelity Advisor Growth	Pair Corr
0.69	FAIOX	Fidelity Advisor Balanced	Pair Corr
0.93	FSAVX	Automotive Portfolio	Pair Corr
0.87	FSAWX	Fidelity Sai Convertible	Pair Corr
0.78	FANIX	Fidelity Advisor Energy	Pair Corr
0.78	FANAX	Fidelity Advisor Energy	Pair Corr
0.85	FAMRX	Fidelity Asset Manager	Pair Corr
0.96	FSCDX	Fidelity Advisor Small	Pair Corr

Moving against Fidelity Mutual Fund

0.56	FQITX	Fidelity Salem Street	Pair Corr
0.47	FSISX	Fidelity Sai Interna	Pair Corr
0.45	FAOSX	Fidelity Advisor Overseas	Pair Corr
0.34	FSCOX	Fidelity International	Pair Corr

Related Correlations Analysis

	FCPVX	FGRTX	FVDFX	FSMVX	FLCSX
FCPVX		0.56	0.76	0.71	0.59	FCPVX
FGRTX	0.56		0.86	0.92	1.0	FGRTX
FVDFX	0.76	0.86		0.95	0.87	FVDFX
FSMVX	0.71	0.92	0.95		0.94	FSMVX
FLCSX	0.59	1.0	0.87	0.94		FLCSX
	FCPVX	FGRTX	FVDFX	FSMVX	FLCSX

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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
FCPVX	0.84	(0.14)	(0.08)	0.03	1.01	(0.89)	1.59	(1.75)	7.64
FGRTX	0.50	0.00	(0.02)	0.13	0.58	(0.53)	1.15	(0.96)	3.56
FVDFX	0.48	(0.02)	(0.12)	0.10	0.37	(0.60)	0.97	(0.85)	3.04
FSMVX	0.71	0.00	0.01	0.12	0.62	(0.81)	1.62	(1.27)	4.84
FLCSX	0.52	0.02	0.00	0.15	0.55	(0.55)	1.18	(0.89)	3.74

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