Fidelity Advisor Correlations

FUGCX Fund

USD 46.69 0.32 0.68%

The current 90-days correlation between Fidelity Advisor Uti and Consumer Discretionary Portfolio is -0.02 (i.e., Good 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 Utilities and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Utilities 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 Utilities. 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.77	AY	Atlantica Sustainable	Pair Corr
0.81	NI	NiSource	Pair Corr
0.61	SR	Spire Inc	Pair Corr
0.62	CDZIP	Cadiz Depositary Shares	Pair Corr
0.71	EVRG	Evergy,	Pair Corr
0.89	AEE	Ameren Corp	Pair Corr
0.7	AGR	Avangrid	Pair Corr
0.81	ALE	Allete Inc	Pair Corr
0.88	ATO	Atmos Energy	Pair Corr
0.69	AWR	American States Water	Pair Corr
0.83	BIP	Brookfield Infrastructure	Pair Corr
0.7	BKH	Black Hills	Pair Corr
0.76	CEG	Constellation Energy Corp	Pair Corr
0.92	CNP	CenterPoint Energy	Pair Corr
0.71	CPK	Chesapeake Utilities	Pair Corr

Moving against Fidelity Mutual Fund

0.63	ELPC	Companhia Paranaense	Pair Corr
0.51	HE	Hawaiian Electric	Pair Corr
0.42	RNWWW	ReNew Energy Global	Pair Corr
0.39	ES	Eversource Energy	Pair Corr
0.36	FE	FirstEnergy	Pair Corr
0.36	AEP	American Electric Power	Pair Corr
0.36	AES	AES	Pair Corr
0.72	EBR	Centrais Electricas	Pair Corr
0.66	ELP	Companhia Paranaense	Pair Corr
0.57	GNE	Genie Energy	Pair Corr
0.52	CWT	California Water Service	Pair Corr
0.41	AQN	Algonquin Power Utilities	Pair Corr
0.41	AWK	American Water Works	Pair Corr
0.31	DTW	DTE Energy	Pair Corr

Related Correlations Analysis

	FSCPX	FSTCX	FDFAX	FIDSX	FSRFX
FSCPX		0.91	-0.39	0.88	0.91	FSCPX
FSTCX	0.91		-0.46	0.9	0.92	FSTCX
FDFAX	-0.39	-0.46		-0.56	-0.49	FDFAX
FIDSX	0.88	0.9	-0.56		0.95	FIDSX
FSRFX	0.91	0.92	-0.49	0.95		FSRFX
	FSCPX	FSTCX	FDFAX	FIDSX	FSRFX

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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

FSRFX	+ 0.95	FIDSX
FSRFX	+ 0.92	FSTCX
FSTCX	+ 0.91	FSCPX
FSRFX	+ 0.91	FSCPX
FIDSX	+ 0.9	FSTCX
FIDSX	+ 0.88	FSCPX

High negative correlations

FIDSX	- 0.56	FDFAX
FSRFX	- 0.49	FDFAX
FDFAX	- 0.46	FSTCX
FDFAX	- 0.39	FSCPX

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
FSCPX	0.86	0.27	0.15	(2.19)	0.73	(0.98)	1.78	(1.67)	4.38
FSTCX	0.67	0.18	0.10	1.29	0.70	(0.76)	1.34	(1.53)	4.60
FDFAX	0.51	(0.02)	(0.15)	(0.06)	0.75	(0.44)	0.96	(1.28)	2.56
FIDSX	0.84	0.07	0.14	0.15	0.54	(1.08)	1.90	(1.19)	9.82
FSRFX	0.82	0.15	0.05	(15.32)	0.76	(0.91)	1.83	(1.28)	6.03

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