Fidelity Advisor Correlations

FZAFX Fund

USD 22.93 0.01 0.04%

The current 90-days correlation between Fidelity Advisor Equity and Oppenheimer International Diversified is 0.54 (i.e., Very 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

Good diversification

The correlation between Fidelity Advisor Equity and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Equity 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 Equity. 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 census.

Moving together with Fidelity Mutual Fund

0.95

FACVX

Fidelity Convertible

Pair Corr

Moving against Fidelity Mutual Fund

0.48	FRKMX	Fidelity Managed Ret	Pair Corr
0.47	FRIMX	Fidelity Income Repl	Pair Corr
0.37	FRASX	Fidelity Income Repl	Pair Corr
0.49	FAFAX	Fidelity Advisor Freedom	Pair Corr

Related Correlations Analysis

	OIDAX	PQCNX	PGFCX	ACBPX	XWDIX	QDARX	MDBLX
OIDAX		0.66	0.89	0.68	0.62	0.64	0.69	OIDAX
PQCNX	0.66		0.65	1.0	0.76	0.92	0.92	PQCNX
PGFCX	0.89	0.65		0.68	0.77	0.54	0.66	PGFCX
ACBPX	0.68	1.0	0.68		0.77	0.92	0.92	ACBPX
XWDIX	0.62	0.76	0.77	0.77		0.67	0.78	XWDIX
QDARX	0.64	0.92	0.54	0.92	0.67		0.87	QDARX
MDBLX	0.69	0.92	0.66	0.92	0.78	0.87		MDBLX
	OIDAX	PQCNX	PGFCX	ACBPX	XWDIX	QDARX	MDBLX

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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
OIDAX	0.67	0.05	0.05	(0.32)	0.89	(0.64)	1.75	(1.27)	5.03
PQCNX	0.25	0.03	0.09	0.56	0.17	(0.31)	0.59	(0.46)	1.43
PGFCX	0.28	0.01	0.02	(0.11)	0.28	(0.34)	0.67	(0.48)	1.75
ACBPX	0.25	0.03	0.09	0.54	0.15	(0.30)	0.56	(0.44)	1.23
XWDIX	0.18	(0.01)	(0.03)	0.08	0.30	(0.17)	0.33	(0.46)	1.59
QDARX	0.09	0.03	0.27	3.09	0.00	(0.13)	0.25	(0.08)	0.49
MDBLX	0.23	0.03	0.11	(0.29)	0.09	(0.31)	0.73	(0.38)	1.38

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