Correlation Between Fidelity Advisor and Cohen Steers

Can any of the company-specific risk be diversified away by investing in both Fidelity Advisor and Cohen Steers at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fidelity Advisor and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Fidelity Advisor Technology and Cohen Steers Mlp, you can compare the effects of market volatilities on Fidelity Advisor and Cohen Steers and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity Advisor with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Advisor and Cohen Steers.

Diversification Opportunities for Fidelity Advisor and Cohen Steers

0.0

Correlation Coefficient

Fidelity Advisor  Cohen Steers

Pay attention - limited upside

The 3 months correlation between Fidelity and Cohen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Technology and Cohen Steers Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Mlp and Fidelity Advisor is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity Advisor Technology are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Mlp has no effect on the direction of Fidelity Advisor i.e., Fidelity Advisor and Cohen Steers go up and down completely randomly.

Pair Corralation between Fidelity Advisor and Cohen Steers

If you would invest  10,406  in Fidelity Advisor Technology on September 11, 2024 and sell it today you would earn a total of  1,475  from holding Fidelity Advisor Technology or generate 14.17% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Fidelity Advisor Technology  vs.  Cohen Steers Mlp

Fidelity Advisor Tec

Risk-Adjusted Performance

13 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Fidelity Advisor Technology are ranked lower than 13 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak technical and fundamental indicators, Fidelity Advisor showed solid returns over the last few months and may actually be approaching a breakup point.

Cohen Steers Mlp

Risk-Adjusted Performance

5 of 100

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Cohen Steers Mlp are ranked lower than 5 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong fundamental indicators, Cohen Steers is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Fidelity Advisor and Cohen Steers

The main advantage of trading using opposite Fidelity Advisor and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Advisor position performs unexpectedly, Cohen Steers can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cohen Steers will offset losses from the drop in Cohen Steers' long position.

The idea behind Fidelity Advisor Technology and Cohen Steers Mlp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

Check out your portfolio center.

Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.