Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Semiconductors
FELCX Fund  USD 55.00  1.78  3.34%   
The current 90-days correlation between Fidelity Advisor Sem and Invesco Gold Special is 0.51 (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 Semiconductor and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Semiconductor 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 Semiconductors. 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

  0.99VITAX Vanguard InformationPairCorr
  0.99FSPTX Technology PortfolioPairCorr
  0.99FSELX Fidelity Select SemiPairCorr
  0.96FSCSX Software And ItPairCorr
  0.99SLMCX Columbia SeligmanPairCorr
  0.99SCICX Columbia SeligmanPairCorr
  0.98WSTRX Ivy Science AndPairCorr
  0.98WSTCX Ivy Science AndPairCorr
  0.86GPMFX Guidepath Managed FuturesPairCorr
  0.76PQTAX Pimco Trends ManagedPairCorr
  0.75PQTNX Pimco Trends ManagedPairCorr
  0.75PQTIX Aa Pimco TrPairCorr
  0.71WARCX Wells Fargo AdvantagePairCorr
  0.89HPQ HP IncPairCorr
  0.82JPM JPMorgan ChasePairCorr
  0.8DD Dupont De NemoursPairCorr
  0.77MMM 3M CompanyPairCorr
  0.76IBM International BusinessPairCorr
  0.87CSCO Cisco SystemsPairCorr
  0.91DIS Walt Disney Earnings Call TomorrowPairCorr
  0.78CAT CaterpillarPairCorr
  0.65BA BoeingPairCorr
  0.93BAC Bank of AmericaPairCorr
  0.77HD Home DepotPairCorr
  0.7PFE Pfizer IncPairCorr

Moving against Fidelity Mutual Fund

  0.38GPBFX Gmo E PlusPairCorr
  0.32GAAKX Gmo Alternative AlloPairCorr
  0.32GAAGX Gmo Alternative AlloPairCorr
  0.6T ATT Inc Earnings Call This WeekPairCorr
  0.43TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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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.

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