Fidelity Advisor Correlations

FLEOX Fund

33.02 0.96 2.99%

The current 90-days correlation between Fidelity Advisor Lev and Dunham Porategovernment Bond is 0.23 (i.e., Modest 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 Leveraged and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Leveraged 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 Leveraged. 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 persons.

Moving together with Fidelity Mutual Fund

0.65	FPTKX	Fidelity Freedom 2015	Pair Corr
0.65	FPXTX	Fidelity Pennsylvania	Pair Corr
0.89	FRCPX	Fidelity Freedom Blend	Pair Corr
0.89	FAASX	Fidelity Asset Manager	Pair Corr
0.93	FACTX	Fidelity Advisor Health	Pair Corr
0.93	FACDX	Fidelity Advisor Health	Pair Corr
0.72	FADMX	Fidelity Advisor Str	Pair Corr
0.8	FAGNX	Fidelity Advisor Energy	Pair Corr
0.94	FAGIX	Fidelity Capital Income	Pair Corr
0.96	FAGAX	Fidelity Advisor Growth	Pair Corr
0.94	FAHYX	Fidelity Advisor High	Pair Corr
0.78	FTF	Franklin Templeton	Pair Corr
0.94	FAHDX	Fidelity Advisor High	Pair Corr
0.79	FAIVX	Fidelity Advisor Equity	Pair Corr
0.93	FALIX	Fidelity Advisor Large	Pair Corr
0.93	FALAX	Fidelity Advisor Large	Pair Corr
0.92	FSAVX	Automotive Portfolio	Pair Corr
0.8	FANIX	Fidelity Advisor Energy	Pair Corr
0.8	FANAX	Fidelity Advisor Energy	Pair Corr
0.96	FSCDX	Fidelity Advisor Small	Pair Corr
0.95	FSCPX	Consumer Discretionary	Pair Corr
0.95	FSCSX	Software And It	Pair Corr
0.93	FSELX	Fidelity Select Semi Steady Growth	Pair Corr
0.96	FSEPX	Fidelity Advisor Sus	Pair Corr

Moving against Fidelity Mutual Fund

0.91	FSAWX	Fidelity Sai Convertible	Pair Corr
0.74	FSAGX	Gold Portfolio Gold	Pair Corr
0.92	FAPBX	Fidelity Advisor Sus	Pair Corr
0.9	FSHBX	Fidelity Short Term	Pair Corr
0.72	FSEDX	Fidelity Series Emerging	Pair Corr
0.71	FASYX	Fidelity Sai Sustainable	Pair Corr
0.38	FSHCX	Health Care Services	Pair Corr

Related Correlations Analysis

	DNCGX	RGVAX	USGFX	RYAQX	CGTCX	EQCDX	SSAGX
DNCGX		0.67	0.56	-0.82	0.69	0.23	0.52	DNCGX
RGVAX	0.67		0.95	-0.58	1.0	0.69	0.94	RGVAX
USGFX	0.56	0.95		-0.61	0.95	0.75	0.95	USGFX
RYAQX	-0.82	-0.58	-0.61		-0.6	-0.23	-0.46	RYAQX
CGTCX	0.69	1.0	0.95	-0.6		0.69	0.95	CGTCX
EQCDX	0.23	0.69	0.75	-0.23	0.69		0.78	EQCDX
SSAGX	0.52	0.94	0.95	-0.46	0.95	0.78		SSAGX
	DNCGX	RGVAX	USGFX	RYAQX	CGTCX	EQCDX	SSAGX

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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

CGTCX	+ 1.0	RGVAX
USGFX	+ 0.95	RGVAX
CGTCX	+ 0.95	USGFX
SSAGX	+ 0.95	USGFX
SSAGX	+ 0.95	CGTCX
SSAGX	+ 0.94	RGVAX

High negative correlations

RYAQX	- 0.82	DNCGX
RYAQX	- 0.61	USGFX
CGTCX	- 0.6	RYAQX
RYAQX	- 0.58	RGVAX
SSAGX	- 0.46	RYAQX
EQCDX	- 0.23	RYAQX

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
DNCGX	0.24	0.00	0.40	(0.15)	0.30	(0.26)	0.48	(0.41)	1.76
RGVAX	0.30	0.03	0.48	(0.73)	0.25	(0.36)	0.61	(0.51)	1.83
USGFX	0.30	0.03	0.47	(0.72)	0.26	(0.34)	0.67	(0.59)	1.82
RYAQX	0.75	0.01	0.15	(0.06)	0.82	(0.86)	1.74	(1.29)	3.63
CGTCX	0.30	0.03	0.46	(0.76)	0.24	(0.36)	0.61	(0.51)	1.83
EQCDX	0.09	0.00	0.28	(0.54)	0.10	(0.20)	0.21	(0.11)	1.06
SSAGX	0.06	0.00	1.35	0.00	0.00	(0.17)	0.10	(0.10)	0.51

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