Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Utilities
FUGIX Fund  USD 48.47  0.07  0.14%   
The current 90-days correlation between Fidelity Advisor Uti and California Municipal Portfolio is 0.05 (i.e., Significant 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 Utilities and DJI is -0.07 (i.e., Good 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 gross domestic product.

Moving together with Fidelity Mutual Fund

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  0.68ELLO Ellomay CapitalPairCorr
  0.67ELPC Companhia ParanaensePairCorr
  0.74AQN Algonquin Power UtilitiesPairCorr
  0.83BEP Brookfield RenewablePairCorr
  0.84CEG Constellation Energy CorpPairCorr
  0.81CIG Companhia EnergeticaPairCorr
  0.76DTW DTE EnergyPairCorr

Moving against Fidelity Mutual Fund

  0.71ED Consolidated EdisonPairCorr
  0.64WTRG Essential UtilitiesPairCorr
  0.51FE FirstEnergy Earnings Call This WeekPairCorr
  0.45ATO Atmos EnergyPairCorr
  0.71CWT California Water ServicePairCorr
  0.62EDN Empresa DistribuidoraPairCorr
  0.6EXC ExelonPairCorr
  0.56BKH Black Hills Earnings Call Next WeekPairCorr
  0.53EIX Edison International Earnings Call This WeekPairCorr
  0.53HTO H2O America Symbol ChangePairCorr
  0.52AVA AvistaPairCorr
  0.52AWR American States WaterPairCorr
  0.48CNP CenterPoint Energy Earnings Call This WeekPairCorr
  0.43CPK Chesapeake UtilitiesPairCorr
  0.42CMS CMS Energy Earnings Call This WeekPairCorr
  0.36AWK American Water Works Earnings Call Next WeekPairCorr
  0.35DTE DTE Energy Earnings Call This WeekPairCorr

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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