Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Equity
EQPGX Fund  USD 26.17  0.15  0.58%   
The current 90-days correlation between Fidelity Advisor Equity and Janus Global Technology is 0.93 (i.e., Almost no 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

Poor diversification

The correlation between Fidelity Advisor Equity and DJI is 0.67 (i.e., Poor 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 price.

Moving together with Fidelity Mutual Fund

  0.97FPURX Fidelity PuritanPairCorr
  0.97FPUKX Fidelity PuritanPairCorr
  0.91FQIPX Fidelity Freedom IndexPairCorr
  0.91FQLSX Fidelity Flex FreedomPairCorr
  0.95FRAGX Aggressive GrowthPairCorr
  0.92FRGAX Growth Allocation IndexPairCorr
  0.91FRLPX Fidelity Freedom IndexPairCorr
  0.66FRPCX Fidelity Sai AlternativePairCorr
  0.88FAASX Fidelity Asset ManagerPairCorr
  0.88FAAIX Fidelity Asset ManagerPairCorr
  0.9FABLX Fidelity Advisor BalancedPairCorr
  0.89FABCX Fidelity Advisor BalancedPairCorr
  0.87FACVX Fidelity VertiblePairCorr
  0.82FACPX Fidelity Advisor SumerPairCorr
  0.88FACNX Fidelity CanadaPairCorr
  0.98FACGX Fidelity Advisor GrowthPairCorr

Moving against Fidelity Mutual Fund

  0.45FQITX Fidelity Salem StreetPairCorr
  0.37FAERX Fidelity Advisor OverseasPairCorr

Related Correlations Analysis

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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   
CMTFX
+ 1.0
JAGTX
CMTFX
+ 1.0
BSTSX
BSTSX
+ 0.99
JAGTX
ROGSX
+ 0.98
ISTNX
BSTSX
+ 0.97
ISTNX
ISTNX
+ 0.96
JAGTX
  
High negative correlations   
BSTSX
- 0.14
BIPIX
CMTFX
- 0.11
BIPIX
BIPIX
- 0.11
JAGTX
ISTNX
- 0.08
BIPIX

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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