Fidelity Advisor Correlations

FAFDX Fund

USD 38.00 0.47 1.25%

The current 90-days correlation between Fidelity Advisor Fin and California Bond Fund is -0.44 (i.e., Very good 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

Very poor diversification

The correlation between Fidelity Advisor Financial and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Financial 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 Financial. 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 unemployment.

Moving together with Fidelity Mutual Fund

0.87	FPURX	Fidelity Puritan	Pair Corr
0.87	FPUKX	Fidelity Puritan	Pair Corr
0.63	FQIPX	Fidelity Freedom Index	Pair Corr
0.64	FQLSX	Fidelity Flex Freedom	Pair Corr
0.74	FRAGX	Aggressive Growth	Pair Corr
0.67	FRGAX	Growth Allocation Index	Pair Corr
0.63	FRLPX	Fidelity Freedom Index	Pair Corr
0.76	FRPCX	Fidelity Sai Alternative	Pair Corr
0.68	FABLX	Fidelity Advisor Balanced	Pair Corr
0.67	FABCX	Fidelity Advisor Balanced	Pair Corr
0.95	FACVX	Fidelity Convertible	Pair Corr
0.85	FACPX	Fidelity Advisor Sumer	Pair Corr
0.69	FACNX	Fidelity Canada	Pair Corr
0.89	FACGX	Fidelity Advisor Growth	Pair Corr

Moving against Fidelity Mutual Fund

0.75	FQITX	Fidelity Salem Street	Pair Corr
0.46	FRAMX	Fidelity Income Repl	Pair Corr
0.44	FRQAX	Fidelity Income Repl	Pair Corr
0.43	FRKMX	Fidelity Managed Ret	Pair Corr
0.42	FRHMX	Fidelity Managed Ret	Pair Corr
0.42	FRQIX	Fidelity Income Repl	Pair Corr
0.41	FRQKX	Fidelity Managed Ret	Pair Corr
0.4	FRQHX	Fidelity Managed Ret	Pair Corr
0.39	FRIMX	Fidelity Income Repl	Pair Corr
0.39	FROGX	Fidelity Municipal Income	Pair Corr
0.69	FAERX	Fidelity Advisor Overseas	Pair Corr
0.51	FADIX	Fidelity Advisor Div	Pair Corr
0.49	FADCX	Fidelity Advisor Div	Pair Corr
0.44	FAFAX	Fidelity Advisor Freedom	Pair Corr
0.35	FACFX	Fidelity Advisor Freedom	Pair Corr
0.35	FACDX	Fidelity Advisor Health	Pair Corr

Related Correlations Analysis

	USCBX	FHYVX	MSTBX	ARTFX	ABNTX	PRVBX	PCMNX
USCBX		0.74	0.69	0.14	0.64	0.21	0.82	USCBX
FHYVX	0.74		0.68	0.53	0.67	0.57	0.77	FHYVX
MSTBX	0.69	0.68		0.14	0.93	0.48	0.85	MSTBX
ARTFX	0.14	0.53	0.14		0.23	0.86	-0.04	ARTFX
ABNTX	0.64	0.67	0.93	0.23		0.56	0.81	ABNTX
PRVBX	0.21	0.57	0.48	0.86	0.56		0.18	PRVBX
PCMNX	0.82	0.77	0.85	-0.04	0.81	0.18		PCMNX
	USCBX	FHYVX	MSTBX	ARTFX	ABNTX	PRVBX	PCMNX

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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

ABNTX	+ 0.93	MSTBX
PRVBX	+ 0.86	ARTFX
PCMNX	+ 0.85	MSTBX
PCMNX	+ 0.82	USCBX
PCMNX	+ 0.81	ABNTX
PCMNX	+ 0.77	FHYVX

High negative correlations

PCMNX

- 0.04

ARTFX

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
USCBX	0.15	0.01	(0.22)	0.04	0.24	(0.22)	0.39	(0.29)	1.74
FHYVX	0.16	0.01	(0.16)	0.22	0.22	(0.24)	0.34	(0.44)	1.88
MSTBX	0.10	(0.01)	(0.51)	(0.74)	0.10	(0.14)	0.21	(0.21)	0.72
ARTFX	0.12	0.03	(0.36)	0.55	0.00	(0.20)	0.33	(0.22)	1.01
ABNTX	0.15	(0.01)	(0.33)	(0.05)	0.17	(0.18)	0.29	(0.30)	1.08
PRVBX	0.09	0.01	(0.61)	0.93	0.00	(0.10)	0.21	(0.20)	0.53
PCMNX	0.11	(0.01)	(0.28)	(0.18)	0.18	(0.16)	0.25	(0.25)	1.07

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