Fidelity Advisor Correlations

FAMKX Fund

USD 31.27 0.16 0.51%

The current 90-days correlation between Fidelity Advisor Emerging and Fidelity Advisor Small is 0.21 (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

Modest diversification

The correlation between Fidelity Advisor Emerging and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Emerging 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 Emerging. 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 industry.

Moving together with Fidelity Mutual Fund

0.62	FQIPX	Fidelity Freedom Index	Pair Corr
0.66	FQLSX	Fidelity Flex Freedom	Pair Corr
0.63	FRLPX	Fidelity Freedom Index	Pair Corr
0.62	FABLX	Fidelity Advisor Balanced	Pair Corr
0.63	FABCX	Fidelity Advisor Balanced	Pair Corr

Related Correlations Analysis

	FSCDX	FLSAX	FIIAX	FAIDX	FEAAX
FSCDX		0.6	0.96	-0.11	0.55	FSCDX
FLSAX	0.6		0.62	-0.13	0.8	FLSAX
FIIAX	0.96	0.62		-0.33	0.58	FIIAX
FAIDX	-0.11	-0.13	-0.33		-0.01	FAIDX
FEAAX	0.55	0.8	0.58	-0.01		FEAAX
	FSCDX	FLSAX	FIIAX	FAIDX	FEAAX

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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

FIIAX	+ 0.96	FSCDX
FEAAX	+ 0.8	FLSAX
FIIAX	+ 0.62	FLSAX
FLSAX	+ 0.6	FSCDX
FEAAX	+ 0.58	FIIAX
FEAAX	+ 0.55	FSCDX

High negative correlations

FAIDX	- 0.33	FIIAX
FAIDX	- 0.13	FLSAX
FAIDX	- 0.11	FSCDX
FEAAX	- 0.01	FAIDX

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
FSCDX	0.86	(0.07)	(0.02)	0.07	1.01	(0.93)	1.74	(1.39)	6.51
FLSAX	1.00	0.11	0.00	0.77	2.42	(1.36)	1.56	(1.68)	29.64
FIIAX	0.70	0.02	0.03	0.14	0.62	(0.82)	1.58	(1.17)	4.96
FAIDX	0.68	(0.12)	0.00	(0.07)	0.00	0.00	1.10	(1.64)	4.22
FEAAX	0.97	0.12	0.04	0.41	1.03	(1.07)	2.26	(1.89)	7.03

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