Fidelity Advisor Correlations

FBTIX Fund

USD 29.99 0.33 1.11%

The current 90-days correlation between Fidelity Advisor Bio and Fidelity Advisor Health is 0.65 (i.e., Poor 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

Weak diversification

The correlation between Fidelity Advisor Biotechnology and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Biotechnology 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 Biotechnology. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Fidelity Mutual Fund

0.88	VGHAX	Vanguard Health Care	Pair Corr
0.68	VGHCX	Vanguard Health Care	Pair Corr
0.71	PRHSX	T Rowe Price	Pair Corr
0.86	THISX	T Rowe Price	Pair Corr
0.77	SHISX	Blackrock Health Sciences	Pair Corr
0.77	SHSCX	Blackrock Health Sciences	Pair Corr
0.77	SHSAX	Blackrock Health Sciences	Pair Corr
0.77	SHSSX	Blackrock Health Sciences	Pair Corr
0.89	FSPHX	Health Care Portfolio	Pair Corr
0.62	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr
0.68	INTC	Intel	Pair Corr
0.64	HPQ	HP Inc	Pair Corr

Moving against Fidelity Mutual Fund

0.61	BA	Boeing	Pair Corr
0.38	WMT	Walmart Aggressive Push	Pair Corr
0.37	MMM	3M Company	Pair Corr
0.35	AXP	American Express	Pair Corr
0.33	JPM	JPMorgan Chase	Pair Corr
0.32	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	FHCIX	FBTTX	FBTAX	FATIX	FBTCX
FHCIX		0.85	0.88	0.69	0.9	FHCIX
FBTTX	0.85		0.91	0.56	0.91	FBTTX
FBTAX	0.88	0.91		0.5	1.0	FBTAX
FATIX	0.69	0.56	0.5		0.52	FATIX
FBTCX	0.9	0.91	1.0	0.52		FBTCX
	FHCIX	FBTTX	FBTAX	FATIX	FBTCX

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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.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FHCIX	0.90	(0.19)	(0.29)	1.20	(2.22)	10.43
FBTTX	1.22	(0.39)	(0.56)	1.90	(3.59)	6.25
FBTAX	1.22	(0.36)	(0.54)	1.70	(3.56)	6.32
FATIX	1.26	(0.11)	(0.03)	2.12	(2.81)	9.46
FBTCX	1.23	(0.37)	(0.56)	1.71	(3.58)	6.34

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