Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Emerging
FERIX Fund  USD 72.58  0.61  0.83%   
The current 90-days correlation between Fidelity Advisor Emerging and Invesco SP SmallCap is -0.21 (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

Poor diversification

The correlation between Fidelity Advisor Emerging and DJI is 0.77 (i.e., Poor 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 gross domestic product.

Moving together with Fidelity Mutual Fund

  0.97FPTKX Fidelity Freedom 2015PairCorr
  0.92FPURX Fidelity PuritanPairCorr
  0.92FPUKX Fidelity PuritanPairCorr
  0.93FPXTX Fidelity PennsylvaniaPairCorr
  0.96FQIFX Fidelity Freedom IndexPairCorr
  0.95FQIPX Fidelity Freedom IndexPairCorr
  0.92FQITX Fidelity Salem StreetPairCorr
  0.96FQLSX Fidelity Flex FreedomPairCorr
  0.99FRBDX Fidelity Freedom 2070PairCorr
  0.99FRBEX Fidelity Freedom 2070PairCorr
  0.96FRBHX Fidelity Freedom 2070PairCorr
  0.96FRBJX Fidelity Advisor FreedomPairCorr
  0.98FRBKX Fidelity Advisor FreedomPairCorr
  0.96FRBLX Fidelity Advisor FreedomPairCorr
  0.96FRBNX Fidelity Advisor FreedomPairCorr
  0.96FRBOX Fidelity Advisor FreedomPairCorr
  0.96FRBPX Fidelity Advisor FreedomPairCorr
  0.96FRBQX Fidelity Flex FreedomPairCorr
  0.95FRBUX Fidelity Freedom IndexPairCorr
  0.95FRBVX Fidelity Freedom IndexPairCorr
  0.95FRBWX Fidelity Freedom IndexPairCorr
  0.98FRBYX Fidelity Freedom BlendPairCorr
  0.96FRBZX Fidelity Freedom BlendPairCorr
  0.96FRAGX Aggressive GrowthPairCorr
  0.96FRAMX Fidelity Income ReplPairCorr
  0.97FRASX Fidelity Income ReplPairCorr
  0.96FRCFX Fidelity Freedom BlendPairCorr
  0.96FRCHX Fidelity Freedom BlendPairCorr
  0.95FRCJX Fidelity Freedom BlendPairCorr
  0.95FRCKX Fidelity Freedom BlendPairCorr
  0.96FRCLX Fidelity Freedom BlendPairCorr
  0.96FRCNX Fidelity Freedom BlendPairCorr
  0.96FRCPX Fidelity Freedom BlendPairCorr
  0.94FRCQX Fidelity SustainablePairCorr
  0.94FRCRX Fidelity SustainablePairCorr
  0.94FRCVX Fidelity SustainablePairCorr
  0.94FRCWX Fidelity SustainablePairCorr
  0.94FRCYX Fidelity SustainablePairCorr
  0.94FRDCX Fidelity SustainablePairCorr
  0.95FRDDX Fidelity SustainablePairCorr

Related Correlations Analysis


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

EBI
+ 0.98
TLTD
XSVM
+ 0.98
VFVA
VFVA
+ 0.97
EBI
PPH
+ 0.96
TLTD
XSVM
+ 0.95
EBI
VFVA
+ 0.94
TLTD
  

High negative correlations

FIIG
- 0.28
CXSE
PPH
- 0.08
CXSE
XSVM
- 0.07
CXSE
VFVA
- 0.04
CXSE
EBI
- 0.03
CXSE
CXSE
- 0.03
TLTD

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
TLTD  0.62  0.12  0.11  0.20  0.83 
(0.65)
 1.36 
(1.42)
 5.22 
CXSE  0.84 (0.11) 0.00 (0.12) 0.00 
 0.00 
 1.75 
(1.84)
 7.24 
EBI  0.57  0.07  0.08  0.11  0.63 
(0.63)
 1.02 
(1.19)
 4.18 
FDMO  0.80 (0.03)(0.03) 0.00  1.18 
(0.70)
 1.46 
(1.88)
 5.07 
VFVA  0.67  0.09  0.11  0.12  0.61 
(0.76)
 1.89 
(1.15)
 4.86 
FIIG  0.16  0.00 (0.15) 0.02  0.18 
(0.17)
 0.33 
(0.33)
 0.95 
NUKZ  1.35  0.11  0.06  0.12  1.68 
(1.39)
 2.55 
(3.25)
 9.83 
PPH  0.77  0.07  0.05  0.18  0.79 
(0.86)
 1.87 
(1.53)
 3.95 
FYC  0.95  0.05  0.05  0.08  1.01 
(1.02)
 1.55 
(1.70)
 5.80 
XSVM  0.78  0.09  0.10  0.12  0.78 
(0.94)
 2.00 
(1.75)
 5.86 

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