Fidelity Advisor Correlations

FSCEX Fund

USD 20.57 0.08 0.39%

The current 90-days correlation between Fidelity Advisor Small and Vanguard Small Cap Index is 0.98 (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

Very poor diversification

The correlation between Fidelity Advisor Small and DJI is 0.89 (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 Small 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 Small. 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 income.

Moving together with Fidelity Mutual Fund

0.92	FPURX	Fidelity Puritan	Pair Corr
0.92	FPUKX	Fidelity Puritan	Pair Corr
0.61	FQIFX	Fidelity Freedom Index	Pair Corr
0.88	FQIPX	Fidelity Freedom Index	Pair Corr
0.87	FQLSX	Fidelity Flex Freedom	Pair Corr
0.93	FRAGX	Aggressive Growth	Pair Corr
0.92	FRGAX	Growth Allocation Index	Pair Corr
0.88	FRLPX	Fidelity Freedom Index	Pair Corr
0.89	FAASX	Fidelity Asset Manager	Pair Corr
0.89	FAAIX	Fidelity Asset Manager	Pair Corr
0.73	FABLX	Fidelity Advisor Balanced	Pair Corr
0.73	FABCX	Fidelity Advisor Balanced	Pair Corr
0.85	FACVX	Fidelity Convertible	Pair Corr
0.86	FACPX	Fidelity Advisor Sumer	Pair Corr
0.89	FACNX	Fidelity Canada	Pair Corr
0.85	FACGX	Fidelity Advisor Growth	Pair Corr

Moving against Fidelity Mutual Fund

0.38

FQITX

Fidelity Salem Street

Pair Corr

Related Correlations Analysis

	VSMAX	VSCIX	PASVX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID
VSMAX		1.0	0.99	-0.63	0.68	0.0	-0.13	0.67	0.6	0.86	VSMAX
VSCIX	1.0		0.99	-0.63	0.68	0.0	-0.13	0.67	0.6	0.86	VSCIX
PASVX	0.99	0.99		-0.58	0.65	0.0	-0.15	0.64	0.53	0.84	PASVX
444859BR2	-0.63	-0.63	-0.58		-0.53	0.0	0.06	-0.54	-0.45	-0.53	444859BR2
SCRYY	0.68	0.68	0.65	-0.53		0.0	0.14	0.48	0.34	0.73	SCRYY
AQUI	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	AQUI
APAAX	-0.13	-0.13	-0.15	0.06	0.14	0.0		0.49	0.25	-0.06	APAAX
LBHIX	0.67	0.67	0.64	-0.54	0.48	0.0	0.49		0.68	0.55	LBHIX
MSTSX	0.6	0.6	0.53	-0.45	0.34	0.0	0.25	0.68		0.42	MSTSX
ID	0.86	0.86	0.84	-0.53	0.73	0.0	-0.06	0.55	0.42		ID
	VSMAX	VSCIX	PASVX	444859BR2	SCRYY	AQUI	APAAX	LBHIX	MSTSX	ID

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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

VSCIX	+ 1.0	VSMAX
PASVX	+ 0.99	VSMAX
PASVX	+ 0.99	VSCIX
ID	+ 0.86	VSMAX
ID	+ 0.86	VSCIX
ID	+ 0.84	PASVX

High negative correlations

444859BR2	- 0.63	VSCIX
444859BR2	- 0.63	VSMAX
444859BR2	- 0.58	PASVX
LBHIX	- 0.54	444859BR2
ID	- 0.53	444859BR2
SCRYY	- 0.53	444859BR2

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
VSMAX	0.75	0.03	0.06	0.14	0.68	(0.84)	1.62	(1.25)	5.36
VSCIX	0.75	0.03	0.06	0.14	0.70	(0.84)	1.62	(1.24)	5.35
PASVX	0.75	0.00	0.03	0.11	0.70	(0.81)	1.74	(1.22)	6.47
444859BR2	1.36	(0.08)	0.00	(0.21)	0.00	0.00	5.93	(5.79)	16.62
SCRYY	2.07	0.29	0.08	1.93	2.02	(2.85)	5.61	(4.09)	12.99
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
APAAX	0.14	0.02	(0.35)	(0.09)	0.15	(0.18)	0.31	(0.31)	1.13
LBHIX	0.12	0.01	(0.39)	0.51	0.00	(0.28)	0.24	(0.24)	0.96
MSTSX	0.49	(0.03)	(0.12)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
ID	3.91	0.70	0.13	1.00	4.02	(5.25)	7.89	(6.67)	20.54

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