Fidelity Advisor Correlations

Mutual Funds USA . 
Fund . Fidelity Advisor Small
FSCTX Fund  USD 26.10  0.33  1.28%   
The current 90-days correlation between Fidelity Advisor Small and Fidelity Freedom 2015 is 0.42 (i.e., Very weak 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 0.81 (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 persons.

Moving together with Fidelity Mutual Fund

  0.69FPURX Fidelity PuritanPairCorr
  0.69FPUKX Fidelity PuritanPairCorr
  0.62FQIFX Fidelity Freedom IndexPairCorr
  0.82FQIPX Fidelity Freedom IndexPairCorr
  0.84FQLSX Fidelity Flex FreedomPairCorr
  0.82FRBDX Fidelity Freedom 2070PairCorr
  0.83FRBEX Fidelity Freedom 2070PairCorr
  0.83FRBHX Fidelity Freedom 2070PairCorr
  0.78FRBJX Fidelity Advisor FreedomPairCorr
  0.78FRBKX Fidelity Advisor FreedomPairCorr
  0.76FRBLX Fidelity Advisor FreedomPairCorr
  0.79FRBNX Fidelity Advisor FreedomPairCorr
  0.79FRBOX Fidelity Advisor FreedomPairCorr
  0.8FRBPX Fidelity Advisor FreedomPairCorr
  0.84FRBQX Fidelity Flex FreedomPairCorr
  0.81FRBUX Fidelity Freedom IndexPairCorr
  0.81FRBVX Fidelity Freedom IndexPairCorr
  0.82FRBWX Fidelity Freedom IndexPairCorr
  0.82FRBYX Fidelity Freedom BlendPairCorr
  0.83FRBZX Fidelity Freedom BlendPairCorr
  0.83FRAGX Aggressive GrowthPairCorr
  0.72FRAMX Fidelity Income ReplPairCorr
  0.77FRASX Fidelity Income ReplPairCorr
  0.82FRCHX Fidelity Freedom BlendPairCorr
  0.81FRCKX Fidelity Freedom BlendPairCorr
  0.79FRCLX Fidelity Freedom BlendPairCorr
  0.81FRCNX Fidelity Freedom BlendPairCorr
  0.83FRCPX Fidelity Freedom BlendPairCorr
  0.8FRCQX Fidelity SustainablePairCorr
  0.81FRCRX Fidelity SustainablePairCorr
  0.81FRCVX Fidelity SustainablePairCorr
  0.8FRCWX Fidelity SustainablePairCorr
  0.79FRCYX Fidelity SustainablePairCorr
  0.76FRDCX Fidelity SustainablePairCorr
  0.8FRDDX Fidelity SustainablePairCorr
  0.81FRDEX Fidelity SustainablePairCorr
  0.84FRGAX Growth Allocation IndexPairCorr

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

FPUKX
+ 1.0
FPURX
FRBEX
+ 1.0
FRBDX
FQLSX
+ 0.99
FQIPX
FRBDX
+ 0.99
FQLSX
FRBEX
+ 0.99
FQLSX
FRBDX
+ 0.98
FQIPX
  

High negative correlations

FQITX
- 0.2
FPXTX

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
FPTKX  0.30 (0.07) 0.00 (0.13) 0.00 
 0.00 
 0.48 
(0.49)
 5.31 
FPURX  0.48  0.09  0.10  0.27  0.41 
(0.52)
 1.34 
(1.10)
 3.34 
FPUKX  0.48  0.09  0.09  0.27  0.41 
(0.55)
 1.38 
(1.06)
 3.23 
FPXTX  0.07  0.01 (0.33)(0.90) 0.00 
(0.12)
 0.19 
(0.09)
 0.47 
FQIFX  0.36 (0.06) 0.00 (0.07) 0.00 
 0.00 
 0.63 
(0.72)
 4.78 
FQIPX  0.54 (0.03)(0.04) 0.02  0.86 
(0.48)
 1.00 
(1.35)
 3.46 
FQITX  0.70 (0.03)(0.03) 0.02  1.02 
(0.67)
 1.09 
(1.50)
 5.11 
FQLSX  0.57 (0.03)(0.03) 0.02  0.95 
(0.50)
 1.04 
(1.40)
 4.10 
FRBDX  0.58 (0.01)(0.02) 0.04  0.92 
(0.51)
 1.05 
(1.42)
 3.58 
FRBEX  0.57 (0.02)(0.02) 0.04  0.94 
(0.50)
 1.06 
(1.45)
 3.58 

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