Fidelity Advisor Correlations

FSLSX Fund

USD 62.53 0.52 0.84%

The current 90-days correlation between Fidelity Advisor Value and Harbor Large Cap is 0.89 (i.e., Very 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

Almost no diversification

The correlation between Fidelity Advisor Value and DJI is 0.94 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Value 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 Value. 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 producer price index.

Moving together with Fidelity Mutual Fund

0.95	FPTKX	Fidelity Freedom 2015	Pair Corr
0.94	FPURX	Fidelity Puritan	Pair Corr
0.94	FPUKX	Fidelity Puritan	Pair Corr
0.91	FPXTX	Fidelity Pennsylvania	Pair Corr
0.96	FQIFX	Fidelity Freedom Index	Pair Corr
0.96	FQIPX	Fidelity Freedom Index	Pair Corr
0.95	FQITX	Fidelity Salem Street	Pair Corr
0.97	FQLSX	Fidelity Flex Freedom	Pair Corr
0.95	FRBEX	Fidelity Freedom 2070	Pair Corr
0.96	FRBHX	Fidelity Freedom 2070	Pair Corr
0.95	FRBJX	Fidelity Advisor Freedom	Pair Corr
0.95	FRBKX	Fidelity Advisor Freedom	Pair Corr
0.95	FRBNX	Fidelity Advisor Freedom	Pair Corr
0.95	FRBQX	Fidelity Flex Freedom	Pair Corr
0.96	FRBVX	Fidelity Freedom Index	Pair Corr
0.93	FRBWX	Fidelity Freedom Index	Pair Corr
0.95	FRBYX	Fidelity Freedom Blend	Pair Corr
0.95	FRBZX	Fidelity Freedom Blend	Pair Corr
0.95	FRAGX	Aggressive Growth	Pair Corr
0.95	FRAMX	Fidelity Income Repl	Pair Corr
0.97	FRASX	Fidelity Income Repl	Pair Corr
0.95	FRCFX	Fidelity Freedom Blend	Pair Corr
0.95	FRCHX	Fidelity Freedom Blend	Pair Corr
0.95	FRCKX	Fidelity Freedom Blend	Pair Corr
0.93	FRCVX	Fidelity Sustainable	Pair Corr
0.93	FRCWX	Fidelity Sustainable	Pair Corr
0.93	FRDCX	Fidelity Sustainable	Pair Corr
0.96	FRDEX	Fidelity Sustainable	Pair Corr
0.95	FRGAX	Growth Allocation Index	Pair Corr
0.79	FRESX	Fidelity Real Estate	Pair Corr
0.97	FRIMX	Fidelity Income Repl	Pair Corr
0.93	FRIOX	Fidelity Real Estate	Pair Corr
0.93	FRIQX	Fidelity Real Estate	Pair Corr
0.97	FRHMX	Fidelity Managed Ret	Pair Corr
0.97	FRKMX	Fidelity Managed Ret	Pair Corr
0.96	FRLPX	Fidelity Freedom Index	Pair Corr
0.89	FROGX	Fidelity Municipal Income	Pair Corr
0.96	FRQHX	Fidelity Managed Ret	Pair Corr
0.97	FRQIX	Fidelity Income Repl	Pair Corr
0.97	FRQKX	Fidelity Managed Ret	Pair Corr

Moving against Fidelity Mutual Fund

0.35

FRPDX

Fidelity Sai Alternative

Pair Corr

Related Correlations Analysis

	FSLVX	SWANX	FMSTX	HYT	USWGX	ILLLX	CIPSX	RYPRX	HILVX
FSLVX		0.92	0.95	-0.8	0.95	-0.38	0.75	0.95	0.92	FSLVX
SWANX	0.92		0.91	-0.86	0.93	-0.14	0.77	0.85	0.79	SWANX
FMSTX	0.95	0.91		-0.84	0.99	-0.35	0.7	0.95	0.88	FMSTX
HYT	-0.8	-0.86	-0.84		-0.87	0.22	-0.52	-0.76	-0.6	HYT
USWGX	0.95	0.93	0.99	-0.87		-0.32	0.69	0.94	0.85	USWGX
ILLLX	-0.38	-0.14	-0.35	0.22	-0.32		0.02	-0.45	-0.42	ILLLX
CIPSX	0.75	0.77	0.7	-0.52	0.69	0.02		0.73	0.8	CIPSX
RYPRX	0.95	0.85	0.95	-0.76	0.94	-0.45	0.73		0.92	RYPRX
HILVX	0.92	0.79	0.88	-0.6	0.85	-0.42	0.8	0.92		HILVX
	FSLVX	SWANX	FMSTX	HYT	USWGX	ILLLX	CIPSX	RYPRX	HILVX

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

USWGX	+ 0.99	FMSTX
FMSTX	+ 0.95	FSLVX
USWGX	+ 0.95	FSLVX
RYPRX	+ 0.95	FSLVX
RYPRX	+ 0.95	FMSTX
RYPRX	+ 0.94	USWGX

High negative correlations

USWGX	- 0.87	HYT
HYT	- 0.86	SWANX
HYT	- 0.84	FMSTX
HYT	- 0.8	FSLVX
RYPRX	- 0.76	HYT
HILVX	- 0.6	HYT

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
FSLVX	0.62	0.14	0.19	0.27	0.25	(0.76)	1.36	(1.05)	7.57
SWANX	0.61	0.06	0.02	0.19	0.59	(0.69)	1.41	(1.44)	8.31
FMSTX	0.66	0.25	0.22	(31.39)	0.26	(0.80)	1.65	(1.06)	7.94
HYT	0.46	(0.08)	0.00	(0.14)	0.00	0.00	0.80	(1.01)	4.99
USWGX	0.70	0.28	0.24	(8.55)	0.31	(0.85)	1.30	(1.22)	12.37
ILLLX	1.47	(0.23)	0.00	14.88	0.00	0.00	2.66	(3.40)	7.70
CIPSX	0.86	(0.04)	(0.03)	0.06	0.94	(0.94)	2.32	(1.84)	4.92
RYPRX	1.11	0.35	0.43	0.32	0.13	(1.43)	2.86	(1.41)	16.01
HILVX	0.55	0.05	0.04	0.16	0.45	(0.62)	1.24	(1.01)	3.35

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