Fidelity Advisor Correlations

Mutual Funds . USA . 
Fund . Fidelity Advisor Utilities
FUGIX Fund  USD 47.23  0.82  1.77%   
The current 90-days correlation between Fidelity Advisor Uti and Angel Oak Multi Strategy is 0.23 (i.e., Modest 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 Utilities and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Utilities 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 Utilities. 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

  0.73D Dominion EnergyPairCorr
  0.72ED Consolidated Edison Sell-off TrendPairCorr
  0.69ES Eversource EnergyPairCorr
  0.76FE FirstEnergyPairCorr
  0.71HE Hawaiian Electric Earnings Call This WeekPairCorr
  0.7SO SouthernPairCorr
  0.65DUKB Duke Energy CorpPairCorr
  0.61ELPC Companhia ParanaensePairCorr
  0.82WTRG Essential Utilities Sell-off TrendPairCorr
  0.71AEP American Electric PowerPairCorr
  0.67AQN Algonquin Power UtilitiesPairCorr
  0.79ATO Atmos EnergyPairCorr
  0.86AVA AvistaPairCorr
  0.8AWK American Water Works Sell-off TrendPairCorr
  0.8AWR American States WaterPairCorr
  0.61BEP Brookfield RenewablePairCorr
  0.76BIP Brookfield InfrastructurePairCorr
  0.91BKH Black HillsPairCorr
  0.75CIG Companhia EnergeticaPairCorr
  0.72CMS CMS EnergyPairCorr
  0.73CPK Chesapeake UtilitiesPairCorr
  0.77CWT California Water ServicePairCorr

Moving against Fidelity Mutual Fund

  0.71ENIC Enel Chile SAPairCorr
  0.6AGR AvangridPairCorr
  0.49CDZIP Cadiz Depositary SharesPairCorr
  0.39ENLT Enlight Renewable EnergyPairCorr
  0.32ELLO Ellomay CapitalPairCorr
  0.48KEN Kenon HoldingsPairCorr
  0.32GEV GE Vernova LLCPairCorr

Related Correlations Analysis

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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.

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