Fidelity Advisor Correlations

FATIX Fund

USD 169.51 2.17 1.30%

The current 90-days correlation between Fidelity Advisor Tec and Fidelity Capital Appreciation 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

Poor diversification

The correlation between Fidelity Advisor Technology and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Technology 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 Technology. 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

0.9	FPTKX	Fidelity Freedom 2015	Pair Corr
0.92	FQLSX	Fidelity Flex Freedom	Pair Corr
0.93	FRBEX	Fidelity Freedom 2070	Pair Corr
0.93	FRCWX	Fidelity Sustainable	Pair Corr
0.88	FRQHX	Fidelity Managed Ret	Pair Corr
0.88	FRQIX	Fidelity Income Repl	Pair Corr
0.72	FACDX	Fidelity Advisor Health	Pair Corr
1.0	FADTX	Fidelity Advisor Tec	Pair Corr
0.79	FAGIX	Fidelity Capital Income	Pair Corr
0.95	FALAX	Fidelity Advisor Large	Pair Corr
0.95	FSAMX	Strategic Advisers	Pair Corr
0.82	FSAWX	Fidelity Sai Convertible	Pair Corr
0.78	FSAZX	Fidelity Arizona Mun	Pair Corr
0.88	FSDAX	Defense And Aerospace Steady Growth	Pair Corr
0.9	FARFX	Fidelity Income Repl	Pair Corr
0.69	FSHGX	Fidelity Sai High	Pair Corr
0.9	FATEX	Fidelity Advisor Tec	Pair Corr
0.91	FSIDX	Fidelity Strategic	Pair Corr
0.93	FSKAX	Fidelity Total Market	Pair Corr
0.91	FSNPX	Fidelity Freedom 2025	Pair Corr
0.72	FSMAX	Fidelity Extended Market	Pair Corr
0.7	FSMDX	Fidelity Mid Cap	Pair Corr
0.96	FSPGX	Fidelity Large Cap	Pair Corr
1.0	FSPTX	Technology Portfolio	Pair Corr
0.86	FSRRX	Fidelity Strategic Real	Pair Corr
0.93	FBALX	Fidelity Balanced	Pair Corr
0.75	FSSNX	Fidelity Small Cap	Pair Corr
0.86	FSUTX	Utilities Portfolio	Pair Corr

Moving against Fidelity Mutual Fund

0.43

FSRPX

Retailing Portfolio

Pair Corr

Related Correlations Analysis

	FDCAX	EQPGX	VCSAX	FCNYX	JGLO	FASMX	FIGRX	BOND	VFIJX	FASIX
FDCAX		0.98	-0.63	0.82	0.93	0.84	0.94	0.75	0.74	0.95	FDCAX
EQPGX	0.98		-0.68	0.78	0.88	0.82	0.91	0.74	0.73	0.92	EQPGX
VCSAX	-0.63	-0.68		-0.54	-0.48	-0.53	-0.5	-0.5	-0.52	-0.56	VCSAX
FCNYX	0.82	0.78	-0.54		0.76	0.86	0.82	0.84	0.85	0.91	FCNYX
JGLO	0.93	0.88	-0.48	0.76		0.8	0.95	0.66	0.65	0.89	JGLO
FASMX	0.84	0.82	-0.53	0.86	0.8		0.84	0.94	0.93	0.9	FASMX
FIGRX	0.94	0.91	-0.5	0.82	0.95	0.84		0.72	0.71	0.92	FIGRX
BOND	0.75	0.74	-0.5	0.84	0.66	0.94	0.72		0.99	0.86	BOND
VFIJX	0.74	0.73	-0.52	0.85	0.65	0.93	0.71	0.99		0.84	VFIJX
FASIX	0.95	0.92	-0.56	0.91	0.89	0.9	0.92	0.86	0.84		FASIX
	FDCAX	EQPGX	VCSAX	FCNYX	JGLO	FASMX	FIGRX	BOND	VFIJX	FASIX

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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

VFIJX	+ 0.99	BOND
EQPGX	+ 0.98	FDCAX
FASIX	+ 0.95	FDCAX
FIGRX	+ 0.95	JGLO
FIGRX	+ 0.94	FDCAX
BOND	+ 0.94	FASMX

High negative correlations

VCSAX	- 0.68	EQPGX
VCSAX	- 0.63	FDCAX
FASIX	- 0.56	VCSAX
FCNYX	- 0.54	VCSAX
FASMX	- 0.53	VCSAX
VFIJX	- 0.52	VCSAX

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
FDCAX	0.57	0.02	0.02	0.09	0.74	(0.60)	1.17	(0.96)	4.66
EQPGX	0.65	(0.01)	(0.01)	0.07	0.87	(0.65)	1.12	(1.28)	4.99
VCSAX	0.50	(0.03)	0.00	(0.09)	0.00	0.00	1.02	(0.96)	3.16
FCNYX	0.05	0.01	0.00	(0.38)	0.00	0.00	0.10	(0.10)	0.50
JGLO	0.46	(0.02)	(0.04)	0.06	0.62	(0.45)	1.10	(0.67)	3.97
FASMX	0.32	0.08	0.00	(0.51)	0.18	(0.40)	0.71	(0.41)	2.55
FIGRX	0.67	0.02	0.02	0.10	0.76	(0.71)	1.32	(1.23)	4.83
BOND	0.18	0.06	(0.10)	(1.26)	0.00	(0.24)	0.47	(0.26)	1.09
VFIJX	0.18	0.05	(0.11)	(1.51)	0.00	(0.25)	0.43	(0.31)	1.19
FASIX	0.17	0.03	(0.12)	0.23	0.00	(0.23)	0.42	(0.22)	1.20

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