Fidelity Advisor Correlations

FAUFX Fund

USD 47.31 0.92 1.98%

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

Good diversification

The correlation between Fidelity Advisor Utilities and DJI is -0.15 (i.e., Good 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 census.

Moving together with Fidelity Mutual Fund

0.68	D	Dominion Energy	Pair Corr
0.64	BEP	Brookfield Renewable	Pair Corr

Moving against Fidelity Mutual Fund

0.58	DUKB	Duke Energy Corp	Pair Corr
0.52	WTRG	Essential Utilities	Pair Corr
0.51	ED	Consolidated Edison	Pair Corr
0.45	FE	FirstEnergy Earnings Call This Week	Pair Corr
0.66	EBR	Centrais Electricas	Pair Corr
0.6	EDN	Empresa Distribuidora	Pair Corr
0.48	CWT	California Water Service	Pair Corr
0.45	HTO	H2O America Symbol Change	Pair Corr
0.43	AWR	American States Water	Pair Corr
0.43	EIX	Edison International Earnings Call This Week	Pair Corr
0.38	CNP	CenterPoint Energy Earnings Call This Week	Pair Corr
0.38	EXC	Exelon	Pair Corr
0.35	FTS	Fortis Inc	Pair Corr
0.33	BKH	Black Hills	Pair Corr

Related Correlations Analysis

	HNRGX	ICBAX	PEO	PDX	BACCX
HNRGX		0.73	0.96	0.73	0.97	HNRGX
ICBAX	0.73		0.7	0.9	0.73	ICBAX
PEO	0.96	0.7		0.69	0.98	PEO
PDX	0.73	0.9	0.69		0.75	PDX
BACCX	0.97	0.73	0.98	0.75		BACCX
	HNRGX	ICBAX	PEO	PDX	BACCX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HNRGX	0.93	0.19	0.05	(7.23)	0.86	(1.08)	2.07	(1.72)	5.11
ICBAX	0.93	0.12	0.10	0.26	0.80	(1.05)	2.15	(1.75)	5.13
PEO	0.79	0.23	0.09	(1.51)	0.66	(0.92)	1.71	(1.42)	4.76
PDX	0.84	0.28	0.18	1.55	0.57	(0.98)	2.60	(1.35)	4.69
BACCX	0.81	0.15	0.00	(1.12)	0.79	(0.94)	1.54	(1.36)	4.39

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