Fidelity Advisor Correlations

Mutual Funds USA . 
Fund . Fidelity Advisor Leveraged
FLEMX Fund   43.14  0.08  0.19%   
The current 90-days correlation between Fidelity Advisor Lev and Fidelity Freedom 2015 is 0.75 (i.e., 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

Very poor diversification

The correlation between Fidelity Advisor Leveraged and DJI is 0.83 (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 Leveraged 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 Leveraged. 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 population.

Moving together with Fidelity Mutual Fund

  0.99FRBKX Fidelity Advisor FreedomPairCorr
  1.0FAGIX Fidelity Capital IncomePairCorr
  0.98FSEAX Fidelity Emerging AsiaPairCorr
  1.0FSPGX Fidelity Large CapPairCorr
  0.85FSRNX Fidelity Real EstatePairCorr
  0.99FBMPX Multimedia PortfolioPairCorr
  0.98FTIHX Fidelity Total InterPairCorr
  0.99FCLCX Fidelity Advisor IndPairCorr
  0.99FCLAX Fidelity Advisor IndPairCorr
  1.0FCLKX Fidelity Large CapPairCorr
  0.95FUEMX Fidelity Flex ServativePairCorr
  0.63FUMBX Fidelity Short TermPairCorr
  0.99FELCX Fidelity Advisor SemPairCorr
  0.99FEMKX Fidelity Emerging MarketsPairCorr
  0.96FGWMX Fidelity New MarketsPairCorr
  0.96FGVMX Fidelity New MarketsPairCorr
  0.98FHKCX Fidelity China Region Steady GrowthPairCorr
  0.96FZABX Fidelity Advisor DivPairCorr
  0.98FHRVX Fidelity Managed RetPairCorr
  0.96FICDX Fidelity CanadaPairCorr
  0.99FIDGX Fidelity Small CapPairCorr
  0.65FIFGX Fidelity Sai InflatiPairCorr
  0.94FIKMX Fidelity Real EstatePairCorr
  0.99FIKGX Fidelity Advisor SemPairCorr
  0.98FIKBX Fidelity Advisor FinPairCorr
  0.97FISVX Fidelity Small CapPairCorr
  0.99FITLX Fidelity SustainabilityPairCorr
  0.99FLCOX Fidelity Large CapPairCorr
  1.0FLEOX Fidelity Advisor LevPairCorr
  1.0FLENX Fidelity Advisor LevPairCorr
  0.98FNIDX Fidelity Intl SustaiPairCorr
  0.73FNSOX Fidelity Short TermPairCorr
  0.99FPBFX Fidelity Pacific BasinPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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  0.24  0.06 (0.09) 0.35  0.00 
(0.29)
 0.68 
(0.50)
 1.67 
FPURX  0.41  0.08  0.04  0.28  0.23 
(0.45)
 1.28 
(0.84)
 2.85 
FPUKX  0.41  0.08  0.03  0.27  0.25 
(0.45)
 1.32 
(0.88)
 2.90 
FPXTX  0.12 (0.01)(0.66)(0.06) 0.11 
(0.17)
 0.30 
(0.20)
 0.89 
FQIFX  0.31  0.07 (0.02) 0.30  0.00 
(0.36)
 0.96 
(0.60)
 2.17 
FQIPX  0.47  0.12  0.10  0.31  0.29 
(0.57)
 1.48 
(1.18)
 3.29 
FQITX  0.56  0.06 (0.03) 0.27  0.64 
(0.60)
 1.27 
(1.14)
 3.58 
FQLSX  0.47  0.13  0.12  0.33  0.24 
(0.58)
 1.53 
(1.22)
 3.33 
FRBDX  0.48  0.13  0.12  0.34  0.26 
(0.60)
 1.61 
(1.11)
 3.27 
FRBEX  0.47  0.14  0.13  0.34  0.22 
(0.58)
 1.61 
(1.11)
 3.18 

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