Fidelity Advisor Correlations

FSLSX Fund

USD 57.81 0.49 0.84%

The current 90-days correlation between Fidelity Advisor Value and Fidelity Stock Selector is 0.88 (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

Very poor diversification

The correlation between Fidelity Advisor Value and DJI is 0.8 (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 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.84	FPTKX	Fidelity Freedom 2015	Pair Corr
0.82	FPURX	Fidelity Puritan	Pair Corr
0.82	FPUKX	Fidelity Puritan	Pair Corr
0.85	FQIFX	Fidelity Freedom Index	Pair Corr
0.81	FQITX	Fidelity Salem Street	Pair Corr
0.86	FQLSX	Fidelity Flex Freedom	Pair Corr
0.81	FRBEX	Fidelity Freedom 2070	Pair Corr
0.81	FRBHX	Fidelity Freedom 2070	Pair Corr
0.81	FRBJX	Fidelity Advisor Freedom	Pair Corr
0.86	FRBKX	Fidelity Advisor Freedom	Pair Corr
0.81	FRBPX	Fidelity Advisor Freedom	Pair Corr
0.82	FRBWX	Fidelity Freedom Index	Pair Corr
0.82	FRBZX	Fidelity Freedom Blend	Pair Corr
0.87	FRAGX	Aggressive Growth	Pair Corr
0.83	FRASX	Fidelity Income Repl	Pair Corr
0.81	FRCHX	Fidelity Freedom Blend	Pair Corr
0.8	FRCKX	Fidelity Freedom Blend	Pair Corr
0.82	FRCNX	Fidelity Freedom Blend	Pair Corr
0.81	FRCRX	Fidelity Sustainable	Pair Corr
0.81	FRCVX	Fidelity Sustainable	Pair Corr
0.81	FRCWX	Fidelity Sustainable	Pair Corr
0.81	FRDEX	Fidelity Sustainable	Pair Corr
0.65	FRESX	Fidelity Real Estate	Pair Corr
0.83	FRIMX	Fidelity Income Repl	Pair Corr
0.83	FRQHX	Fidelity Managed Ret	Pair Corr
0.83	FRQIX	Fidelity Income Repl	Pair Corr
0.81	FAASX	Fidelity Asset Manager	Pair Corr
0.86	FAAIX	Fidelity Asset Manager	Pair Corr
0.78	FACTX	Fidelity Advisor Health	Pair Corr
0.81	FACPX	Fidelity Advisor Sumer	Pair Corr
0.73	FACGX	Fidelity Advisor Growth	Pair Corr
0.78	FACDX	Fidelity Advisor Health	Pair Corr
0.65	FADTX	Fidelity Advisor Tec	Pair Corr
0.79	FADMX	Fidelity Advisor Str	Pair Corr
0.66	FAGNX	Fidelity Advisor Energy	Pair Corr
0.81	FAGIX	Fidelity Capital Income	Pair Corr
0.73	FAGAX	Fidelity Advisor Growth	Pair Corr

Related Correlations Analysis

	FSLVX	SWANX	FMSTX	ILLLX	HYT	USWGX	HILVX	RYPRX
FSLVX		0.91	0.85	0.74	-0.44	0.9	0.52	0.55	FSLVX
SWANX	0.91		0.8	0.77	-0.24	0.94	0.23	0.28	SWANX
FMSTX	0.85	0.8		0.77	-0.35	0.87	0.37	0.37	FMSTX
ILLLX	0.74	0.77	0.77		-0.13	0.87	0.09	0.13	ILLLX
HYT	-0.44	-0.24	-0.35	-0.13		-0.32	-0.37	-0.32	HYT
USWGX	0.9	0.94	0.87	0.87	-0.32		0.22	0.27	USWGX
HILVX	0.52	0.23	0.37	0.09	-0.37	0.22		0.9	HILVX
RYPRX	0.55	0.28	0.37	0.13	-0.32	0.27	0.9		RYPRX
	FSLVX	SWANX	FMSTX	ILLLX	HYT	USWGX	HILVX	RYPRX

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	+ 0.94	SWANX
SWANX	+ 0.91	FSLVX
USWGX	+ 0.9	FSLVX
RYPRX	+ 0.9	HILVX
USWGX	+ 0.87	FMSTX
USWGX	+ 0.87	ILLLX

High negative correlations

HYT	- 0.44	FSLVX
HILVX	- 0.37	HYT
HYT	- 0.35	FMSTX
RYPRX	- 0.32	HYT
USWGX	- 0.32	HYT
HYT	- 0.24	SWANX

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	0.44	(0.02)	(0.05)	0.07	0.49	(0.49)	1.10	(0.78)	3.72
SWANX	0.50	0.02	0.01	0.10	0.59	(0.56)	1.14	(0.80)	4.10
FMSTX	0.46	0.04	(0.09)	(0.21)	0.61	(0.47)	1.22	(0.93)	3.66
ILLLX	1.13	0.21	0.05	(0.38)	1.46	(1.16)	2.61	(2.33)	8.07
HYT	0.44	(0.04)	0.00	(0.06)	0.00	0.00	0.87	(0.94)	2.81
USWGX	0.50	0.10	0.01	(0.98)	0.53	(0.57)	1.11	(0.69)	4.06
HILVX	0.56	(0.08)	(0.12)	0.01	0.62	(0.70)	1.31	(0.87)	4.47
RYPRX	0.85	(0.09)	(0.06)	0.02	0.94	(0.94)	1.91	(1.39)	6.02

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