Fidelity Advisor Correlations

FUGCX Fund

USD 43.61 0.38 0.86%

The current 90-days correlation between Fidelity Advisor Uti and Gamco Global Gold is 0.18 (i.e., Average 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 Utilities and DJI is 0.69 (i.e., Poor 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 main economic indicators.

Moving together with Fidelity Mutual Fund

0.89	D	Dominion Energy	Pair Corr
0.82	ES	Eversource Energy	Pair Corr
0.66	RNWWW	ReNew Energy Global	Pair Corr
0.72	ELPC	Companhia Paranaense	Pair Corr
0.79	ENIC	Enel Chile SA	Pair Corr
0.72	ENLT	Enlight Renewable Energy	Pair Corr
0.74	ALE	Allete Inc	Pair Corr
0.74	AQN	Algonquin Power Utilities	Pair Corr
0.73	BEP	Brookfield Renewable	Pair Corr
0.78	BIP	Brookfield Infrastructure	Pair Corr
0.74	CEG	Constellation Energy Corp	Pair Corr
0.79	CIG	Companhia Energetica	Pair Corr
0.75	DTE	DTE Energy Sell-off Trend	Pair Corr

Moving against Fidelity Mutual Fund

0.48	CMS-PB	Consumers Energy	Pair Corr
0.35	CPK	Chesapeake Utilities	Pair Corr

Related Correlations Analysis

	XGGNX	FRNRX	PDX	IGNAX	GAAEX	CAEIX	ALTEX	PSPFX
XGGNX		0.74	0.74	0.9	0.81	0.79	0.76	0.88	XGGNX
FRNRX	0.74		0.93	0.85	0.74	0.71	0.75	0.7	FRNRX
PDX	0.74	0.93		0.86	0.74	0.67	0.74	0.69	PDX
IGNAX	0.9	0.85	0.86		0.95	0.88	0.89	0.86	IGNAX
GAAEX	0.81	0.74	0.74	0.95		0.96	0.96	0.88	GAAEX
CAEIX	0.79	0.71	0.67	0.88	0.96		0.96	0.91	CAEIX
ALTEX	0.76	0.75	0.74	0.89	0.96	0.96		0.91	ALTEX
PSPFX	0.88	0.7	0.69	0.86	0.88	0.91	0.91		PSPFX
	XGGNX	FRNRX	PDX	IGNAX	GAAEX	CAEIX	ALTEX	PSPFX

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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
XGGNX	0.77	0.10	0.05	(11.83)	1.38	(0.84)	1.40	(1.36)	7.47
FRNRX	1.10	0.04	0.02	0.06	2.14	(1.11)	1.71	(2.57)	11.91
PDX	1.40	0.07	0.02	0.09	2.69	(1.34)	3.12	(4.30)	15.08
IGNAX	1.15	0.17	0.07	(1.71)	1.89	(1.20)	1.94	(2.35)	11.60
GAAEX	1.29	0.12	0.06	(0.68)	1.58	(1.50)	2.42	(2.53)	12.67
CAEIX	0.96	0.09	0.05	0.13	1.36	(1.02)	1.88	(2.00)	9.01
ALTEX	1.50	0.15	0.07	0.16	1.87	(1.67)	2.76	(3.63)	12.15
PSPFX	0.89	0.19	0.10	0.34	1.35	(1.07)	2.03	(1.18)	7.62

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