Fidelity Advisor Correlations

FSLSX Fund

USD 59.49 0.67 1.11%

The current 90-days correlation between Fidelity Advisor Value and Harbor Large Cap is 0.9 (i.e., Almost no 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

Almost no diversification

The correlation between Fidelity Advisor Value and DJI is 0.93 (i.e., Almost no 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

0.93	FPTKX	Fidelity Freedom 2015	Pair Corr
0.92	FPUKX	Fidelity Puritan	Pair Corr
0.81	FPXTX	Fidelity Pennsylvania	Pair Corr
0.92	FQIFX	Fidelity Freedom Index	Pair Corr
0.93	FRGAX	Growth Allocation Index	Pair Corr
0.94	FRIMX	Fidelity Income Repl	Pair Corr
0.84	FRIQX	Fidelity Real Estate	Pair Corr
0.95	FRKMX	Fidelity Managed Ret	Pair Corr
0.95	FRQHX	Fidelity Managed Ret	Pair Corr
0.94	FAGIX	Fidelity Capital Income	Pair Corr
0.88	FTF	Franklin Templeton	Pair Corr
0.9	FAMKX	Fidelity Advisor Emerging	Pair Corr
0.91	FSAGX	Gold Portfolio Gold Steady Growth	Pair Corr
0.89	FSAWX	Fidelity Sai Convertible	Pair Corr
0.95	FSCDX	Fidelity Advisor Small	Pair Corr
0.98	FSCIX	Fidelity Advisor Small	Pair Corr
0.89	FSCPX	Consumer Discretionary	Pair Corr
0.97	FSCRX	Fidelity Small Cap	Pair Corr
0.71	FSBDX	Fidelity Series Blue	Pair Corr
0.89	FSELX	Fidelity Select Semi	Pair Corr
0.74	FSENX	Fidelity Select Port	Pair Corr
0.83	FARMX	Strategic Advisers	Pair Corr
0.91	FARFX	Fidelity Income Repl	Pair Corr
0.88	FSEDX	Fidelity Series Emerging	Pair Corr
0.95	FASIX	Fidelity Asset Manager	Pair Corr
0.81	FSHBX	Fidelity Short Term	Pair Corr
0.96	FSGEX	Fidelity Series Global	Pair Corr
0.75	FSHOX	Construction And Housing	Pair Corr
0.9	FSIKX	Fidelity Sustainable	Pair Corr
0.98	FSMDX	Fidelity Mid Cap	Pair Corr
0.89	FSMJX	Fidelity Sai Conservative	Pair Corr
0.79	FSMUX	Strategic Advisers	Pair Corr
0.62	FSPTX	Technology Portfolio	Pair Corr
0.87	FSRBX	Banking Portfolio Banking	Pair Corr

Moving against Fidelity Mutual Fund

0.63	FALAX	Fidelity Advisor Large	Pair Corr
0.61	FSUTX	Utilities Portfolio	Pair Corr

Related Correlations Analysis

	FSLVX	SWANX	FMSTX	HYT	USWGX	ILLLX	CIPSX	RYPRX	HILVX
FSLVX		0.95	0.95	-0.84	0.94	-0.25	0.71	0.94	0.9	FSLVX
SWANX	0.95		0.93	-0.87	0.96	-0.16	0.68	0.9	0.84	SWANX
FMSTX	0.95	0.93		-0.85	0.97	-0.26	0.66	0.97	0.88	FMSTX
HYT	-0.84	-0.87	-0.85		-0.9	0.27	-0.49	-0.83	-0.64	HYT
USWGX	0.94	0.96	0.97	-0.9		-0.21	0.64	0.94	0.82	USWGX
ILLLX	-0.25	-0.16	-0.26	0.27	-0.21		0.11	-0.23	-0.24	ILLLX
CIPSX	0.71	0.68	0.66	-0.49	0.64	0.11		0.76	0.83	CIPSX
RYPRX	0.94	0.9	0.97	-0.83	0.94	-0.23	0.76		0.89	RYPRX
HILVX	0.9	0.84	0.88	-0.64	0.82	-0.24	0.83	0.89		HILVX
	FSLVX	SWANX	FMSTX	HYT	USWGX	ILLLX	CIPSX	RYPRX	HILVX

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	+ 0.97	FMSTX
RYPRX	+ 0.97	FMSTX
USWGX	+ 0.96	SWANX
SWANX	+ 0.95	FSLVX
FMSTX	+ 0.95	FSLVX
USWGX	+ 0.94	FSLVX

High negative correlations

USWGX	- 0.9	HYT
HYT	- 0.87	SWANX
HYT	- 0.85	FMSTX
HYT	- 0.84	FSLVX
RYPRX	- 0.83	HYT
HILVX	- 0.64	HYT

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	0.62	0.13	0.18	0.22	0.35	(0.73)	1.36	(1.05)	7.57
SWANX	0.60	0.08	0.07	0.21	0.55	(0.67)	1.12	(1.14)	8.31
FMSTX	0.65	0.22	0.24	2.15	0.30	(0.78)	1.61	(1.06)	7.94
HYT	0.45	(0.05)	0.00	(0.09)	0.00	0.00	0.77	(1.01)	5.01
USWGX	0.68	0.25	0.26	2.32	0.34	(0.82)	1.13	(1.15)	12.37
ILLLX	1.39	(0.16)	0.00	(0.48)	0.00	0.00	2.64	(3.40)	7.94
CIPSX	0.85	(0.06)	(0.04)	0.02	1.01	(0.91)	2.14	(1.84)	4.30
RYPRX	1.10	0.24	0.29	0.21	0.53	(1.41)	2.54	(1.44)	15.85
HILVX	0.55	0.00	(0.02)	0.07	0.58	(0.63)	1.24	(1.01)	3.35

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