Correlation Between Fidelity Advisor and Calvert International
Can any of the company-specific risk be diversified away by investing in both Fidelity Advisor and Calvert International at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fidelity Advisor and Calvert International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Advisor Energy and Calvert International Equity, you can compare the effects of market volatilities on Fidelity Advisor and Calvert International and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity Advisor with a short position of Calvert International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Advisor and Calvert International.
Diversification Opportunities for Fidelity Advisor and Calvert International
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Fidelity and Calvert is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Energy and Calvert International Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert International and Fidelity Advisor is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity Advisor Energy are associated (or correlated) with Calvert International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert International has no effect on the direction of Fidelity Advisor i.e., Fidelity Advisor and Calvert International go up and down completely randomly.
Pair Corralation between Fidelity Advisor and Calvert International
Assuming the 90 days horizon Fidelity Advisor Energy is expected to generate 1.24 times more return on investment than Calvert International. However, Fidelity Advisor is 1.24 times more volatile than Calvert International Equity. It trades about 0.17 of its potential returns per unit of risk. Calvert International Equity is currently generating about 0.0 per unit of risk. If you would invest 4,526 in Fidelity Advisor Energy on June 1, 2025 and sell it today you would earn a total of 529.00 from holding Fidelity Advisor Energy or generate 11.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Advisor Energy vs. Calvert International Equity
Performance |
| Timeline |
| Fidelity Advisor Energy |
| Calvert International |
Fidelity Advisor and Calvert International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Advisor and Calvert International
The main advantage of trading using opposite Fidelity Advisor and Calvert International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Advisor position performs unexpectedly, Calvert International can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Calvert International will offset losses from the drop in Calvert International's long position.| Fidelity Advisor vs. Gurtin California Muni | Fidelity Advisor vs. Ab Municipal Bond | Fidelity Advisor vs. Intermediate Term Tax Free Bond | Fidelity Advisor vs. Old Westbury Municipal |
| Calvert International vs. Small Midcap Dividend Income | Calvert International vs. Western Asset Diversified | Calvert International vs. Touchstone Small Cap | Calvert International vs. Hunter Small Cap |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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