Fidelity Advisor Correlations

Mutual Funds USA . 
Fund . Fidelity Advisor Utilities
FUGAX Fund  USD 46.41  0.01  0.02%   
The current 90-days correlation between Fidelity Advisor Uti and Consumer Discretionary Portfolio is -0.02 (i.e., Good 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

Modest diversification

The correlation between Fidelity Advisor Utilities and DJI is 0.2 (i.e., Modest 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 nation.

Moving together with Fidelity Mutual Fund

  0.75NI NiSourcePairCorr
  0.68SR Spire IncPairCorr
  0.7EVRG Evergy,PairCorr
  0.84AEE Ameren CorpPairCorr
  0.67AGR AvangridPairCorr
  0.69ALE Allete IncPairCorr
  0.83ATO Atmos EnergyPairCorr
  0.65BIP Brookfield InfrastructurePairCorr
  0.75BKH Black HillsPairCorr
  0.83CNP CenterPoint EnergyPairCorr
  0.68CPK Chesapeake UtilitiesPairCorr

Moving against Fidelity Mutual Fund

  0.54DUKB Duke Energy CorpPairCorr
  0.5ELPC Companhia ParanaensePairCorr
  0.38RNWWW ReNew Energy GlobalPairCorr
  0.6EBR Centrais ElectricasPairCorr
  0.5ELP Companhia ParanaensePairCorr
  0.48AES AESPairCorr
  0.4DTW DTE EnergyPairCorr
  0.33AQN Algonquin Power UtilitiesPairCorr

Related Correlations Analysis

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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   
FIDSX
+ 0.94
FSTCX
FSRFX
+ 0.91
FIDSX
FSTCX
+ 0.85
FSCPX
FSRFX
+ 0.85
FSTCX
FIDSX
+ 0.84
FSCPX
FSRFX
+ 0.63
FSCPX
  
High negative correlations   
FIDSX
- 0.48
FDFAX
FSRFX
- 0.47
FDFAX
FDFAX
- 0.38
FSTCX
FDFAX
- 0.21
FSCPX

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.

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