Fidelity Covington Competition

FELV ETF

38.06 -0.42 -1.09%

For benchmarking purposes, Fidelity Covington Trust is compared with IShares MSCI, Fidelity Enhanced, SPDR SAMPP, SPDR SAMPP, and Invesco FTSE and related companies. Cash flow yield for Fidelity Covington versus peers shows which firms turn revenue into real cash most effectively.

Fidelity Covington vs Franklin FTSE Correlation Snapshot

Weak diversification

For the present investment horizon, the measured correlation between Fidelity Covington and Franklin FTSE stands at 0.55, or Weak diversification. In portfolio terms, the overlap shows how much shared movement remains after combining both positions.

Moving together with Fidelity ETF

0.86	VTV	Vanguard Value Index	Pair Corr
0.9	VYM	Vanguard High Dividend	Pair Corr
0.94	IWD	iShares Russell 1000	Pair Corr
0.85	DGRO	iShares Core Dividend	Pair Corr
0.85	IVE	iShares SAMPP 500	Pair Corr

Moving Against Fidelity ETF

0.56

WNTR

YieldMax MSTR Short

Pair Corr

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Statistical evidence for mean reversion in Fidelity Covington's appears through its tendency to revert after extreme valuations. Under mean reversion theory, Fidelity Covington's price extremes are viewed as temporary dislocations that may self-correct. Mean reversion in Fidelity Covington's is often observed around historical valuation multiples. Historical data for Fidelity Covington shows that extreme valuations have tended to normalize over multi-year periods.

Sentiment

Range

Low	Sentiment	High
37.26	38.06	38.86

Details

Intrinsic

Valuation

Low	Intrinsic	High
34.25	40.60	41.40

Details

Naive

Forecast

Low	Next	High
37.25	38.06	38.86

Details

Bollinger

Band Projection (param)

Lower	Middle Band	Upper
35.44	37.00	38.57

Details

Fidelity Covington is positioned within its peer group by benchmarking margins, returns, and multiples. This peer-relative view identifies where Fidelity Covington leads, trails, or tracks its competitive set. Benchmarking earnings quality and balance sheet strength against peers provides additional valuation context. Fidelity Covington's relative positioning within the peer group reflects its competitive dynamics as currently priced by the market.

Fidelity Covington Competition Correlation Matrix

Competition correlation for Fidelity Covington Trust matters because related securities often respond to the same industry, factor, or macro drivers even when their business stories differ. When interpreted alongside fundamentals, correlation analysis separates broad industry exposure from company-specific behavior before additional capital is allocated across the peer group.

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.81	0.55	0.65	-0.48	0.62	0.2	0.57	-0.2	-0.89	META
MSFT	0.81		0.65	0.34	-0.61	0.34	0.25	0.52	-0.62	-0.74	MSFT
UBER	0.55	0.65		0.08	-0.49	0.17	0.39	0.25	-0.5	-0.49	UBER
F	0.65	0.34	0.08		0.0	0.85	0.17	0.46	0.35	-0.7	F
T	-0.48	-0.61	-0.49	0.0		-0.1	0.28	-0.65	0.5	0.5	T
A	0.62	0.34	0.17	0.85	-0.1		0.22	0.59	0.25	-0.69	A
CRM	0.2	0.25	0.39	0.17	0.28	0.22		-0.36	-0.2	-0.19	CRM
JPM	0.57	0.52	0.25	0.46	-0.65	0.59	-0.36		-0.09	-0.59	JPM
MRK	-0.2	-0.62	-0.5	0.35	0.5	0.25	-0.2	-0.09		0.14	MRK
XOM	-0.89	-0.74	-0.49	-0.7	0.5	-0.69	-0.19	-0.59	0.14		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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High positive correlations

A	+ 0.85	F
MSFT	+ 0.81	META
F	+ 0.65	META
UBER	+ 0.65	MSFT
A	+ 0.62	META
JPM	+ 0.59	A

High negative correlations

XOM	- 0.89	META
XOM	- 0.74	MSFT
XOM	- 0.7	F
XOM	- 0.69	A
JPM	- 0.65	T
MRK	- 0.62	MSFT

Fidelity Covington Competition Risk-Adjusted Indicators

Headline performance for Fidelity ETF may not fully reflect how the business compares across its competitive set. Risk-adjusted metrics help compare Fidelity Covington's efficiency and downside exposure against peers on a like-for-like basis. These indicators are quantitative in nature and measure volatility and risk-adjusted expected returns across different positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.75	-0.20	0.00	-0.16	0.00	0.00	2.61	-3.83	15.22
MSFT	1.36	-0.03	0.00	-0.03	0.00	0.00	3.11	-3.21	8.57
UBER	1.72	-0.02	0.00	-0.02	0.00	0.00	3.61	-3.60	8.83
F	1.53	-0.18	0.00	-0.12	0.00	0.00	4.11	-3.20	9.26
T	1.18	-0.02	0.00	0.08	0.00	0.00	2.34	-2.60	7.75
A	1.43	-0.21	0.00	-0.20	0.00	0.00	2.67	-3.11	8.08
CRM	2.14	-0.20	0.00	-1.23	0.00	0.00	4.07	-4.75	13.46
JPM	1.11	0.03	0.02	0.04	1.47	-1.13	2.18	-2.34	8.16
MRK	1.18	0.01	0.00	0.03	1.57	-1.21	2.73	-2.58	7.67
XOM	1.44	0.13	0.06	-0.19	2.00	-1.42	2.73	-3.65	9.09

Fidelity Covington Competitive Analysis

Better Than Average

Worse Than Peers

View Performance Chart

	FELV	SMLF	FESM	FALIX	MDYV	MDYG	PRFZ
	1.09 38.06 Fidelity	1.67 83.40 IShares MSCI	1.82 44.26 Fidelity	0.00 58.05 FIDELITY ADVISOR	1.32 90.86 SPDR SAMPP	1.30 106.86 SPDR SAMPP	1.03 51.09 Invesco FTSE
Market Volatility (90 Days Market Risk)	Very Low	Very Low	Very Low	Very Low	Very Low	Very Low	Very Low
Market Performance (90 Days Performance)	Contained	Contained	Moderate	Weak	Weak	Moderate	Contained
Odds of Financial Distress (Probability Of Bankruptcy)	Low	Elevated	Low	Critical	Low	Low	Low
Current Valuation (Equity Enterprise Value)	Below Model Estimate	Below Model Estimate	Below Model Estimate	Above Model Estimate	Aligned With Model	Below Model Estimate	Below Model Estimate
Buy or Sell Analysis (Average Analysts Consensus)	Not Available	Not Available	Not Available	Not Available	Not Available	Not Available	Not Available
Trade Advice (90 Days Macroaxis Advice)	Strong Buy	Strong Buy	Strong Buy	Not Rated	Strong Hold	Strong Buy	Strong Buy
Net Asset	N/A	867.67 M	N/A	1.33 B	1.44 B	1.29 B	1.98 B
Price To Sales TTM	N/A	0.93 X	N/A	1.93 X	0.92 X	2.24 X	0.91 X
Price To Book TTM	N/A	1.82 X	N/A	2.01 X	1.77 X	3.45 X	1.60 X
Five Year Return	10.50 %	10.30 %	10.30 %	20.20 %	7.80 %	6.90 %	8.40 %
One Year Return	27.00 %	35.50 %	49.30 %	22.27 %	25.80 %	31.50 %	38.50 %
Last Dividend Paid	N/A	0.084	N/A	N/A	0.22	0.13	0.31
Price To Earnings TTM	N/A	19.54 X	N/A	2.72 X	18.95 X	23.82 X	19.24 X
Equity Positions Weight	N/A	99.82 %	N/A	99.07 %	99.86 %	99.99 %	99.86 %
Cash Position Weight	N/A	N/A	N/A	0.40 %	N/A	N/A	N/A
Three Year Return	18.30 %	19.30 %	24.70 %	23.76 %	13.80 %	16.20 %	18.10 %
Annual Yield	N/A	N/A	N/A	0.01 %	N/A	N/A	N/A
Trailing Beta	0.86	1.26	1.32	N/A	1.12	1.15	1.29
Year To Date Return	N/A	N/A	N/A	14.32 %	N/A	N/A	N/A
Ten Year Return	12.00 %	12.10 %	12.50 %	11.48 %	10.50 %	11.30 %	11.40 %
Day Typical Price	38.17	83.96	44.52	58.05	91.25	107.58	51.32
Accumulation Distribution	1682.77	3807.68	21409.11	N/A	759.45	2550.13	775.26
Daily Balance Of Power	-0.84	-0.85	-0.84	0.0	-0.95	-0.52	-0.62
Period Momentum Indicator	-0.42	-1.42	-0.82	N/A	-1.22	-1.41	-0.53
Rate Of Daily Change	0.99	0.98	0.98	1.0	0.99	0.99	0.99
Day Median Price	38.23	84.24	44.65	58.05	91.45	107.95	51.44
Price Action Indicator	-0.38	-1.55	-0.80	N/A	-1.20	-1.79	-0.61
Relative Strength Index	63.45	58.76	64.04	45.5	53.52	60.56	59.21
Coefficient Of Variation	806.7	781.81	547.53	-8,197	2278.6	712.72	830.28
Mean Deviation	0.5792	0.9606	1.05	0.3882	0.7674	1.06	0.9751
Jensen Alpha	0.0825	0.1406	0.2234	-0.02	0.0253	0.175	0.1303
Total Risk Alpha	0.0815	0.1389	0.2214	-0.03	0.0241	0.1725	0.1287
Sortino Ratio	0.0981	0.1046	0.1628	N/A	0.0251	0.1331	0.0985
Downside Variance	0.663	1.84	1.91	N/A	0.959	1.77	1.79
Standard Deviation	0.8048	1.27	1.34	0.6705	1.01	1.4	1.26
Kurtosis	1.04	0.0358	-0.01	3.83	0.4587	0.3485	0.1122
Potential Upside	1.62	2.16	2.19	0.9039	1.82	2.69	2.17
Treynor Ratio	0.1221	0.1325	0.1979	-0.28	0.0373	0.1546	0.1234
Maximum Drawdown	3.04	5.35	6.18	3.5	4.75	6.38	5.71
Variance	0.6478	1.6	1.8	0.4496	1.03	1.97	1.59
Market Risk Adjusted Performance	0.1321	0.1425	0.2079	-0.27	0.0473	0.1646	0.1334
Risk Adjusted Performance	0.1175	0.1257	0.1789	-0.02	0.0428	0.1384	0.1185
Skewness	0.4363	0.1087	-0.01	-0.97	0.2744	0.1334	0.1028
Semi Deviation	0.6117	1.16	1.18	N/A	0.9386	1.16	1.19
Information Ratio	0.0992	0.1122	0.1678	-0.04	0.0243	0.1261	0.1046
Value At Risk	-1.23	-1.91	-1.96	-1.35	-1.55	-2.24	-2.03
Expected Short fall	-0.61	-0.95	-1.11	N/A	-0.80	-1.17	-0.98
Downside Deviation	0.8142	1.36	1.38	N/A	0.9793	1.33	1.34
Semi Variance	0.3742	1.33	1.38	N/A	0.881	1.34	1.42

Fidelity Covington Competition Peer Performance Charts

How to Analyze Fidelity Covington Against Peers

Fidelity Covington's peer analysis compares Fidelity Covington with related companies to put valuation, quality, and risk metrics in context. This establishes whether recent performance is company-specific or broadly sector-driven. A practical workflow includes:

Set a relevant peer group: Include direct competitors and close alternatives with comparable business exposure.
Benchmark core financials: Compare profitability, growth, capital structure, and cash flow quality.
Check valuation dispersion: Review whether Fidelity Covington trades at a premium or discount versus peers and why.
Evaluate risk profile: Compare volatility, drawdowns, and correlation to avoid false diversification assumptions.
Document the thesis: Record where Fidelity Covington leads or lags and what catalysts could close or widen the gap.

Use this as an educational baseline, then validate conclusions with current filings, market conditions, and portfolio objectives.

Peer Comparison Metrics & Methodology

Fidelity Covington has a wider economic moat score than the average competitor, based on return spread and reinvestment patterns. Working capital efficiency at Fidelity Covington relative to peers can flag hidden liquidity strengths or weaknesses. Comparative analysis works best when peers share business drivers, cycle exposure, and capital structure characteristics.

Fidelity Covington Trust figures are aggregated from fund disclosures and market reference feeds and normalized across reporting formats.

Editorial review and methodology oversight provided by: Gabriel Shpitalnik, Member of Macroaxis Editorial Board