Fidelity Canadian Correlations

Etfs . Canada . 
Etf . Fidelity Canadian High
FCCD Etf  CAD 37.97  0.12  0.32%   
The current 90-days correlation between Fidelity Canadian High and iShares SPTSX Capped is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Canadian High moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Canadian Correlation With Market

Very poor diversification

The correlation between Fidelity Canadian High and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canadian High and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Fidelity Canadian could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Canadian when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Canadian - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Canadian High to buy it.

Moving together with Fidelity Etf

  0.99ZWC BMO Canadian HighPairCorr
  0.71XDV iShares Canadian SelectPairCorr
  0.72PDC Invesco Canadian DividendPairCorr
  0.9XEI iShares SPTSX CompositePairCorr
  0.95VDY Vanguard FTSE CanadianPairCorr
  0.96DGRC CI Canada QualityPairCorr
  0.97HXH Global X CanadianPairCorr
  0.83HCAL Hamilton EnhancedPairCorr
  0.79HBGD Global X BigPairCorr
  0.68HBGD-U Global X BigPairCorr
  0.95EQL-U Invesco SP 500PairCorr
  0.9AMAX Hamilton Gold ProducerPairCorr
  0.61ZWU BMO Covered CallPairCorr
  0.94DXBG Dynamic Global FixedPairCorr
  0.88HXX Global X EuropePairCorr
  0.77DXN Dynamic Active GlobalPairCorr
  0.84ZUD BMO Dividend HedgedPairCorr
  0.85WSHR Wealthsimple ShariahPairCorr
  0.85NXF First Asset EnergyPairCorr
  0.75XSTB iShares ESG AwarePairCorr
  0.92MINT-B Manulife MultifactorPairCorr
  0.65ZEO BMO Equal WeightPairCorr
  0.9ATSX Accelerate Canadian LongPairCorr
  0.91TERM Manulife Smart ShortPairCorr
  0.9XEN iShares Jantzi SocialPairCorr
  0.83XEG iShares SPTSX CappedPairCorr
  0.84HPF Harvest Energy LeadersPairCorr
  0.94UDIV Manulife Smart DividendPairCorr
  0.83CTMB CI Target 2029PairCorr

Moving against Fidelity Etf

  0.57GDPY-B Guardian Directed PremiumPairCorr

Related Correlations Analysis


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

XDSR
+ 0.97
FCID
XBM
+ 0.96
XEH
FCID
+ 0.95
XEH
XDSR
+ 0.95
XEH
BKCC
+ 0.95
FCVH
FCVH
+ 0.94
XEH
  

High negative correlations

FCVH
- 0.58
FCUD
XUT
- 0.55
FCVH
XBM
- 0.53
FCUD
BKCC
- 0.52
FCUD
XUT
- 0.5
BKCC
XEH
- 0.5
FCUD

Fidelity Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Canadian ETF 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 Canadian'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FCUD  0.60 (0.06) 0.00 (0.10) 0.00 
 0.00 
 1.22 
(1.09)
 6.97 
RCD  0.70 (0.04) 0.00 (0.04) 0.00 
 0.00 
 1.02 
(1.60)
 9.07 
XEH  0.49  0.06  0.05  0.18  0.57 
(0.51)
 1.31 
(1.14)
 2.76 
FCID  0.53  0.11  0.12  0.30  0.53 
(0.58)
 1.20 
(1.11)
 2.93 
XDSR  0.60  0.04  0.02  0.12  0.70 
(0.60)
 1.24 
(1.18)
 3.05 
FCVH  0.68  0.07  0.07  0.14  0.65 
(0.78)
 1.42 
(1.60)
 4.53 
XBM  1.81  0.37  0.15  0.47  2.12 
(1.96)
 3.60 
(4.12)
 12.02 
XCNS  0.29 (0.01)(0.08) 0.01  0.43 
(0.27)
 0.55 
(0.74)
 1.68 
BKCC  0.43  0.09  0.12  0.38  0.33 
(0.49)
 0.95 
(0.85)
 2.82 
XUT  0.43  0.01 (0.05)(0.04) 0.79 
(0.42)
 0.79 
(0.81)
 4.17 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity Canadian without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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