Fidelity Canadian Correlations

FCCQ Etf

CAD 50.75 1.05 2.11%

The current 90-days correlation between Fidelity Canadian High and iShares Core MSCI is 0.2 (i.e., Modest 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 0.83 (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

0.98	XIU	iShares SPTSX 60	Pair Corr
0.98	XIC	iShares Core SPTSX	Pair Corr
0.98	ZCN	BMO SPTSX Capped	Pair Corr
0.98	VCN	Vanguard FTSE Canada	Pair Corr
0.98	HXT	Global X SPTSX	Pair Corr
0.98	HXCN	Global X SPTSX	Pair Corr
0.98	QCN	Mackenzie Canadian Equity	Pair Corr
0.93	WXM	First Asset Morningstar	Pair Corr
0.98	TTP	TD Canadian Equity	Pair Corr
0.79	XSP	iShares Core SP	Pair Corr
0.87	ZEB	BMO SPTSX Equal	Pair Corr
0.87	NMNG	Ninepoint Mining Evo	Pair Corr
0.82	CPD	iShares SPTSX Canadian	Pair Corr
0.86	TCLV	TD Q Canadian	Pair Corr
0.82	ZDM	BMO MSCI EAFE	Pair Corr
0.82	NHYB	NBI High Yield	Pair Corr
0.81	CALL	Evolve Banks Enhanced	Pair Corr
0.82	XEU	iShares MSCI Europe	Pair Corr
0.8	DXBG	Dynamic Global Fixed	Pair Corr
0.98	HXU	BetaPro SP TSX	Pair Corr
0.87	BANK	Evolve Canadian Banks	Pair Corr
0.77	GDV	Global Dividend Growth	Pair Corr
0.98	XEN	iShares Jantzi Social	Pair Corr
0.74	UDIV	Manulife Smart Dividend	Pair Corr
0.93	ATSX	Accelerate Canadian Long	Pair Corr

Moving against Fidelity Etf

0.53	NSCE	NBI Sustainable Canadian	Pair Corr
0.48	TCLB	TD Canadian Long	Pair Corr

Related Correlations Analysis

	FCCV	XMC	XESG	XEU	GLCC	HAZ	VI	TQGM	TQSM	XDG
FCCV		0.91	0.99	0.91	0.97	0.5	0.91	0.89	0.82	0.74	FCCV
XMC	0.91		0.9	0.9	0.85	0.68	0.9	0.95	0.95	0.81	XMC
XESG	0.99	0.9		0.91	0.96	0.46	0.9	0.88	0.83	0.68	XESG
XEU	0.91	0.9	0.91		0.9	0.59	0.98	0.96	0.8	0.83	XEU
GLCC	0.97	0.85	0.96	0.9		0.44	0.89	0.85	0.76	0.7	GLCC
HAZ	0.5	0.68	0.46	0.59	0.44		0.62	0.75	0.61	0.76	HAZ
VI	0.91	0.9	0.9	0.98	0.89	0.62		0.96	0.77	0.89	VI
TQGM	0.89	0.95	0.88	0.96	0.85	0.75	0.96		0.86	0.88	TQGM
TQSM	0.82	0.95	0.83	0.8	0.76	0.61	0.77	0.86		0.67	TQSM
XDG	0.74	0.81	0.68	0.83	0.7	0.76	0.89	0.88	0.67		XDG
	FCCV	XMC	XESG	XEU	GLCC	HAZ	VI	TQGM	TQSM	XDG

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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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FCCV	0.76	0.16	0.10	0.37	0.97	(0.78)	1.93	(1.51)	6.24
XMC	0.77	0.05	0.04	0.15	0.71	(0.94)	1.72	(1.63)	4.23
XESG	0.65	0.09	0.05	0.23	0.92	(0.65)	1.34	(1.65)	4.76
XEU	0.55	0.06	0.03	0.19	0.61	(0.56)	1.16	(1.17)	3.06
GLCC	1.95	0.36	0.11	0.38	2.86	(1.97)	4.59	(4.40)	16.59
HAZ	0.51	0.01	(0.06)	0.09	0.53	(0.61)	1.14	(1.11)	2.97
VI	0.50	0.12	0.11	0.34	0.45	(0.50)	1.28	(1.14)	2.78
TQGM	0.51	0.03	0.00	0.13	0.56	(0.55)	1.19	(1.15)	2.98
TQSM	0.74	0.01	(0.03)	0.07	0.80	(0.81)	2.10	(1.57)	4.09
XDG	0.53	0.08	0.07	0.36	0.42	(0.62)	1.24	(1.02)	3.19

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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