Fidelity Momentum Correlations

FCMO Etf

18.01 0.05 0.28%

The current 90-days correlation between Fidelity Momentum ETF and Fidelity Global Equity is 0.26 (i.e., Modest diversification). The correlation of Fidelity Momentum 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.

Fidelity Momentum Correlation With Market

Weak diversification

The correlation between Fidelity Momentum ETF and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Momentum ETF and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Momentum 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 Momentum 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 Momentum - 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 Momentum ETF to buy it.

Moving together with Fidelity Etf

0.9	XIU	iShares SPTSX 60	Pair Corr
0.91	XSP	iShares Core SP	Pair Corr
0.88	XIC	iShares Core SPTSX	Pair Corr
0.89	ZCN	BMO SPTSX Capped	Pair Corr
0.9	ZSP	BMO SP 500	Pair Corr
0.9	VFV	Vanguard SP 500	Pair Corr
0.92	ZEB	BMO SPTSX Equal	Pair Corr
0.82	HBLK	Blockchain Technologies	Pair Corr

Moving against Fidelity Etf

0.8	HXD	BetaPro SPTSX 60	Pair Corr
0.77	HIU	BetaPro SP 500	Pair Corr
0.7	HQD	BetaPro NASDAQ 100	Pair Corr

Related Correlations Analysis

	FGEB	FGLS	FCMO	FCCD	FBAL	FBTC	FCUB	FCIV	FEPY
FGEB		-0.4	0.73	0.61	0.74	0.51	0.0	0.58	0.54	FGEB
FGLS	-0.4		-0.84	-0.29	-0.76	-0.91	0.0	0.09	-0.8	FGLS
FCMO	0.73	-0.84		0.56	0.95	0.85	0.0	0.33	0.86	FCMO
FCCD	0.61	-0.29	0.56		0.56	0.23	0.0	0.25	0.16	FCCD
FBAL	0.74	-0.76	0.95	0.56		0.85	0.0	0.46	0.89	FBAL
FBTC	0.51	-0.91	0.85	0.23	0.85		0.0	0.17	0.91	FBTC
FCUB	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FCUB
FCIV	0.58	0.09	0.33	0.25	0.46	0.17	0.0		0.37	FCIV
FEPY	0.54	-0.8	0.86	0.16	0.89	0.91	0.0	0.37		FEPY
	FGEB	FGLS	FCMO	FCCD	FBAL	FBTC	FCUB	FCIV	FEPY

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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

FBAL	+ 0.95	FCMO
FEPY	+ 0.91	FBTC
FEPY	+ 0.89	FBAL
FEPY	+ 0.86	FCMO
FBTC	+ 0.85	FCMO
FBTC	+ 0.85	FBAL

High negative correlations

FBTC	- 0.91	FGLS
FCMO	- 0.84	FGLS
FEPY	- 0.8	FGLS
FBAL	- 0.76	FGLS
FGLS	- 0.4	FGEB
FCCD	- 0.29	FGLS

Fidelity Momentum Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Momentum 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 Momentum'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
FGEB	0.54	0.04	(0.03)	0.25	0.72	(0.58)	1.01	(1.03)	3.59
FGLS	1.07	(0.16)	0.00	0.49	0.00	0.00	2.19	(2.67)	6.71
FCMO	0.77	0.11	0.05	0.36	0.88	(0.78)	1.57	(1.39)	6.40
FCCD	0.39	0.00	(0.15)	0.08	0.46	(0.42)	0.88	(0.80)	2.33
FBAL	0.38	0.06	(0.01)	0.36	0.35	(0.41)	0.99	(0.69)	2.79
FBTC	2.67	0.69	0.23	1.40	2.31	(3.14)	5.83	(4.35)	19.42
FCUB	0.26	0.00	0.00	0.00	0.00	0.00	0.40	(0.55)	0.00
FCIV	0.58	0.04	(0.04)	0.27	0.67	(0.67)	1.16	(1.44)	3.89
FEPY	0.59	0.11	0.06	0.75	0.51	(0.66)	1.39	(1.01)	4.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity Momentum 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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