Fidelity Value Correlations

FCUV Etf

CAD 24.31 0.19 0.79%

The current 90-days correlation between Fidelity Value ETF and iShares Core Canadian is 0.12 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Value moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Value ETF moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Value Correlation With Market

Poor diversification

The correlation between Fidelity Value ETF and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Value ETF and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Fidelity Etf

0.67	XSP	iShares Core SP	Pair Corr
0.68	ZUE	BMO SP 500	Pair Corr
0.67	VSP	Vanguard SP 500	Pair Corr
0.7	ZUH	BMO Equal Weight	Pair Corr
0.61	HXU	BetaPro SP TSX	Pair Corr
0.64	XEN	iShares Jantzi Social	Pair Corr
0.74	ZMID	BMO SP Mid	Pair Corr

Moving against Fidelity Etf

0.62	HXD	BetaPro SPTSX 60	Pair Corr
0.53	HIU	BetaPro SP 500	Pair Corr
0.34	HQD	BetaPro NASDAQ 100	Pair Corr
0.44	SHPD	SavvyShort Shopify ETF	Pair Corr

Related Correlations Analysis

	FCUQ	HMAX	HXCN	XIN	FCVH	XFN	XGB	FCIQ	XDV	XSH
FCUQ		-0.5	-0.5	-0.6	-0.5	-0.47	0.1	0.16	-0.42	-0.61	FCUQ
HMAX	-0.5		0.92	0.83	0.96	0.99	-0.32	0.37	0.84	0.6	HMAX
HXCN	-0.5	0.92		0.89	0.95	0.9	-0.11	0.52	0.74	0.74	HXCN
XIN	-0.6	0.83	0.89		0.9	0.79	0.1	0.56	0.7	0.86	XIN
FCVH	-0.5	0.96	0.95	0.9		0.95	-0.18	0.49	0.77	0.7	FCVH
XFN	-0.47	0.99	0.9	0.79	0.95		-0.37	0.34	0.82	0.54	XFN
XGB	0.1	-0.32	-0.11	0.1	-0.18	-0.37		0.25	-0.26	0.45	XGB
FCIQ	0.16	0.37	0.52	0.56	0.49	0.34	0.25		0.34	0.42	FCIQ
XDV	-0.42	0.84	0.74	0.7	0.77	0.82	-0.26	0.34		0.51	XDV
XSH	-0.61	0.6	0.74	0.86	0.7	0.54	0.45	0.42	0.51		XSH
	FCUQ	HMAX	HXCN	XIN	FCVH	XFN	XGB	FCIQ	XDV	XSH

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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

XFN	+ 0.99	HMAX
FCVH	+ 0.96	HMAX
FCVH	+ 0.95	HXCN
XFN	+ 0.95	FCVH
HXCN	+ 0.92	HMAX
XFN	+ 0.9	HXCN

High negative correlations

XSH	- 0.61	FCUQ
XIN	- 0.6	FCUQ
FCVH	- 0.5	FCUQ
HXCN	- 0.5	FCUQ
HMAX	- 0.5	FCUQ
XFN	- 0.47	FCUQ

Fidelity Value Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Value 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 Value'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
FCUQ	0.56	(0.11)	0.00	(0.19)	0.00	0.00	1.17	(1.23)	3.63
HMAX	0.44	0.08	0.06	0.31	0.42	(0.47)	0.93	(0.85)	2.49
HXCN	0.66	0.10	0.05	0.26	1.01	(0.62)	1.37	(1.66)	4.59
XIN	0.60	0.07	0.04	0.19	0.71	(0.57)	1.38	(1.26)	4.38
FCVH	0.70	0.08	0.08	0.17	0.64	(0.81)	1.43	(1.60)	4.53
XFN	0.55	0.10	0.08	0.36	0.55	(0.61)	1.41	(0.98)	3.05
XGB	0.17	(0.01)	(0.21)	(0.06)	0.27	(0.16)	0.31	(0.31)	1.24
FCIQ	0.70	(0.05)	0.00	(0.05)	0.00	0.00	1.28	(1.47)	4.25
XDV	0.41	0.09	0.05	0.43	0.58	(0.44)	0.90	(0.52)	4.42
XSH	0.07	0.00	(0.38)	0.19	0.00	(0.09)	0.16	(0.21)	0.63

Be your own money manager

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