Fidelity Covington Correlations

FDHT Etf

USD 20.99 0.13 0.62%

The current 90-days correlation between Fidelity Covington Trust and Health Care Select is 0.6 (i.e., Poor diversification). The correlation of Fidelity Covington 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Covington Correlation With Market

Poor diversification

The correlation between Fidelity Covington Trust and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Covington Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Covington Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Fidelity Etf

0.73	VTI	Vanguard Total Stock	Pair Corr
0.74	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.74	IVV	iShares Core SP	Pair Corr
0.78	VTV	Vanguard Value Index Sell-off Trend	Pair Corr
0.68	VUG	Vanguard Growth Index	Pair Corr
0.72	VO	Vanguard Mid Cap	Pair Corr
0.7	VB	Vanguard Small Cap	Pair Corr
0.71	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.8	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.77	HD	Home Depot Sell-off Trend	Pair Corr
0.74	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.62	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.72	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against Fidelity Etf

0.38	IXJ	iShares Global Healthcare	Pair Corr
0.56	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.48	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr

Related Correlations Analysis

	XLV	VHT	IBB	XBI	IXJ	IYH	FHLC	ARKG	IHF
XLV		1.0	0.82	0.53	0.99	1.0	1.0	0.64	0.86	XLV
VHT	1.0		0.87	0.6	0.98	1.0	1.0	0.7	0.87	VHT
IBB	0.82	0.87		0.9	0.78	0.83	0.86	0.83	0.68	IBB
XBI	0.53	0.6	0.9		0.48	0.54	0.6	0.83	0.45	XBI
IXJ	0.99	0.98	0.78	0.48		0.99	0.98	0.61	0.85	IXJ
IYH	1.0	1.0	0.83	0.54	0.99		1.0	0.65	0.86	IYH
FHLC	1.0	1.0	0.86	0.6	0.98	1.0		0.69	0.86	FHLC
ARKG	0.64	0.7	0.83	0.83	0.61	0.65	0.69		0.75	ARKG
IHF	0.86	0.87	0.68	0.45	0.85	0.86	0.86	0.75		IHF
	XLV	VHT	IBB	XBI	IXJ	IYH	FHLC	ARKG	IHF

Click cells to compare fundamentals

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Fidelity Covington Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Covington 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 Covington'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
XLV	0.54	(0.16)	(0.18)	0.80	(1.37)	2.88
VHT	0.57	(0.16)	(0.14)	0.89	(1.27)	3.07
IBB	0.80	(0.20)	(0.08)	1.55	(1.70)	6.56
XBI	0.99	(0.18)	(0.04)	2.06	(2.56)	7.85
IXJ	0.52	(0.20)	(0.32)	0.84	(1.47)	2.68
IYH	0.55	(0.16)	(0.18)	0.87	(1.23)	2.99
FHLC	0.57	(0.16)	(0.14)	0.89	(1.17)	3.13
ARKG	1.81	(0.34)	(0.06)	3.72	(4.09)	10.76
IHF	0.78	(0.19)	(0.11)	1.81	(1.69)	4.60

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