Fidelity High Correlations

Etfs . USA . 
Etf . Fidelity High Yield
FDHY Etf  USD 49.09  0.16  0.33%   
The current 90-days correlation between Fidelity High Yield and Fidelity Corporate Bond is 0.34 (i.e., Weak diversification). The correlation of Fidelity High 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 High Correlation With Market

Very weak diversification

The correlation between Fidelity High Yield and DJI is 0.52 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity High Yield 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 High Yield. 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

  0.87HYG iShares iBoxx HighPairCorr
  0.91USHY iShares Broad USDPairCorr
  0.93JNK SPDR Bloomberg HighPairCorr
  0.83SHYG iShares 0 5PairCorr
  0.91HYLB Xtrackers USD HighPairCorr
  0.83SJNK SPDR Bloomberg ShortPairCorr
  0.9ANGL VanEck Fallen AngelPairCorr
  0.93FALN iShares Fallen AngelsPairCorr
  0.85HYLS First Trust TacticalPairCorr
  0.72HYDW Xtrackers Low BetaPairCorr
  0.64VTI Vanguard Total StockPairCorr
  0.62SPY SPDR SP 500 Aggressive PushPairCorr
  0.62IVV iShares Core SPPairCorr
  0.65VTV Vanguard Value IndexPairCorr
  0.65VO Vanguard Mid CapPairCorr
  0.68VB Vanguard Small CapPairCorr
  0.68DIVG Invesco Exchange TradedPairCorr

Moving against Fidelity Etf

  0.61BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.55JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.38PFE Pfizer Inc Aggressive PushPairCorr
  0.33KO Coca Cola Aggressive PushPairCorr

Related Correlations Analysis

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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   
FBND
+ 0.99
FCOR
FQAL
+ 0.99
FDRR
FLTB
+ 0.81
FCOR
FLTB
+ 0.78
FBND
  
High negative correlations   
FDRR
- 0.75
FBND
FQAL
- 0.7
FBND
FDRR
- 0.67
FCOR
FQAL
- 0.62
FCOR
FLTB
- 0.3
FDRR
FQAL
- 0.24
FLTB

Fidelity High Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity High 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 High'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.

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