Fidelity High Correlations

FDHY Etf

USD 49.34 0.05 0.10%

The current 90-days correlation between Fidelity High Yield and Two Roads Shared is 0.27 (i.e., Modest 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 poor diversification

The correlation between Fidelity High Yield and DJI is 0.88 (i.e., Very poor 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.

Build AI portfolio with Fidelity Etf

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

0.97	HYG	iShares iBoxx High Sell-off Trend	Pair Corr
0.96	USHY	iShares Broad USD	Pair Corr
0.96	JNK	SPDR Bloomberg High Sell-off Trend	Pair Corr
0.95	SHYG	iShares 0 5 Sell-off Trend	Pair Corr
0.97	HYLB	Xtrackers USD High Sell-off Trend	Pair Corr
0.94	SJNK	SPDR Bloomberg Short	Pair Corr
0.96	ANGL	VanEck Fallen Angel	Pair Corr
0.95	FALN	iShares Fallen Angels	Pair Corr
0.96	HYDW	Xtrackers Low Beta	Pair Corr
0.79	SIXD	AIM ETF Products	Pair Corr
0.91	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.88	RHRX	Starboard Investment	Pair Corr
0.99	AHYB	American Century ETF	Pair Corr
0.94	KNGZ	First Trust Exchange	Pair Corr
0.93	IJS	iShares SP Small	Pair Corr
0.94	TAXT	Northern Trust Tax	Pair Corr
0.85	PAUG	Innovator Equity Power	Pair Corr
0.95	AVMC	American Century ETF	Pair Corr
0.91	RSST	Return Stacked Stocks	Pair Corr
0.67	DOO	BRP Inc Symbol Change	Pair Corr
0.95	CFA	VictoryShares 500	Pair Corr
0.79	GOCT	FT Cboe Vest	Pair Corr
0.96	QTAP	Innovator Growth 100	Pair Corr
0.94	FNK	First Trust Mid	Pair Corr
0.85	UAUG	Innovator Equity Ultra	Pair Corr
0.93	PID	Invesco International	Pair Corr
0.96	STXV	EA Series Trust	Pair Corr
0.95	FEM	First Trust Emerging	Pair Corr
0.97	DFIC	Dimensional International	Pair Corr
0.96	HEEM	iShares Currency Hedged	Pair Corr
0.67	BDEC	Innovator SP 500	Pair Corr
0.95	CVMC	Morgan Stanley ETF	Pair Corr

Moving against Fidelity Etf

0.74	PLTI	REX ETF Trust	Pair Corr
0.63	VXX	iPath Series B	Pair Corr
0.6	VIXY	ProShares VIX Short	Pair Corr
0.65	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	EMEQ	BAMA	ADFI	CSPF	YOLO	OCTT	DYLD
EMEQ		0.9	0.76	0.97	-0.39	0.69	0.89	EMEQ
BAMA	0.9		0.65	0.88	-0.31	0.91	0.8	BAMA
ADFI	0.76	0.65		0.74	-0.25	0.41	0.86	ADFI
CSPF	0.97	0.88	0.74		-0.29	0.68	0.87	CSPF
YOLO	-0.39	-0.31	-0.25	-0.29		-0.11	-0.39	YOLO
OCTT	0.69	0.91	0.41	0.68	-0.11		0.56	OCTT
DYLD	0.89	0.8	0.86	0.87	-0.39	0.56		DYLD
	EMEQ	BAMA	ADFI	CSPF	YOLO	OCTT	DYLD

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

CSPF	+ 0.97	EMEQ
OCTT	+ 0.91	BAMA
BAMA	+ 0.9	EMEQ
DYLD	+ 0.89	EMEQ
CSPF	+ 0.88	BAMA
DYLD	+ 0.87	CSPF

High negative correlations

DYLD	- 0.39	YOLO
YOLO	- 0.39	EMEQ
YOLO	- 0.31	BAMA
YOLO	- 0.29	CSPF
YOLO	- 0.25	ADFI
OCTT	- 0.11	YOLO

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EMEQ	1.19	0.44	0.35	0.64	0.79	(1.48)	3.38	(1.87)	7.03
BAMA	0.38	0.01	(0.06)	0.09	0.40	(0.41)	0.72	(0.77)	2.49
ADFI	0.18	0.01	(0.23)	2.25	0.15	(0.22)	0.35	(0.35)	0.94
CSPF	0.13	0.02	(0.21)	0.28	0.00	(0.15)	0.27	(0.27)	0.81
YOLO	2.98	0.14	0.02	(4.14)	3.74	(3.42)	5.61	(5.48)	47.55
OCTT	0.32	0.00	(0.08)	0.06	0.42	(0.32)	0.58	(0.82)	2.38
DYLD	0.13	0.00	(0.34)	0.04	0.13	(0.16)	0.31	(0.31)	0.71

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