Fidelity MSCI Correlations

FDIS Etf

USD 103.07 0.43 0.42%

The current 90-days correlation between Fidelity MSCI Consumer and iShares MSCI Germany is 0.19 (i.e., Average diversification). The correlation of Fidelity MSCI 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 MSCI Correlation With Market

Very poor diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Consumer 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 MSCI Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Fidelity Etf

0.91	XLY	Consumer Discretionary	Pair Corr
0.91	VCR	Vanguard Consumer	Pair Corr
0.61	XHB	SPDR SP Homebuilders Sell-off Trend	Pair Corr
0.92	IYC	iShares Consumer Dis	Pair Corr
0.8	PEJ	Invesco Dynamic Leisure	Pair Corr
0.83	FXD	First Trust Consumer	Pair Corr
0.79	XRT	SPDR SP Retail	Pair Corr
0.61	AGQ	ProShares Ultra Silver	Pair Corr
0.69	JNUG	Direxion Daily Junior	Pair Corr
0.66	GDXU	MicroSectors Gold Miners	Pair Corr
0.68	NUGT	Direxion Daily Gold	Pair Corr
0.71	SIL	Global X Silver	Pair Corr
0.69	SIVR	abrdn Physical Silver	Pair Corr
0.73	DDLS	WisdomTree Dynamic	Pair Corr
0.76	BBEU	JPMorgan BetaBuilders	Pair Corr
0.73	AHYB	American Century ETF	Pair Corr
0.76	YLD	Principal Active High	Pair Corr
0.67	IBMR	iShares Trust	Pair Corr
0.82	MART	Allianzim Large Cap	Pair Corr
0.69	DBJP	Xtrackers MSCI Japan	Pair Corr
0.76	EDEN	iShares MSCI Denmark	Pair Corr
0.87	VBK	Vanguard Small Cap	Pair Corr
0.83	GAPR	First Trust Exchange	Pair Corr
0.84	SPMD	SPDR Russell Small	Pair Corr
0.8	OASC	OneAscent Small Cap	Pair Corr
0.63	GSIG	Goldman Sachs Access	Pair Corr
0.7	BINC	BlackRock ETF Trust	Pair Corr

Moving against Fidelity Etf

0.68

RCD

Ready Capital

Pair Corr

Related Correlations Analysis

	FUTY	FCOM	IYC	FNCL	ESML	QDF	IWL	QQEW	FIDU	EWG
FUTY		-0.66	-0.53	-0.74	-0.54	-0.59	-0.43	-0.36	-0.39	-0.61	FUTY
FCOM	-0.66		0.76	0.76	0.85	0.94	0.84	0.41	0.73	0.85	FCOM
IYC	-0.53	0.76		0.78	0.82	0.84	0.87	0.58	0.72	0.87	IYC
FNCL	-0.74	0.76	0.78		0.65	0.78	0.71	0.51	0.51	0.77	FNCL
ESML	-0.54	0.85	0.82	0.65		0.92	0.75	0.2	0.95	0.92	ESML
QDF	-0.59	0.94	0.84	0.78	0.92		0.89	0.38	0.83	0.93	QDF
IWL	-0.43	0.84	0.87	0.71	0.75	0.89		0.65	0.67	0.82	IWL
QQEW	-0.36	0.41	0.58	0.51	0.2	0.38	0.65		0.0	0.33	QQEW
FIDU	-0.39	0.73	0.72	0.51	0.95	0.83	0.67	0.0		0.88	FIDU
EWG	-0.61	0.85	0.87	0.77	0.92	0.93	0.82	0.33	0.88		EWG
	FUTY	FCOM	IYC	FNCL	ESML	QDF	IWL	QQEW	FIDU	EWG

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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

FIDU	+ 0.95	ESML
QDF	+ 0.94	FCOM
EWG	+ 0.93	QDF
QDF	+ 0.92	ESML
EWG	+ 0.92	ESML
IWL	+ 0.89	QDF

High negative correlations

FNCL	- 0.74	FUTY
FCOM	- 0.66	FUTY
EWG	- 0.61	FUTY
QDF	- 0.59	FUTY
ESML	- 0.54	FUTY
IYC	- 0.53	FUTY

Fidelity MSCI Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity MSCI 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 MSCI'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
FUTY	0.63	(0.05)	0.00	(0.15)	0.00	0.00	1.28	(1.32)	3.69
FCOM	0.72	0.01	0.00	0.06	0.74	(0.89)	1.86	(1.40)	4.40
IYC	0.66	(0.06)	0.00	(0.03)	0.00	0.00	1.44	(1.55)	3.89
FNCL	0.69	0.00	0.00	0.04	0.83	(0.78)	1.36	(1.51)	4.36
ESML	0.81	0.06	0.07	0.09	0.85	(0.89)	1.67	(1.55)	4.10
QDF	0.52	0.00	(0.01)	0.04	0.71	(0.54)	1.14	(1.13)	3.63
IWL	0.55	(0.06)	0.00	(0.04)	0.00	0.00	0.99	(1.28)	3.77
QQEW	0.81	(0.18)	0.00	(0.16)	0.00	0.00	1.20	(1.84)	5.07
FIDU	0.81	0.08	0.08	0.11	0.88	(0.87)	1.48	(1.79)	4.00
EWG	0.68	0.04	0.04	0.09	0.91	(0.64)	1.15	(1.39)	3.67

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