Fidelity Covington Correlations

FELC Etf

28.23 1.74 5.81%

The current 90-days correlation between Fidelity Covington Trust and FT Vest Equity is 0.89 (i.e., Very 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.

Fidelity Covington Correlation With Market

Almost no diversification

The correlation between Fidelity Covington Trust and DJI is 0.93 (i.e., Almost no 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 bureau of economic analysis.

Moving together with Fidelity Etf

1.0	VTI	Vanguard Total Stock	Pair Corr
1.0	SPY	SPDR SP 500	Pair Corr
1.0	IVV	iShares Core SP	Pair Corr
0.89	VIG	Vanguard Dividend	Pair Corr
1.0	VV	Vanguard Large Cap	Pair Corr
0.93	RSP	Invesco SP 500	Pair Corr
1.0	IWB	iShares Russell 1000	Pair Corr
1.0	ESGU	iShares ESG Aware	Pair Corr
1.0	DFAC	Dimensional Core Equity	Pair Corr
1.0	SPLG	SPDR Portfolio SP	Pair Corr
0.9	ARKC	ARK 21Shares Active	Pair Corr

Moving against Fidelity Etf

1.0	SDS	ProShares UltraShort Buyout Trend	Pair Corr
0.9	UVXY	ProShares Ultra VIX Trending	Pair Corr
0.69	XHLF	Bondbloxx ETF Trust	Pair Corr
0.69	MMKT	Texas Capital Funds	Pair Corr
0.57	SGDM	Sprott Gold Miners	Pair Corr
0.56	SHNY	Microsectors Gold	Pair Corr
0.56	SJCP	SanJac Alpha Core	Pair Corr
0.48	BABX	GraniteShares 175x Long	Pair Corr
0.44	EZU	iShares MSCI Eurozone	Pair Corr
0.43	RODM	Hartford Multifactor	Pair Corr
0.43	DFIV	Dimensional International	Pair Corr
0.37	SLV	iShares Silver Trust	Pair Corr
0.37	ACWV	iShares MSCI Global	Pair Corr
0.7	EVSD	Eaton Vance Short	Pair Corr
0.7	EUAD	Select STOXX Europe	Pair Corr
0.69	UYLD	Angel Oak UltraShort	Pair Corr
0.67	SDFI	AB Active ETFs,	Pair Corr
0.67	IBDR	iShares iBonds Dec	Pair Corr
0.65	BSCS	Invesco BulletShares 2028	Pair Corr
0.62	TLT	iShares 20 Year Aggressive Push	Pair Corr
0.57	GRNB	VanEck Green Bond	Pair Corr

Related Correlations Analysis

	DHDG	MBCC	DIHP	DJAN	MDLV	DJUL	DJUN	SH	VV
DHDG		0.95	-0.01	0.91	0.04	0.96	0.96	-0.93	0.96	DHDG
MBCC	0.95		0.14	0.89	0.19	0.94	0.94	-0.91	0.93	MBCC
DIHP	-0.01	0.14		-0.25	0.93	-0.13	-0.14	0.22	-0.16	DIHP
DJAN	0.91	0.89	-0.25		-0.19	0.98	0.99	-0.99	0.99	DJAN
MDLV	0.04	0.19	0.93	-0.19		-0.07	-0.08	0.17	-0.1	MDLV
DJUL	0.96	0.94	-0.13	0.98	-0.07		1.0	-0.99	1.0	DJUL
DJUN	0.96	0.94	-0.14	0.99	-0.08	1.0		-0.99	1.0	DJUN
SH	-0.93	-0.91	0.22	-0.99	0.17	-0.99	-0.99		-0.99	SH
VV	0.96	0.93	-0.16	0.99	-0.1	1.0	1.0	-0.99		VV
	DHDG	MBCC	DIHP	DJAN	MDLV	DJUL	DJUN	SH	VV

Click cells to compare fundamentals

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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

DJUN	+ 1.0	DJUL
VV	+ 1.0	DJUL
VV	+ 1.0	DJUN
DJUN	+ 0.99	DJAN
VV	+ 0.99	DJAN
DJUL	+ 0.98	DJAN

High negative correlations

VV	- 0.99	SH
SH	- 0.99	DJUN
SH	- 0.99	DJUL
SH	- 0.99	DJAN
SH	- 0.93	DHDG
SH	- 0.91	MBCC

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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DHDG	0.43	(0.01)	0.00	(0.19)	0.00	0.00	0.87	(0.94)	2.86
MBCC	0.92	(0.03)	0.00	(0.19)	0.00	0.00	1.56	(2.34)	6.21
DIHP	0.69	0.10	0.00	(0.02)	0.00	0.00	1.27	(1.26)	3.72
DJAN	0.42	(0.04)	0.00	(0.26)	0.00	0.00	0.71	(0.94)	3.39
MDLV	0.64	0.08	0.00	(0.04)	0.00	0.00	1.07	(1.72)	3.74
DJUL	0.57	(0.03)	0.00	(0.21)	0.00	0.00	0.85	(1.40)	4.81
DJUN	0.61	(0.04)	0.00	(0.21)	0.00	0.00	0.94	(1.55)	5.09
SH	0.94	0.07	0.46	(0.22)	0.62	(1.21)	2.07	(1.46)	4.65
VV	0.98	(0.05)	0.00	(0.21)	0.00	0.00	1.73	(2.00)	6.91

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