Fidelity Enhanced Correlations

FESM Etf

40.18 0.13 0.32%

The current 90-days correlation between Fidelity Enhanced Small and Fidelity MSCI Financials is 0.73 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Enhanced moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Enhanced Small moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Enhanced Correlation With Market

Almost no diversification

The correlation between Fidelity Enhanced Small 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 Enhanced Small 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 Enhanced Small. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Fidelity Etf

0.99	VB	Vanguard Small Cap	Pair Corr
0.99	IJR	iShares Core SP	Pair Corr
0.99	IWM	iShares Russell 2000	Pair Corr
0.99	VRTIX	Vanguard Russell 2000	Pair Corr
0.99	VTWO	Vanguard Russell 2000	Pair Corr
0.96	FNDA	Schwab Fundamental Small	Pair Corr
0.99	SPSM	SPDR Portfolio SP	Pair Corr
0.99	DFAS	Dimensional Small Cap	Pair Corr
0.99	VIOO	Vanguard SP Small	Pair Corr
0.99	PRFZ	Invesco FTSE RAFI	Pair Corr
0.75	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.87	AGQ	ProShares Ultra Silver Trending	Pair Corr
0.77	DFEN	Direxion Daily Aerospace	Pair Corr
0.87	DGP	DB Gold Double	Pair Corr
0.86	UGL	ProShares Ultra Gold	Pair Corr
0.89	NUGT	Direxion Daily Gold	Pair Corr
0.69	DIG	ProShares Ultra Oil	Pair Corr
0.8	URNM	Sprott Uranium Miners	Pair Corr
0.91	LITL	Simplify Exchange Traded	Pair Corr
0.96	IWD	iShares Russell 1000	Pair Corr
0.8	JANH	Innovator Equity Premium	Pair Corr
0.89	AA	Alcoa Corp	Pair Corr
0.7	DD	Dupont De Nemours	Pair Corr
0.77	INTC	Intel Earnings Call Tomorrow	Pair Corr
0.74	MRK	Merck Company Earnings Call This Week	Pair Corr
0.65	CVX	Chevron Corp Earnings Call This Week	Pair Corr

Moving against Fidelity Etf

0.74	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.59	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	MDYG	FELV	PRFZ	SMLF	FHLC	MDYV	SPYX	SPGP	QLTY	FNCL
MDYG		0.91	0.92	0.93	0.55	0.97	0.78	0.83	0.94	0.69	MDYG
FELV	0.91		0.94	0.95	0.76	0.95	0.82	0.88	0.94	0.85	FELV
PRFZ	0.92	0.94		0.99	0.59	0.94	0.81	0.9	0.9	0.73	PRFZ
SMLF	0.93	0.95	0.99		0.58	0.94	0.85	0.91	0.9	0.75	SMLF
FHLC	0.55	0.76	0.59	0.58		0.67	0.44	0.47	0.7	0.64	FHLC
MDYV	0.97	0.95	0.94	0.94	0.67		0.76	0.86	0.96	0.77	MDYV
SPYX	0.78	0.82	0.81	0.85	0.44	0.76		0.88	0.82	0.77	SPYX
SPGP	0.83	0.88	0.9	0.91	0.47	0.86	0.88		0.84	0.86	SPGP
QLTY	0.94	0.94	0.9	0.9	0.7	0.96	0.82	0.84		0.8	QLTY
FNCL	0.69	0.85	0.73	0.75	0.64	0.77	0.77	0.86	0.8		FNCL
	MDYG	FELV	PRFZ	SMLF	FHLC	MDYV	SPYX	SPGP	QLTY	FNCL

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Fidelity Enhanced Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Enhanced 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 Enhanced'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
MDYG	0.82	0.09	0.04	0.48	0.88	(0.91)	1.77	(1.60)	4.11
FELV	0.56	0.03	0.02	0.10	0.54	(0.59)	1.23	(1.01)	2.84
PRFZ	0.87	0.01	0.02	0.08	0.95	(0.91)	1.80	(1.71)	4.59
SMLF	0.85	0.00	0.01	0.07	0.99	(0.87)	1.85	(1.86)	4.06
FHLC	0.62	0.08	0.09	0.22	0.45	(0.75)	2.02	(1.04)	3.71
MDYV	0.72	0.08	0.03	0.34	0.73	(0.81)	1.83	(1.33)	4.29
SPYX	0.56	(0.02)	(0.03)	0.05	0.83	(0.53)	1.10	(1.24)	3.65
SPGP	0.73	(0.05)	(0.06)	0.02	0.85	(0.78)	1.56	(1.52)	3.97
QLTY	0.61	0.08	0.02	0.77	0.63	(0.63)	1.44	(1.22)	3.43
FNCL	0.68	(0.04)	(0.04)	0.03	0.88	(0.72)	1.36	(1.70)	4.36

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