Fidelity Enhanced Correlations

Etfs . USA . 
Etf . Fidelity Enhanced Small
FESM Etf   40.20  0.20  0.50%   
The current 90-days correlation between Fidelity Enhanced Small and Fidelity MSCI Financials is 0.75 (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 0.94 (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 main economic indicators.

Moving together with Fidelity Etf

  0.99VB Vanguard Small CapPairCorr
  0.97IJR iShares Core SPPairCorr
  1.0IWM iShares Russell 2000PairCorr
  1.0VRTIX Vanguard Russell 2000PairCorr
  1.0VTWO Vanguard Russell 2000PairCorr
  0.97FNDA Schwab Fundamental SmallPairCorr
  0.97SPSM SPDR Portfolio SPPairCorr
  0.98DFAS Dimensional Small CapPairCorr
  0.97VIOO Vanguard SP SmallPairCorr
  1.0PRFZ Invesco FTSE RAFIPairCorr
  0.91VTI Vanguard Total StockPairCorr
  0.87SPY SPDR SP 500PairCorr
  0.87IVV iShares Core SPPairCorr
  0.89VTV Vanguard Value IndexPairCorr
  0.97VO Vanguard Mid CapPairCorr
  0.88VEA Vanguard FTSE DevelopedPairCorr
  0.82VWO Vanguard FTSE EmergingPairCorr
  0.94UMAY Innovator ETFs TrustPairCorr
  0.92JEPI JPMorgan Equity PremiumPairCorr
  0.75NCPB Nuveen Core PlusPairCorr
  0.88CCNR CoreCommodity NaturalPairCorr
  0.79UDI USCF ETF TrustPairCorr
  0.8QLV FlexShares Quality LowPairCorr
  0.89FIDU Fidelity MSCI IndustrialsPairCorr
  0.81SCDV ETF Series SolutionsPairCorr
  0.93XYLD Global X SPPairCorr
  0.93PSFD Pacer Swan SOSPairCorr
  0.89EURL Direxion Daily FTSEPairCorr
  0.84IAUM iShares Gold TrustPairCorr
  0.9CHPS Xtrackers SemiconductorPairCorr
  0.94IQSZ Invesco Actively ManagedPairCorr
  0.96WDNA WisdomTree BioRevolution Low VolatilityPairCorr
  0.83XFIX Fm Investments Symbol ChangePairCorr
  0.85TAXT Northern Trust TaxPairCorr

Related Correlations Analysis


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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MDYG  0.82  0.09  0.10  0.12  0.81 
(0.98)
 1.79 
(1.60)
 5.14 
FELV  0.52  0.07  0.09  0.12  0.50 
(0.55)
 1.31 
(1.06)
 2.84 
PRFZ  0.85  0.06  0.07  0.09  0.90 
(0.97)
 2.17 
(1.71)
 5.18 
SMLF  0.83  0.05  0.06  0.08  0.91 
(0.93)
 2.00 
(1.90)
 4.91 
FHLC  0.68  0.02  0.00  0.06  0.63 
(0.85)
 1.87 
(1.13)
 3.63 
MDYV  0.75  0.11  0.15  0.14  0.61 
(0.96)
 2.18 
(1.33)
 4.29 
SPYX  0.57 (0.03)(0.05)(0.01) 0.84 
(0.54)
 1.06 
(1.57)
 3.62 
SPGP  0.78  0.00  0.01  0.04  0.88 
(0.89)
 1.73 
(1.52)
 5.00 
QLTY  0.61  0.00  0.00  0.04  0.70 
(0.65)
 1.51 
(1.26)
 3.43 
FNCL  0.75 (0.06) 0.00 (0.02) 0.00 
 0.00 
 1.45 
(1.79)
 4.36 

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