Fidelity Advantage Correlations

FETH ETF

22.88 -0.53 -2.26%

The current 90-days correlation between Fidelity Advantage Ether and J P Morgan is 0.07 (i.e., Very good diversification).When its correlation with a broad index is high, most of the stock's return is explained by market movement.

Correlation Against Market - Fidelity Advantage

Good diversification

The correlation between Fidelity Advantage and Dow Jones is 0.14, which Macroaxis classifies as Good diversification for the selected horizon. A 0.14 reading means Fidelity Advantage and Dow Jones have very little price overlap, which supports diversification.

A holding's risk contribution depends on both its volatility and its correlation with other portfolio positions. Such insight enriches allocation decisions within a diversified portfolio. Sector and industry overlap across positions affects concentration risk. Broader economic conditions can influence Fidelity Advantage Ether's ETF valuation - related indicators include signals in american community survey.

Moving together with Fidelity ETF

0.85	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.85	BITO	ProShares Bitcoin Aggressive Push	Pair Corr
0.86	BTC	Grayscale Bitcoin Mini	Pair Corr
0.77	BTF	CoinShares Bitcoin and	Pair Corr
0.66	BCDF	Listed Funds Trust	Pair Corr
0.71	OLOXF	DB Crude Oil	Pair Corr
0.72	COM	Direxion Auspice Broad	Pair Corr
0.7	FRHC	Freedom Holding Corp	Pair Corr
0.68	BBB	CYBER HORNET SAMPP Symbol Change	Pair Corr
0.68	YEAR	AB Ultra Short	Pair Corr
0.65	AMDG	Leverage Shares 2X	Pair Corr
0.79	PAPR	Innovator SAMPP 500	Pair Corr
0.62	CPSN	Calamos SAMPP 500	Pair Corr
0.72	THTA	SoFi Enhanced Yield	Pair Corr

Moving Against Fidelity ETF

0.4

MDBX

Tradr 2X Long

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.81	0.55	0.65	-0.48	0.62	0.2	0.57	-0.2	-0.89	META
MSFT	0.81		0.65	0.34	-0.61	0.34	0.25	0.52	-0.62	-0.74	MSFT
UBER	0.55	0.65		0.08	-0.49	0.17	0.39	0.25	-0.5	-0.49	UBER
F	0.65	0.34	0.08		0.0	0.85	0.17	0.46	0.35	-0.7	F
T	-0.48	-0.61	-0.49	0.0		-0.1	0.28	-0.65	0.5	0.5	T
A	0.62	0.34	0.17	0.85	-0.1		0.22	0.59	0.25	-0.69	A
CRM	0.2	0.25	0.39	0.17	0.28	0.22		-0.36	-0.2	-0.19	CRM
JPM	0.57	0.52	0.25	0.46	-0.65	0.59	-0.36		-0.09	-0.59	JPM
MRK	-0.2	-0.62	-0.5	0.35	0.5	0.25	-0.2	-0.09		0.14	MRK
XOM	-0.89	-0.74	-0.49	-0.7	0.5	-0.69	-0.19	-0.59	0.14		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Please upgrade your account to get full access to Macroaxis premium features

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

A	+ 0.85	F
MSFT	+ 0.81	META
F	+ 0.65	META
UBER	+ 0.65	MSFT
A	+ 0.62	META
JPM	+ 0.59	A

High negative correlations

XOM	- 0.89	META
XOM	- 0.74	MSFT
XOM	- 0.7	F
XOM	- 0.69	A
JPM	- 0.65	T
MRK	- 0.62	MSFT

Fidelity Advantage Competition Risk-Adjusted Indicators

Evaluating Fidelity ETF requires separating price momentum from underlying operating strength versus competitors. Risk-adjusted metrics help compare Fidelity Advantage's efficiency and downside exposure against peers on a like-for-like basis. These indicators are quantitative in nature and measure volatility and risk-adjusted expected returns across different positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.75	-0.20	0.00	-0.16	0.00	0.00	2.61	-3.83	15.22
MSFT	1.36	-0.03	0.00	-0.03	0.00	0.00	3.11	-3.21	8.57
UBER	1.72	-0.02	0.00	-0.02	0.00	0.00	3.61	-3.60	8.83
F	1.53	-0.18	0.00	-0.12	0.00	0.00	4.11	-3.20	9.26
T	1.18	-0.02	0.00	0.08	0.00	0.00	2.34	-2.60	7.75
A	1.43	-0.21	0.00	-0.20	0.00	0.00	2.67	-3.11	8.08
CRM	2.14	-0.20	0.00	-1.23	0.00	0.00	4.07	-4.75	13.46
JPM	1.11	0.03	0.02	0.04	1.47	-1.13	2.18	-2.34	8.16
MRK	1.18	0.01	0.00	0.03	1.57	-1.21	2.73	-2.58	7.67
XOM	1.44	0.13	0.06	-0.19	2.00	-1.42	2.73	-3.65	9.09