Fidelity Covington Correlations

Etfs . USA . 
Etf . Fidelity Covington Trust
FFLG Etf   25.13  0.19  0.75%   
The current 90-days correlation between Fidelity Covington Trust and iShares MSCI USA is 0.9 (i.e., Almost no 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

Poor diversification

The correlation between Fidelity Covington Trust and DJI is 0.6 (i.e., Poor 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

  0.99VUG Vanguard Growth IndexPairCorr
  0.99IWF iShares Russell 1000PairCorr
  0.99IVW iShares SP 500PairCorr
  0.99SPYG SPDR Portfolio SPPairCorr
  0.99IUSG iShares Core SPPairCorr
  0.99VONG Vanguard Russell 1000PairCorr
  0.99MGK Vanguard Mega CapPairCorr
  0.99VRGWX Vanguard Russell 1000PairCorr
  0.98MTUM iShares MSCI USAPairCorr
  0.99QQQM Invesco NASDAQ 100PairCorr
  0.98UPRO ProShares UltraPro SP500PairCorr
  0.98QTJA Innovator ETFs TrustPairCorr
  0.86QTOC Innovator ETFs TrustPairCorr
  0.84XTOC Innovator ETFs TrustPairCorr
  0.99QTAP Innovator Growth 100PairCorr
  0.89TSJA TSJAPairCorr
  0.97XTJA Innovator ETFs TrustPairCorr
  0.89DSJA DSJAPairCorr
  0.97XDJA Innovator ETFs TrustPairCorr
  0.98XTAP Innovator Equity AccPairCorr
  0.83CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.73JPM JPMorgan Chase Sell-off TrendPairCorr
  0.72DIS Walt Disney Aggressive PushPairCorr
  0.95CSCO Cisco Systems Aggressive PushPairCorr
  0.81BAC Bank of America Aggressive PushPairCorr
  0.89INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.9AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.86CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.7T ATT Inc Aggressive PushPairCorr
  0.8HD Home Depot Sell-off TrendPairCorr
  0.76TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

Moving against Fidelity Etf

  0.82MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr
  0.76KO Coca Cola Sell-off TrendPairCorr
  0.58PFE Pfizer Inc Aggressive PushPairCorr

Related Correlations Analysis

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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.

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