Fidelity Small Correlations

FFSM Etf

28.47 0.34 1.21%

The current 90-days correlation between Fidelity Small Mid and Matthews China Discovery is -0.03 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Small moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Small Mid Cap moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Small Correlation With Market

Very weak diversification

The correlation between Fidelity Small Mid Cap and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Mid Cap 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 Small Mid Cap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Fidelity Etf

0.9	VO	Vanguard Mid Cap	Pair Corr
0.92	VXF	Vanguard Extended Market	Pair Corr
0.98	IJH	iShares Core SP	Pair Corr
0.9	IWR	iShares Russell Mid	Pair Corr
0.9	MDY	SPDR SP MIDCAP	Pair Corr
0.74	FV	First Trust Dorsey	Pair Corr
0.9	IVOO	Vanguard SP Mid	Pair Corr
0.91	JHMM	John Hancock Multifactor	Pair Corr
0.97	XMMO	Invesco SP MidCap	Pair Corr
0.84	DFEN	Direxion Daily Aerospace	Pair Corr
0.86	QQEW	First Trust NASDAQ	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.69	VZ	Verizon Communications	Pair Corr
0.77	DD	Dupont De Nemours	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.73	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.75	BAC	Bank of America	Pair Corr
0.82	CVX	Chevron Corp Sell-off Trend	Pair Corr

Moving against Fidelity Etf

0.44	FNGO	MicroSectors FANG Index	Pair Corr
0.33	FNGU	MicroSectors FANG Index	Pair Corr
0.52	BA	Boeing	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.05	-0.21	-0.5	0.67	0.8	0.38	0.71	-0.29	-0.56	META
MSFT	0.05		-0.42	-0.09	0.09	0.25	0.52	-0.13	0.29	-0.2	MSFT
UBER	-0.21	-0.42		0.66	-0.01	-0.01	-0.36	0.3	-0.12	0.74	UBER
F	-0.5	-0.09	0.66		0.04	-0.35	0.03	-0.09	0.05	0.93	F
T	0.67	0.09	-0.01	0.04		0.48	0.64	0.6	-0.22	-0.1	T
A	0.8	0.25	-0.01	-0.35	0.48		0.2	0.83	-0.17	-0.4	A
CRM	0.38	0.52	-0.36	0.03	0.64	0.2		0.07	0.11	-0.14	CRM
JPM	0.71	-0.13	0.3	-0.09	0.6	0.83	0.07		-0.46	-0.13	JPM
MRK	-0.29	0.29	-0.12	0.05	-0.22	-0.17	0.11	-0.46		0.03	MRK
XOM	-0.56	-0.2	0.74	0.93	-0.1	-0.4	-0.14	-0.13	0.03		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.93	F
JPM	+ 0.83	A
A	+ 0.8	META
XOM	+ 0.74	UBER
JPM	+ 0.71	META
T	+ 0.67	META

High negative correlations

XOM	- 0.56	META
F	- 0.5	META
MRK	- 0.46	JPM
UBER	- 0.42	MSFT
XOM	- 0.4	A
CRM	- 0.36	UBER

Fidelity Small Competition Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Small 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 Small'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
META	1.33	0.30	0.18	0.67	1.28	(1.44)	3.51	(2.31)	7.11
MSFT	1.02	(0.05)	0.00	(0.04)	0.00	0.00	2.20	(2.14)	10.31
UBER	1.59	(0.18)	0.00	(0.31)	0.00	0.00	2.69	(5.35)	12.29
F	1.32	(0.17)	0.00	(0.23)	0.00	0.00	2.57	(2.90)	7.37
T	0.97	0.16	0.13	0.28	0.99	(1.14)	2.19	(1.97)	7.94
A	1.13	0.12	0.09	0.18	1.10	(1.33)	2.92	(2.42)	5.70
CRM	1.51	0.14	0.07	0.32	1.63	(1.75)	3.96	(2.95)	14.80
JPM	0.79	0.21	0.21	0.36	0.73	(0.96)	1.92	(1.39)	5.01
MRK	1.19	(0.22)	0.00	(0.76)	0.00	0.00	2.15	(2.69)	11.57
XOM	0.85	(0.17)	0.00	(0.30)	0.00	0.00	1.71	(2.14)	5.08

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