Fidelity Small Correlations

Etfs . USA . 
Etf . Fidelity Small Mid Cap
FFSM Etf   33.77  0.05  0.15%   
The current 90-days correlation between Fidelity Small Mid and Vanguard Dividend Appreciation is 0.83 (i.e., Very poor 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

Almost no diversification

The correlation between Fidelity Small Mid Cap 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 Small Mid Cap 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 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 main economic indicators.

Moving together with Fidelity Etf

  0.94VO Vanguard Mid CapPairCorr
  0.88VXF Vanguard Extended MarketPairCorr
  0.99IJH iShares Core SPPairCorr
  0.98IWR iShares Russell MidPairCorr
  0.99MDY SPDR SP MIDCAPPairCorr
  0.89FV First Trust DorseyPairCorr
  0.99IVOO Vanguard SP MidPairCorr
  0.99JHMM John Hancock MultifactorPairCorr
  0.98BBMC JPMorgan BetaBuilders MidPairCorr
  0.95XMMO Invesco SP MidCapPairCorr
  0.98WSML iShares MSCI WorldPairCorr
  0.94PULS PGIM Ultra ShortPairCorr
  0.95CPSR Calamos SP 500PairCorr
  0.92UDI USCF ETF TrustPairCorr
  0.93GAPR First Trust ExchangePairCorr
  0.8GPT Intelligent Alpha Atlas Symbol ChangePairCorr
  0.69DBA Invesco DB AgriculturePairCorr
  0.91LVHI Franklin InternationalPairCorr
  0.94CCNR CoreCommodity NaturalPairCorr
  0.99ESML iShares ESG AwarePairCorr
  0.96FIDU Fidelity MSCI IndustrialsPairCorr
  0.78DOGG First Trust ExchangePairCorr
  0.63GOOX Etf Opportunities TrustPairCorr
  0.93CHPS Xtrackers SemiconductorPairCorr
  0.97NULV Nuveen ESG LargePairCorr
  0.9JANW AIM ETF ProductsPairCorr
  0.92UMAY Innovator ETFs TrustPairCorr
  0.89PCEM Litman Gregory FundsPairCorr
  0.92FPXE First Trust IPOXPairCorr
  0.93PFFA Virtus InfraCap PreferredPairCorr
  0.95IQSZ Invesco Actively ManagedPairCorr

Moving against Fidelity Etf

  0.81JEM 707 Cayman HoldingsPairCorr
  0.56SWIN Alps Symbol ChangePairCorr
  0.69MPAY Exchange Traded ConceptsPairCorr

Related Correlations Analysis


Fidelity Small Constituents 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VIMAX  0.62  0.00 (0.01) 0.06  0.77 
(0.61)
 1.38 
(1.50)
 3.92 
VMCPX  0.62  0.00 (0.01) 0.06  0.77 
(0.61)
 1.38 
(1.49)
 3.92 
VMCIX  0.62  0.00 (0.01) 0.06  0.77 
(0.61)
 1.37 
(1.48)
 3.92 
VTV  0.56  0.10  0.15  0.19  0.38 
(0.69)
 1.39 
(1.07)
 3.02 
VB  0.77  0.06  0.06  0.11  0.81 
(0.85)
 1.86 
(1.77)
 4.99 
VSCIX  0.78  0.06  0.06  0.11  0.78 
(0.81)
 1.87 
(1.75)
 4.91 
VEA  0.60  0.15  0.15  0.26  0.60 
(0.64)
 1.48 
(1.30)
 3.03 
VTMGX  0.64  0.15  0.15  0.27  0.56 
(0.69)
 1.62 
(1.30)
 3.85 
VTMNX  0.64  0.15  0.15  0.27  0.56 
(0.69)
 1.65 
(1.30)
 3.84 
VDADX  0.55  0.02  0.01  0.09  0.59 
(0.58)
 1.04 
(1.09)
 3.42 

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