Fidelity LongShort Correlations

FLSA Etf

11.88 0.10 0.85%

The current 90-days correlation between Fidelity LongShort and Fidelity Global Value is -0.36 (i.e., Very good diversification). The correlation of Fidelity LongShort 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 LongShort Correlation With Market

Very weak diversification

The correlation between Fidelity LongShort Alternative and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity LongShort Alternative and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity LongShort could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity LongShort when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity LongShort - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity LongShort Alternative to buy it.

Moving together with Fidelity Etf

0.96	XIU	iShares SPTSX 60	Pair Corr
0.96	XSP	iShares Core SP	Pair Corr
0.96	XIC	iShares Core SPTSX	Pair Corr
0.96	ZCN	BMO SPTSX Capped	Pair Corr
0.99	ZSP	BMO SP 500	Pair Corr
0.99	VFV	Vanguard SP 500	Pair Corr
0.87	ZEB	BMO SPTSX Equal	Pair Corr

Moving against Fidelity Etf

0.67	TCLB	TD Canadian Long	Pair Corr
0.36	ZAG	BMO Aggregate Bond	Pair Corr
0.35	XBB	iShares Canadian Universe	Pair Corr

Related Correlations Analysis

	FGLS	FCMO	FCCD	FBAL	FBTC	FCIV	FEPY	FCSW	FCRR
FGLS		-0.84	-0.64	-0.85	-0.97	0.24	-0.26	-0.73	-0.8	FGLS
FCMO	-0.84		0.93	0.99	0.88	0.15	-0.01	0.98	0.98	FCMO
FCCD	-0.64	0.93		0.93	0.74	0.22	-0.16	0.93	0.91	FCCD
FBAL	-0.85	0.99	0.93		0.9	0.11	0.01	0.96	0.97	FBAL
FBTC	-0.97	0.88	0.74	0.9		-0.2	0.16	0.79	0.85	FBTC
FCIV	0.24	0.15	0.22	0.11	-0.2		-0.43	0.31	0.15	FCIV
FEPY	-0.26	-0.01	-0.16	0.01	0.16	-0.43		-0.09	0.04	FEPY
FCSW	-0.73	0.98	0.93	0.96	0.79	0.31	-0.09		0.97	FCSW
FCRR	-0.8	0.98	0.91	0.97	0.85	0.15	0.04	0.97		FCRR
	FGLS	FCMO	FCCD	FBAL	FBTC	FCIV	FEPY	FCSW	FCRR

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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

FBAL	+ 0.99	FCMO
FCSW	+ 0.98	FCMO
FCRR	+ 0.98	FCMO
FCRR	+ 0.97	FBAL
FCRR	+ 0.97	FCSW
FCSW	+ 0.96	FBAL

High negative correlations

FBTC	- 0.97	FGLS
FBAL	- 0.85	FGLS
FCMO	- 0.84	FGLS
FCRR	- 0.8	FGLS
FCSW	- 0.73	FGLS
FCCD	- 0.64	FGLS

Fidelity LongShort Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity LongShort 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 LongShort'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
FGLS	0.82	(0.15)	0.00	0.32	0.00	0.00	1.38	(2.16)	7.01
FCMO	0.65	0.20	0.16	0.50	0.36	(0.77)	1.65	(0.93)	4.29
FCCD	0.37	0.08	(0.05)	0.66	0.14	(0.41)	0.89	(0.62)	1.97
FBAL	0.30	0.06	(0.10)	0.39	0.00	(0.37)	0.71	(0.54)	1.63
FBTC	2.53	0.50	0.22	0.54	2.08	(3.17)	6.37	(3.98)	17.93
FCIV	0.59	(0.05)	0.00	(1.75)	0.00	0.00	1.10	(1.66)	3.59
FEPY	1.83	1.01	1.64	1.79	0.00	(1.92)	1.30	(0.81)	37.41
FCSW	0.48	0.08	(0.01)	0.37	0.52	(0.53)	1.22	(0.74)	2.83
FCRR	0.47	0.09	0.04	0.34	0.16	(0.54)	1.14	(0.86)	4.29

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity LongShort without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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