Fidelity Covington Correlations

Etfs . USA . 
Etf . Fidelity Covington Trust
FMDE Etf   34.97  0.40  1.16%   
The current 90-days correlation between Fidelity Covington Trust and JPMorgan Fundamental Data is 0.89 (i.e., Very poor 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

Very poor diversification

The correlation between Fidelity Covington Trust and DJI is 0.89 (i.e., Very 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 unemployment.

Moving together with Fidelity Etf

  0.99VO Vanguard Mid CapPairCorr
  0.99VXF Vanguard Extended MarketPairCorr
  0.98IJH iShares Core SPPairCorr
  1.0IWR iShares Russell MidPairCorr
  0.98MDY SPDR SP MIDCAPPairCorr
  0.94FV First Trust DorseyPairCorr
  0.98IVOO Vanguard SP MidPairCorr
  0.99JHMM John Hancock MultifactorPairCorr
  0.99BBMC JPMorgan BetaBuilders MidPairCorr
  0.95REGL ProShares SP MidCap Low VolatilityPairCorr
  0.98VTI Vanguard Total StockPairCorr
  0.97SPY SPDR SP 500 Aggressive PushPairCorr
  0.97IVV iShares Core SPPairCorr
  0.93VTV Vanguard Value IndexPairCorr
  0.96VUG Vanguard Growth IndexPairCorr
  0.99VB Vanguard Small CapPairCorr
  0.95DIVG Invesco Exchange TradedPairCorr
  0.62IDGT iShares Trust Symbol ChangePairCorr
  0.9BTC Grayscale Bitcoin MiniPairCorr
  0.95DIVB iShares DividendPairCorr
  0.91MSTY YieldMax MSTR OptionPairCorr
  0.88DISO Tidal Trust IIPairCorr
  0.62IDU iShares Utilities ETFPairCorr
  0.79TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.91AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.84HPQ HP IncPairCorr
  0.68XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.79CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.97AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.92BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr

Moving against Fidelity Etf

  0.76BND Vanguard Total BondPairCorr
  0.57VEA Vanguard FTSE DevelopedPairCorr
  0.83JNJ Johnson Johnson Sell-off TrendPairCorr
  0.81KO Coca Cola Aggressive PushPairCorr
  0.74BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.42PG Procter GamblePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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.

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY