Fidelity MSCI Correlations

FNCL Etf

USD 75.69 0.09 0.12%

The current 90-days correlation between Fidelity MSCI Financials and Fidelity Covington Trust is 0.82 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity MSCI moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity MSCI Financials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity MSCI Correlation With Market

Very poor diversification

The correlation between Fidelity MSCI Financials and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Financials 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 MSCI Financials. 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

0.94	XLF	Financial Select Sector Sell-off Trend	Pair Corr
1.0	VFH	Vanguard Financials Index	Pair Corr
0.83	KRE	SPDR SP Regional	Pair Corr
0.85	KBE	SPDR SP Bank	Pair Corr
0.98	IYF	iShares Financials ETF	Pair Corr
1.0	IYG	iShares Financial	Pair Corr
0.94	FXO	First Trust Financials	Pair Corr
0.86	IAT	iShares Regional Banks	Pair Corr
0.89	IXG	iShares Global Financials	Pair Corr
0.63	UPRO	ProShares UltraPro SP500 Sell-off Trend	Pair Corr
0.75	QTJA	Innovator ETFs Trust	Pair Corr
0.68	QTOC	Innovator ETFs Trust	Pair Corr
0.81	XTOC	Innovator ETFs Trust	Pair Corr
0.82	QTAP	Innovator Growth 100	Pair Corr
0.78	XTJA	Innovator ETFs Trust	Pair Corr
0.84	XTAP	Innovator Equity Acc	Pair Corr
0.86	BAC	Bank of America	Pair Corr
0.79	AA	Alcoa Corp	Pair Corr
0.7	MRK	Merck Company Earnings Call This Week	Pair Corr
0.69	WMT	Walmart Common Stock	Pair Corr
0.68	DIS	Walt Disney Earnings Call This Week	Pair Corr

Moving against Fidelity Etf

0.62	PG	Procter Gamble	Pair Corr
0.42	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	FHLC	FUTY	FDIS	SMLF	FCOM	MDYV	ASHR	FLJP	FENY	FELV
FHLC		-0.62	0.3	0.57	0.62	0.71	0.36	0.53	0.55	0.73	FHLC
FUTY	-0.62		-0.46	-0.49	-0.63	-0.61	-0.38	-0.42	-0.33	-0.64	FUTY
FDIS	0.3	-0.46		0.81	0.73	0.76	0.76	0.77	0.44	0.77	FDIS
SMLF	0.57	-0.49	0.81		0.84	0.97	0.82	0.92	0.74	0.95	SMLF
FCOM	0.62	-0.63	0.73	0.84		0.86	0.64	0.69	0.49	0.87	FCOM
MDYV	0.71	-0.61	0.76	0.97	0.86		0.77	0.9	0.74	0.98	MDYV
ASHR	0.36	-0.38	0.76	0.82	0.64	0.77		0.88	0.66	0.8	ASHR
FLJP	0.53	-0.42	0.77	0.92	0.69	0.9	0.88		0.83	0.91	FLJP
FENY	0.55	-0.33	0.44	0.74	0.49	0.74	0.66	0.83		0.76	FENY
FELV	0.73	-0.64	0.77	0.95	0.87	0.98	0.8	0.91	0.76		FELV
	FHLC	FUTY	FDIS	SMLF	FCOM	MDYV	ASHR	FLJP	FENY	FELV

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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

FELV	+ 0.98	MDYV
MDYV	+ 0.97	SMLF
FELV	+ 0.95	SMLF
FLJP	+ 0.92	SMLF
FELV	+ 0.91	FLJP
FLJP	+ 0.9	MDYV

High negative correlations

FELV	- 0.64	FUTY
FCOM	- 0.63	FUTY
FUTY	- 0.62	FHLC
MDYV	- 0.61	FUTY
SMLF	- 0.49	FUTY
FDIS	- 0.46	FUTY

Fidelity MSCI Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity MSCI 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 MSCI'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
FHLC	0.65	0.04	0.02	0.13	0.56	(0.78)	2.02	(1.13)	3.74
FUTY	0.64	(0.08)	0.00	(0.13)	0.00	0.00	1.28	(1.32)	3.69
FDIS	0.92	0.04	(0.01)	0.26	1.15	(0.92)	1.89	(2.23)	5.22
SMLF	0.81	0.01	0.02	0.07	0.98	(0.83)	1.85	(1.86)	4.06
FCOM	0.69	0.02	0.01	0.10	0.75	(0.82)	1.78	(1.30)	4.23
MDYV	0.71	0.02	0.02	0.08	0.70	(0.82)	1.83	(1.33)	4.29
ASHR	0.67	0.05	0.00	0.19	0.75	(0.69)	1.25	(1.24)	2.83
FLJP	0.65	0.06	0.04	0.14	0.79	(0.69)	1.57	(1.56)	4.18
FENY	0.95	0.17	0.10	0.68	0.98	(0.99)	2.23	(1.43)	5.16
FELV	0.54	0.04	0.04	0.11	0.53	(0.57)	1.23	(1.01)	2.84

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