Fidelity Preferred Correlations

FPFD Etf

USD 21.99 0.02 0.09%

The current 90-days correlation between Fidelity Preferred and PGIM ETF Trust is 0.06 (i.e., Significant diversification). The correlation of Fidelity Preferred 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 Preferred Correlation With Market

Very poor diversification

The correlation between Fidelity Preferred Securities and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Preferred Securities 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 Preferred Securities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Fidelity Etf

0.95	PFF	iShares Preferred	Pair Corr
0.97	FPE	First Trust Preferred	Pair Corr
0.95	PGX	Invesco Preferred ETF	Pair Corr
0.96	PFFD	Global X Preferred	Pair Corr
0.97	VRP	Invesco Variable Rate	Pair Corr
0.93	PGF	Invesco Financial	Pair Corr
0.94	PSK	SPDR ICE Preferred	Pair Corr
0.96	PFXF	VanEck Preferred Sec	Pair Corr
0.93	FPEI	First Trust Institutional	Pair Corr
0.91	PFFA	Virtus InfraCap Preferred	Pair Corr
0.85	SIXD	AIM ETF Products	Pair Corr
0.86	VBK	Vanguard Small Cap	Pair Corr
0.83	RDIV	Invesco SP Ultra	Pair Corr
0.88	AHYB	American Century ETF	Pair Corr
0.94	BINC	BlackRock ETF Trust Sell-off Trend	Pair Corr
0.87	AA	Alcoa Corp	Pair Corr
0.86	INTC	Intel	Pair Corr
0.78	WMT	Walmart Common Stock Earnings Call This Week	Pair Corr
0.89	DD	Dupont De Nemours	Pair Corr
0.93	BA	Boeing	Pair Corr
0.78	MRK	Merck Company	Pair Corr
0.8	JNJ	Johnson Johnson	Pair Corr
0.87	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against Fidelity Etf

0.76	VXX	iPath Series B	Pair Corr
0.76	VIXY	ProShares VIX Short	Pair Corr
0.73	VIXM	ProShares VIX Mid	Pair Corr
0.73	VXZ	iPath Series B	Pair Corr
0.49	PLTI	REX ETF Trust	Pair Corr
0.72	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	INKM	NPFI	EINC	AGQI	IBHJ	TUGN	RBIL	AIYY	FCEF	PFRL
INKM		0.94	0.9	0.98	0.89	0.04	0.93	-0.76	0.97	0.76	INKM
NPFI	0.94		0.78	0.96	0.98	0.14	0.97	-0.67	0.96	0.92	NPFI
EINC	0.9	0.78		0.85	0.7	-0.13	0.83	-0.81	0.84	0.55	EINC
AGQI	0.98	0.96	0.85		0.92	0.1	0.96	-0.73	0.98	0.84	AGQI
IBHJ	0.89	0.98	0.7	0.92		0.22	0.94	-0.61	0.93	0.92	IBHJ
TUGN	0.04	0.14	-0.13	0.1	0.22		0.01	0.42	0.18	0.21	TUGN
RBIL	0.93	0.97	0.83	0.96	0.94	0.01		-0.73	0.95	0.88	RBIL
AIYY	-0.76	-0.67	-0.81	-0.73	-0.61	0.42	-0.73		-0.69	-0.49	AIYY
FCEF	0.97	0.96	0.84	0.98	0.93	0.18	0.95	-0.69		0.84	FCEF
PFRL	0.76	0.92	0.55	0.84	0.92	0.21	0.88	-0.49	0.84		PFRL
	INKM	NPFI	EINC	AGQI	IBHJ	TUGN	RBIL	AIYY	FCEF	PFRL

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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

AGQI	+ 0.98	INKM
IBHJ	+ 0.98	NPFI
FCEF	+ 0.98	AGQI
FCEF	+ 0.97	INKM
RBIL	+ 0.97	NPFI
AGQI	+ 0.96	NPFI

High negative correlations

AIYY	- 0.81	EINC
AIYY	- 0.76	INKM
AIYY	- 0.73	RBIL
AIYY	- 0.73	AGQI
FCEF	- 0.69	AIYY
AIYY	- 0.67	NPFI

Fidelity Preferred Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Preferred 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 Preferred'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
INKM	0.27	0.06	(0.01)	0.28	0.05	(0.31)	0.61	(0.51)	1.52
NPFI	0.08	0.02	(0.45)	0.25	0.00	(0.11)	0.19	(0.12)	0.69
EINC	0.72	0.25	0.18	8.11	0.63	(0.84)	1.47	(1.16)	4.54
AGQI	0.48	0.12	0.14	0.28	0.22	(0.57)	1.19	(0.82)	2.42
IBHJ	0.13	0.02	(0.32)	0.21	0.00	(0.16)	0.34	(0.23)	0.88
TUGN	0.74	(0.09)	0.00	(0.04)	0.00	0.00	1.45	(1.76)	4.37
RBIL	0.02	0.00	(2.35)	0.52	0.00	(0.04)	0.06	(0.04)	0.14
AIYY	2.33	(0.38)	0.00	0.85	0.00	0.00	3.70	(5.62)	13.99
FCEF	0.34	0.05	(0.01)	0.21	0.16	(0.38)	0.86	(0.75)	1.80
PFRL	0.08	0.00	(0.50)	0.00	0.04	(0.09)	0.24	(0.18)	0.83

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