Fidelity Small Correlations

FSMD Etf

USD 46.12 0.42 0.92%

The current 90-days correlation between Fidelity Small Mid and First Trust IndustrialsProducer is 0.91 (i.e., Almost no diversification). The correlation of Fidelity Small 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 Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Mid Factor and DJI is 0.94 (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 Factor 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 Factor. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Fidelity Etf

0.98	VB	Vanguard Small Cap	Pair Corr
0.94	IJR	iShares Core SP	Pair Corr
0.97	IWM	iShares Russell 2000	Pair Corr
0.97	VRTIX	Vanguard Russell 2000	Pair Corr
0.97	VTWO	Vanguard Russell 2000	Pair Corr
0.99	FNDA	Schwab Fundamental Small	Pair Corr
0.94	SPSM	SPDR Portfolio SP	Pair Corr
0.99	DFAS	Dimensional Small Cap	Pair Corr
0.94	VIOO	Vanguard SP Small	Pair Corr
0.98	PRFZ	Invesco FTSE RAFI	Pair Corr
0.82	OIH	VanEck Oil Services	Pair Corr
0.94	WTMF	WisdomTree Managed	Pair Corr
0.95	EWC	iShares MSCI Canada Potential Growth	Pair Corr
0.87	TOT	Advisor Managed Port	Pair Corr
0.82	XAR	SPDR SP Aerospace	Pair Corr
0.99	MCDS	JPMorgan Fundamental Data	Pair Corr
0.87	BA	Boeing	Pair Corr
0.73	INTC	Intel Aggressive Push	Pair Corr
0.84	MRK	Merck Company Earnings Call Today	Pair Corr
0.9	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.84	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.86	CAT	Caterpillar	Pair Corr
0.76	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against Fidelity Etf

0.39	ARKW	ARK Next Generation	Pair Corr
0.71	HPQ	HP Inc Aggressive Push	Pair Corr
0.69	MSFT	Microsoft	Pair Corr
0.54	T	ATT Inc Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	SMMD	WTV	FLQM	EWA	EQWL	REGL	FXU	DSTL	DFSU	FXR
SMMD		0.96	0.92	0.76	0.91	0.95	-0.06	0.89	0.87	0.99	SMMD
WTV	0.96		0.97	0.7	0.92	0.96	-0.18	0.94	0.87	0.95	WTV
FLQM	0.92	0.97		0.55	0.86	0.94	-0.2	0.91	0.82	0.9	FLQM
EWA	0.76	0.7	0.55		0.74	0.68	0.13	0.61	0.73	0.78	EWA
EQWL	0.91	0.92	0.86	0.74		0.88	-0.18	0.95	0.95	0.92	EQWL
REGL	0.95	0.96	0.94	0.68	0.88		0.01	0.9	0.79	0.95	REGL
FXU	-0.06	-0.18	-0.2	0.13	-0.18	0.01		-0.22	-0.26	-0.05	FXU
DSTL	0.89	0.94	0.91	0.61	0.95	0.9	-0.22		0.89	0.89	DSTL
DFSU	0.87	0.87	0.82	0.73	0.95	0.79	-0.26	0.89		0.86	DFSU
FXR	0.99	0.95	0.9	0.78	0.92	0.95	-0.05	0.89	0.86		FXR
	SMMD	WTV	FLQM	EWA	EQWL	REGL	FXU	DSTL	DFSU	FXR

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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

FXR	+ 0.99	SMMD
FLQM	+ 0.97	WTV
WTV	+ 0.96	SMMD
REGL	+ 0.96	WTV
REGL	+ 0.95	SMMD
FXR	+ 0.95	WTV

High negative correlations

DFSU	- 0.26	FXU
DSTL	- 0.22	FXU
FXU	- 0.2	FLQM
FXU	- 0.18	EQWL
FXU	- 0.18	WTV
FXU	- 0.06	SMMD

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SMMD	0.82	0.03	0.04	0.08	0.87	(0.88)	1.64	(1.56)	3.71
WTV	0.55	0.05	0.05	0.10	0.55	(0.59)	1.44	(1.13)	3.47
FLQM	0.57	0.01	0.01	0.06	0.63	(0.59)	1.39	(1.02)	4.04
EWA	0.75	0.01	0.00	0.06	0.92	(0.78)	1.39	(1.59)	4.60
EQWL	0.51	0.03	(0.02)	0.47	0.57	(0.52)	1.03	(1.00)	2.76
REGL	0.58	0.07	0.09	0.15	0.47	(0.74)	1.64	(1.06)	3.19
FXU	0.58	(0.02)	0.00	(0.04)	0.00	0.00	1.03	(1.16)	3.28
DSTL	0.55	0.03	(0.02)	0.27	0.61	(0.59)	1.39	(0.79)	3.84
DFSU	0.57	0.01	(0.03)	0.14	0.79	(0.55)	1.37	(1.32)	3.59
FXR	0.87	0.06	0.08	0.10	0.85	(0.92)	2.19	(1.61)	5.33

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