Fidelity MSCI Correlations

FUTY Etf

USD 50.17 0.31 0.61%

The current 90-days correlation between Fidelity MSCI Utilities and Fidelity MSCI Consumer is 0.39 (i.e., Weak diversification). The correlation of Fidelity MSCI 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity MSCI Correlation With Market

Modest diversification

The correlation between Fidelity MSCI Utilities and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Utilities 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 MSCI Utilities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Fidelity Etf

1.0	XLU	Utilities Select Sector Potential Growth	Pair Corr
1.0	VPU	Vanguard Utilities Index	Pair Corr
1.0	IDU	iShares Utilities ETF	Pair Corr
0.86	FXU	First Trust Utilities	Pair Corr
0.94	JXI	iShares Global Utilities	Pair Corr
0.73	EWC	iShares MSCI Canada	Pair Corr
0.71	IRET	iREIT MarketVector	Pair Corr
0.63	IEO	iShares Oil Gas	Pair Corr

Moving against Fidelity Etf

0.65	GGLL	Direxion Daily GOOGL	Pair Corr
0.44	IAUF	IShares	Pair Corr
0.33	FTSL	First Trust Senior	Pair Corr
0.33	EOS	Eaton Vance Enhanced	Pair Corr

Related Correlations Analysis

	FSTA	FMAT	FIDU	FNCL	FCOM
FSTA		0.54	0.6	0.49	0.23	FSTA
FMAT	0.54		0.76	0.2	-0.38	FMAT
FIDU	0.6	0.76		0.74	0.16	FIDU
FNCL	0.49	0.2	0.74		0.66	FNCL
FCOM	0.23	-0.38	0.16	0.66		FCOM
	FSTA	FMAT	FIDU	FNCL	FCOM

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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

FIDU	+ 0.76	FMAT
FNCL	+ 0.74	FIDU
FCOM	+ 0.66	FNCL
FIDU	+ 0.6	FSTA
FMAT	+ 0.54	FSTA
FNCL	+ 0.49	FSTA

High negative correlations

FCOM

- 0.38

FMAT

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
FSTA	0.53	(0.02)	(0.12)	0.03	0.68	(0.52)	1.07	(1.19)	4.01
FMAT	0.69	(0.10)	0.00	(0.20)	0.00	0.00	1.27	(1.36)	5.35
FIDU	0.74	0.00	(0.05)	0.08	0.84	(0.87)	1.47	(1.24)	7.15
FNCL	0.81	0.12	0.06	0.40	0.89	(0.88)	1.52	(1.54)	10.24
FCOM	0.80	0.17	0.10	0.76	0.87	(0.88)	1.66	(1.23)	5.62

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