Fidelity Covington Financial Statements From 2010 to 2024
| FRNW Etf | USD 14.14 0.10 0.71% |
Check Fidelity Covington financial statements over time to gain insight into future company performance. You can evaluate financial statements to find patterns among Fidelity Covington's main balance sheet or income statement drivers, such as , as well as many indicators such as . Fidelity financial statements analysis is a perfect complement when working with Fidelity Covington Valuation or Volatility modules.
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Fidelity Covington Trust ETF Beta Analysis
Fidelity Covington's Beta is one of the most important measures of equity market volatility. Beta can be thought of as asset elasticity or sensitivity to market. In other words, it is a number that shows the relationship of an equity instrument to the financial market in which this instrument is traded. For example, if Beta of equity is 2, it is expected to significantly outperform market when the market is going up and significantly underperform when the market is going down. Similarly, Beta of 1 indicates that an asset and market will generate similar returns over time.
Current Fidelity Covington Beta | 1.3 |
Most of Fidelity Covington's fundamental indicators, such as Beta, are part of a valuation analysis module that helps investors searching for stocks that are currently trading at higher or lower prices than their real value. If the real value is higher than the market price, Fidelity Covington Trust is considered to be undervalued, and we provide a buy recommendation. Otherwise, we render a sell signal.
In a nutshell, Beta is a measure of individual stock risk relative to the overall volatility of the stock market. and is calculated based on very sound finance theory - Capital Assets Pricing Model (CAPM).However, since Beta is calculated based on historical price movements it may not predict how a firm's stock is going to perform in the future.
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In accordance with the recently published financial statements, Fidelity Covington Trust has a Beta of 1.3. This is much higher than that of the Fidelity Investments family and significantly higher than that of the Miscellaneous Sector category. The beta for all United States etfs is notably lower than that of the firm.
About Fidelity Covington Financial Statements
Fidelity Covington investors use historical fundamental indicators, such as Fidelity Covington's revenue or net income, to determine how well the company is positioned to perform in the future. Understanding over-time patterns can help investors decide on long-term investments in Fidelity Covington. Please read more on our technical analysis and fundamental analysis pages.
The fund normally invests at least 80 percent of assets in securities included in the index and in depositary receipts representing securities included in the index. Fidelity Clean is traded on BATS Exchange in the United States.
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Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.When determining whether Fidelity Covington Trust is a strong investment it is important to analyze Fidelity Covington's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Fidelity Covington's future performance. For an informed investment choice regarding Fidelity Etf, refer to the following important reports:Check out the analysis of Fidelity Covington Correlation against competitors. You can also try the Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
The market value of Fidelity Covington Trust is measured differently than its book value, which is the value of Fidelity that is recorded on the company's balance sheet. Investors also form their own opinion of Fidelity Covington's value that differs from its market value or its book value, called intrinsic value, which is Fidelity Covington's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Fidelity Covington's market value can be influenced by many factors that don't directly affect Fidelity Covington's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Fidelity Covington's value and its price as these two are different measures arrived at by different means. Investors typically determine if Fidelity Covington is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Fidelity Covington's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.