Fidelity Covington Downside Variance
| FELC ETF | | | 41.00 0.54 1.33% |
Downside Variance (or DV) is measured by target semi-variance and is termed downside volatility. It is expressed in percentages and therefore allows for rankings in the same way as variance. One way to view downside volatility is the annualized variance of returns below the target. Below is Fidelity Covington's current Downside Variance with peer comparisons and related risk metrics.
Current Downside Variance Value
A Downside Variance of 0.764 for Fidelity Covington signals low price variability. This places Fidelity Covington at the lower end of the volatility range for ETF.
Downside Variance | = | SUM(RET DEV)2N(ER) |
| = | 0.764 | |
| SUM | = | Summation notation |
| RET DEV | = | Actual returns deviation over selected period |
| N(ER) | = | Number of points with returns less than expected return for the period |
Downside Variance Peers Comparison
The peer group averages 1.56 for Downside Variance, with Fidelity Covington at 0.764 falling below that level. Readings span 0.4412 (WisdomTree LargeCap Dividend) to 3.79 (First Trust RBA). Fidelity Covington has exhibited less price dispersion than the peer average over the measured period.
Downside Variance Relative To Other Indicators
The chart below plots Downside Variance against Maximum Drawdown for Fidelity Covington and its peers. Each point represents one equity — position along the horizontal axis shows Downside Variance while the vertical axis shows Maximum Drawdown. Equities that cluster in different quadrants carry distinct risk-return profiles. Use the dropdowns to swap in other indicators for either axis.
With Downside Variance at
0.76 and Maximum Drawdown at
3.66 , Fidelity Covington shows a
4.79 -to-one ratio between these indicators. This indicates Maximum Drawdown is significantly higher than Downside Variance for Fidelity Covington.
Methodology, Assumptions & Data Sources
Fidelity Covington has a current Downside Variance reading of 0.764. The Downside Variance for Fidelity Covington is produced by transforming raw price history into a standardized measure according to the indicator's defined methodology. Data sources include daily closing prices from supported exchanges, with standard corporate action adjustments applied. The calculation assumes continuous price data across the selected period. All readings are presented as reference data.
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