Fidelity Covington Trust Etf Market Value
| FEMR Etf | 25.25 0.01 0.04% |
| Symbol | Fidelity |
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.
Fidelity Covington 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Fidelity Covington's etf what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Fidelity Covington.
| 01/08/2025 |
| 02/07/2025 |
If you would invest 0.00 in Fidelity Covington on January 8, 2025 and sell it all today you would earn a total of 0.00 from holding Fidelity Covington Trust or generate 0.0% return on investment in Fidelity Covington over 30 days. Fidelity Covington is related to or competes with Freedom Day, Franklin Templeton, IShares MSCI, Tidal Trust, IShares Dividend, Altrius Global, and Invesco Exchange. More
Fidelity Covington Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Fidelity Covington's etf current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Fidelity Covington Trust upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.9417 | |||
| Information Ratio | (0.07) | |||
| Maximum Drawdown | 4.55 | |||
| Value At Risk | (1.82) | |||
| Potential Upside | 1.61 |
Fidelity Covington Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Fidelity Covington's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Fidelity Covington's standard deviation. In reality, there are many statistical measures that can use Fidelity Covington historical prices to predict the future Fidelity Covington's volatility.| Risk Adjusted Performance | 0.028 | |||
| Jensen Alpha | (0) | |||
| Total Risk Alpha | (0.08) | |||
| Sortino Ratio | (0.07) | |||
| Treynor Ratio | 0.0795 |
Fidelity Covington Trust Backtested Returns
Currently, Fidelity Covington Trust is very steady. Fidelity Covington Trust secures Sharpe Ratio (or Efficiency) of 0.0326, which denotes the etf had a 0.0326 % return per unit of risk over the last 3 months. We have found twenty-seven technical indicators for Fidelity Covington Trust, which you can use to evaluate the volatility of the entity. Please confirm Fidelity Covington's Coefficient Of Variation of 3062.84, mean deviation of 0.6682, and Downside Deviation of 0.9417 to check if the risk estimate we provide is consistent with the expected return of 0.0296%. The etf shows a Beta (market volatility) of 0.25, which means not very significant fluctuations relative to the market. As returns on the market increase, Fidelity Covington's returns are expected to increase less than the market. However, during the bear market, the loss of holding Fidelity Covington is expected to be smaller as well.
Auto-correlation | 0.41 |
Average predictability
Fidelity Covington Trust has average predictability. Overlapping area represents the amount of predictability between Fidelity Covington time series from 8th of January 2025 to 23rd of January 2025 and 23rd of January 2025 to 7th of February 2025. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Fidelity Covington Trust price movement. The serial correlation of 0.41 indicates that just about 41.0% of current Fidelity Covington price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.41 | |
| Spearman Rank Test | 0.49 | |
| Residual Average | 0.0 | |
| Price Variance | 0.04 |
Fidelity Covington Trust lagged returns against current returns
Autocorrelation, which is Fidelity Covington etf's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Fidelity Covington's etf expected returns. We can calculate the autocorrelation of Fidelity Covington returns to help us make a trade decision. For example, suppose you find that Fidelity Covington has exhibited high autocorrelation historically, and you observe that the etf is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Fidelity Covington regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Fidelity Covington etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Fidelity Covington etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Fidelity Covington etf over time.
Current vs Lagged Prices |
| Timeline |
Fidelity Covington Lagged Returns
When evaluating Fidelity Covington's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Fidelity Covington etf have on its future price. Fidelity Covington autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Fidelity Covington autocorrelation shows the relationship between Fidelity Covington etf current value and its past values and can show if there is a momentum factor associated with investing in Fidelity Covington Trust.
Regressed Prices |
| Timeline |
Pair Trading with Fidelity Covington
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Fidelity Covington position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Fidelity Covington will appreciate offsetting losses from the drop in the long position's value.Moving together with Fidelity Etf
| 0.65 | BND | Vanguard Total Bond Sell-off Trend | PairCorr |
Moving against Fidelity Etf
The ability to find closely correlated positions to Fidelity Covington could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Covington when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Covington - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Covington Trust to buy it.
The correlation of Fidelity Covington 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Covington moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Covington Trust moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Fidelity Covington can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Fidelity Covington Correlation, Fidelity Covington Volatility and Fidelity Covington Alpha and Beta module to complement your research on Fidelity Covington. You can also try the Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Fidelity Covington technical etf analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, etf market cycles, or different charting patterns.