Fidelity MSCI Correlations

Etfs . USA . 
Etf . Fidelity MSCI Consumer
FDIS Etf  USD 92.68  0.89  0.97%   
The current 90-days correlation between Fidelity MSCI Consumer and Fidelity MSCI Consumer is 0.54 (i.e., Very 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

Almost no diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Consumer and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity MSCI Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Fidelity Etf

  1.0XLY Consumer DiscretionaryPairCorr
  1.0VCR Vanguard ConsumerPairCorr
  0.61XHB SPDR SP HomebuildersPairCorr
  0.99IYC iShares Consumer DisPairCorr
  0.96PEJ Invesco Dynamic LeisurePairCorr
  0.97FXD First Trust ConsumerPairCorr
  0.96XRT SPDR SP RetailPairCorr
  0.9UPRO ProShares UltraPro SP500PairCorr
  0.98QTJA Innovator ETFs TrustPairCorr
  0.98QTOC Innovator ETFs TrustPairCorr
  0.96XTOC Innovator ETFs TrustPairCorr
  0.97QTAP Innovator Growth 100PairCorr
  0.96XTJA Innovator ETFs TrustPairCorr
  0.96XTAP Innovator Equity AccPairCorr
  0.9AUGW AIM ETF ProductsPairCorr
  0.97AXP American ExpressPairCorr
  0.9MSFT MicrosoftPairCorr
  0.93BAC Bank of America Sell-off TrendPairCorr
  0.83TRV The Travelers CompaniesPairCorr
  0.86HD Home DepotPairCorr
  0.92GE GE AerospacePairCorr
  0.89BA BoeingPairCorr
  0.81CAT CaterpillarPairCorr

Related Correlations Analysis

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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   
FNCL
+ 0.96
FIDU
FCOM
+ 0.96
FIDU
FCOM
+ 0.94
FNCL
FIDU
+ 0.61
FSTA
FNCL
+ 0.56
FSTA
FCOM
+ 0.5
FSTA
  
High negative correlations   
FHLC
- 0.33
FSTA
FHLC
- 0.24
FIDU
FHLC
- 0.05
FNCL
FHLC
- 0.04
FCOM

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.

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