Fidelity Small Correlations

Etfs . USA . 
Etf . Fidelity Small Mid Cap
FFSM Etf   31.97  0.22  0.69%   
The current 90-days correlation between Fidelity Small Mid and Fidelity Fundamental Large is 0.84 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Small moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Small Mid Cap moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity Small Correlation With Market

Average diversification

The correlation between Fidelity Small Mid Cap and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Mid Cap and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Fidelity Etf
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Small Mid Cap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Fidelity Etf

  0.85IJH iShares Core SPPairCorr
  0.73IWR iShares Russell MidPairCorr
  0.84MDY SPDR SP MIDCAPPairCorr
  0.72FV First Trust DorseyPairCorr
  0.91IVOO Vanguard SP MidPairCorr
  0.86JHMM John Hancock MultifactorPairCorr
  0.86BBMC JPMorgan BetaBuilders MidPairCorr
  0.84XMMO Invesco SP MidCapPairCorr
  0.67UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.92QTJA Innovator ETFs TrustPairCorr
  0.76QTOC Innovator ETFs TrustPairCorr
  0.86XTOC Innovator ETFs TrustPairCorr
  0.93QTAP Innovator Growth 100PairCorr
  0.92XTJA Innovator ETFs TrustPairCorr
  0.93XTAP Innovator Equity AccPairCorr
  0.8DD Dupont De NemoursPairCorr
  0.85AA Alcoa CorpPairCorr
  0.81MRK Merck CompanyPairCorr
  0.89BAC Bank of America Earnings Call This WeekPairCorr
  0.76JNJ Johnson JohnsonPairCorr
  0.78CAT CaterpillarPairCorr
  0.72XOM Exxon Mobil CorpPairCorr

Moving against Fidelity Etf

  0.58HPQ HP IncPairCorr
  0.74PG Procter GamblePairCorr
  0.68T ATT IncPairCorr
  0.53HD Home DepotPairCorr

Related Correlations Analysis


Fidelity Small Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Small 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 Small'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FFLC  0.64  0.04 (0.02) 0.33  0.96 
(0.61)
 1.16 
(1.60)
 3.43 
GARP  0.92 (0.04)(0.02) 0.04  1.27 
(0.93)
 1.79 
(2.08)
 4.97 
SEIV  0.64  0.05  0.04  0.12  0.79 
(0.63)
 1.24 
(1.55)
 3.11 
SEIM  0.81 (0.02)(0.02) 0.05  1.08 
(0.85)
 1.45 
(2.00)
 4.83 
LABU  3.53  0.62  0.18  0.32  3.37 
(3.79)
 8.93 
(6.36)
 18.56 
IQDG  0.61  0.04 (0.02) 0.31  0.70 
(0.64)
 1.15 
(1.20)
 2.67 
SVOL  0.86 (0.04)(0.02) 0.04  1.18 
(1.01)
 2.49 
(1.46)
 6.26 
ECH  1.03  0.37  0.27  0.46  0.99 
(1.25)
 2.28 
(1.48)
 6.16 
DSPY  0.58 (0.03)(0.04) 0.04  0.80 
(0.57)
 1.04 
(1.11)
 2.93 
ABFL  0.75 (0.01)(0.06) 0.05  1.07 
(0.71)
 1.42 
(1.88)
 4.40 

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