Fidelity MSCI Correlations

FNCL Etf

USD 79.11 1.07 1.33%

The current 90-days correlation between Fidelity MSCI Financials and Fidelity MSCI Health is 0.55 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity MSCI moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity MSCI Financials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity MSCI Correlation With Market

Very poor diversification

The correlation between Fidelity MSCI Financials and DJI is 0.81 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Financials 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 MSCI Financials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Fidelity Etf

1.0	XLF	Financial Select Sector	Pair Corr
1.0	VFH	Vanguard Financials Index	Pair Corr
0.92	KRE	SPDR SP Regional	Pair Corr
0.94	KBE	SPDR SP Bank	Pair Corr
0.98	IYF	iShares Financials ETF	Pair Corr
0.98	IYG	iShares Financial	Pair Corr
0.92	FXO	First Trust Financials	Pair Corr
0.94	IAT	iShares Regional Banks	Pair Corr
0.97	IXG	iShares Global Financials	Pair Corr
0.83	LENS	Sarmaya Thematic ETF	Pair Corr
0.86	ASA	ASA Gold	Pair Corr
0.77	MAPP	Harbor ETF Trust	Pair Corr
0.87	SNPD	DBX ETF Trust	Pair Corr
0.62	AXP	American Express	Pair Corr
0.86	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.68	MRK	Merck Company Sell-off Trend	Pair Corr
0.71	WMT	Walmart Common Stock	Pair Corr
0.76	BAC	Bank of America Earnings Call This Week	Pair Corr

Moving against Fidelity Etf

0.67	SWIN	Alps Symbol Change	Pair Corr
0.51	MSFT	Microsoft	Pair Corr
0.44	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	FHLC	FUTY	FDIS	SMLF	FCOM	MDYV	ASHR	FLJP	FENY	FELV
FHLC		-0.71	0.2	0.38	0.59	0.58	0.24	0.55	0.65	0.76	FHLC
FUTY	-0.71		-0.4	-0.46	-0.61	-0.62	-0.4	-0.53	-0.58	-0.74	FUTY
FDIS	0.2	-0.4		0.89	0.76	0.8	0.59	0.7	0.15	0.72	FDIS
SMLF	0.38	-0.46	0.89		0.89	0.94	0.63	0.74	0.37	0.85	SMLF
FCOM	0.59	-0.61	0.76	0.89		0.91	0.57	0.72	0.43	0.9	FCOM
MDYV	0.58	-0.62	0.8	0.94	0.91		0.54	0.72	0.46	0.92	MDYV
ASHR	0.24	-0.4	0.59	0.63	0.57	0.54		0.73	0.43	0.65	ASHR
FLJP	0.55	-0.53	0.7	0.74	0.72	0.72	0.73		0.57	0.85	FLJP
FENY	0.65	-0.58	0.15	0.37	0.43	0.46	0.43	0.57		0.63	FENY
FELV	0.76	-0.74	0.72	0.85	0.9	0.92	0.65	0.85	0.63		FELV
	FHLC	FUTY	FDIS	SMLF	FCOM	MDYV	ASHR	FLJP	FENY	FELV

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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

MDYV	+ 0.94	SMLF
FELV	+ 0.92	MDYV
MDYV	+ 0.91	FCOM
FELV	+ 0.9	FCOM
SMLF	+ 0.89	FDIS
FCOM	+ 0.89	SMLF

High negative correlations

FELV	- 0.74	FUTY
FUTY	- 0.71	FHLC
MDYV	- 0.62	FUTY
FCOM	- 0.61	FUTY
FENY	- 0.58	FUTY
FLJP	- 0.53	FUTY

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FHLC	0.58	0.09	0.10	0.23	0.41	(0.68)	2.02	(1.13)	3.71
FUTY	0.61	(0.06)	0.00	(0.09)	0.00	0.00	1.24	(1.31)	3.57
FDIS	0.95	(0.08)	(0.05)	0.02	1.29	(0.90)	2.21	(2.23)	5.22
SMLF	0.92	(0.05)	(0.01)	0.05	1.19	(0.89)	1.85	(1.93)	4.68
FCOM	0.73	(0.01)	(0.03)	0.08	0.82	(0.82)	1.78	(1.30)	4.09
MDYV	0.76	(0.02)	(0.01)	0.06	0.91	(0.77)	1.83	(1.33)	3.88
ASHR	0.74	0.03	(0.01)	0.13	1.09	(0.71)	1.25	(1.24)	4.91
FLJP	0.73	0.02	0.01	0.11	0.98	(0.77)	1.60	(1.56)	5.52
FENY	0.96	0.01	(0.02)	0.11	1.25	(0.92)	1.99	(1.82)	5.16
FELV	0.58	0.01	0.01	0.10	0.63	(0.61)	1.07	(1.01)	2.70

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