Fidelity Small Correlations

Etfs . USA . 
Etf . Fidelity Small Mid Factor
FSMD Etf  USD 40.43  0.61  1.49%   
The current 90-days correlation between Fidelity Small Mid and Fidelity Emerging Markets is 0.74 (i.e., Poor diversification). The correlation of Fidelity Small 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.

Fidelity Small Correlation With Market

Almost no diversification

The correlation between Fidelity Small Mid Factor and DJI is 0.95 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Mid Factor 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 Small Mid Factor. 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

  0.89VB Vanguard Small CapPairCorr
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  0.95FNDA Schwab Fundamental SmallPairCorr
  0.95SPSM SPDR Portfolio SPPairCorr
  0.98DFAS Dimensional Small CapPairCorr
  0.95VIOO Vanguard SP SmallPairCorr
  0.98PRFZ Invesco FTSE RAFIPairCorr
  0.87ITWO Proshares Russell 2000PairCorr
  0.84WGMI Valkyrie Bitcoin MinersPairCorr
  0.93DIS Walt DisneyPairCorr
  0.89BA BoeingPairCorr
  0.87JPM JPMorgan ChasePairCorr
  0.83IBM International BusinessPairCorr
  0.88GE GE AerospacePairCorr
  0.93BAC Bank of AmericaPairCorr
  0.74MMM 3M CompanyPairCorr
  0.8TRV The Travelers CompaniesPairCorr
  0.72HD Home DepotPairCorr
  0.88CAT CaterpillarPairCorr
  0.97AXP American ExpressPairCorr

Related Correlations Analysis

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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.

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