Correlation Between Xtrackers Harvest and Fidelity Covington
Can any of the company-specific risk be diversified away by investing in both Xtrackers Harvest and Fidelity Covington at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Xtrackers Harvest and Fidelity Covington into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xtrackers Harvest CSI and Fidelity Covington Trust, you can compare the effects of market volatilities on Xtrackers Harvest and Fidelity Covington and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Xtrackers Harvest with a short position of Fidelity Covington. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers Harvest and Fidelity Covington.
Diversification Opportunities for Xtrackers Harvest and Fidelity Covington
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xtrackers and Fidelity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers Harvest CSI and Fidelity Covington Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Covington Trust and Xtrackers Harvest is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Xtrackers Harvest CSI are associated (or correlated) with Fidelity Covington. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Covington Trust has no effect on the direction of Xtrackers Harvest i.e., Xtrackers Harvest and Fidelity Covington go up and down completely randomly.
Pair Corralation between Xtrackers Harvest and Fidelity Covington
If you would invest 3,174 in Xtrackers Harvest CSI on September 6, 2025 and sell it today you would earn a total of 127.00 from holding Xtrackers Harvest CSI or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Xtrackers Harvest CSI vs. Fidelity Covington Trust
Performance |
| Timeline |
| Xtrackers Harvest CSI |
| Fidelity Covington Trust |
Risk-Adjusted Performance
Fair
Weak | Strong |
Xtrackers Harvest and Fidelity Covington Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers Harvest and Fidelity Covington
The main advantage of trading using opposite Xtrackers Harvest and Fidelity Covington positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers Harvest position performs unexpectedly, Fidelity Covington 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 offset losses from the drop in Fidelity Covington's long position.| Xtrackers Harvest vs. Strategy Shares | Xtrackers Harvest vs. Freedom Day Dividend | Xtrackers Harvest vs. Franklin Templeton ETF | Xtrackers Harvest vs. iShares MSCI China |
| Fidelity Covington vs. FT Vest Equity | Fidelity Covington vs. Northern Lights | Fidelity Covington vs. Diamond Hill Funds | Fidelity Covington vs. Dimensional International High |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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