Fidelity MSCI Correlations

FCOM Etf

USD 73.04 0.24 0.33%

The current 90-days correlation between Fidelity MSCI Commun and Fidelity MSCI Utilities is 0.35 (i.e., 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 Communication moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity MSCI Correlation With Market

Poor diversification

The correlation between Fidelity MSCI Communication and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Communication 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 Communication. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Fidelity Etf

0.86	XLC	Communication Services	Pair Corr
1.0	VOX	Vanguard Communication	Pair Corr
0.74	IYZ	IShares Telecommunicatio	Pair Corr
0.81	IXP	iShares Global Comm	Pair Corr
0.85	VTI	Vanguard Total Stock	Pair Corr
0.76	FB	ProShares Trust ProShares	Pair Corr
0.78	VBK	Vanguard Small Cap	Pair Corr
0.68	JPST	JPMorgan Ultra Short	Pair Corr
0.91	DUKH	Ocean Park High	Pair Corr
0.67	MRK	Merck Company	Pair Corr
0.74	BAC	Bank of America	Pair Corr
0.82	AA	Alcoa Corp	Pair Corr
0.78	WMT	Walmart Common Stock Aggressive Push	Pair Corr

Moving against Fidelity Etf

0.72	NFLX	Netflix	Pair Corr
0.44	HERO	Global X Video	Pair Corr
0.43	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.42	ESPO	VanEck Video Gaming	Pair Corr
0.32	GAMR	Amplify Video Game	Pair Corr

Related Correlations Analysis

	FUTY	FDIS	FENY	IYG	FXR	EPP	DSTL	FIDU	REGL	SMMD
FUTY		-0.38	-0.55	-0.71	-0.39	0.05	-0.61	-0.31	-0.42	-0.45	FUTY
FDIS	-0.38		0.09	0.77	0.86	0.71	0.68	0.86	0.68	0.85	FDIS
FENY	-0.55	0.09		0.4	0.1	-0.05	0.4	0.16	0.16	0.28	FENY
IYG	-0.71	0.77	0.4		0.76	0.45	0.86	0.7	0.79	0.86	IYG
FXR	-0.39	0.86	0.1	0.76		0.67	0.8	0.91	0.83	0.87	FXR
EPP	0.05	0.71	-0.05	0.45	0.67		0.33	0.8	0.42	0.53	EPP
DSTL	-0.61	0.68	0.4	0.86	0.8	0.33		0.63	0.88	0.87	DSTL
FIDU	-0.31	0.86	0.16	0.7	0.91	0.8	0.63		0.63	0.8	FIDU
REGL	-0.42	0.68	0.16	0.79	0.83	0.42	0.88	0.63		0.78	REGL
SMMD	-0.45	0.85	0.28	0.86	0.87	0.53	0.87	0.8	0.78		SMMD
	FUTY	FDIS	FENY	IYG	FXR	EPP	DSTL	FIDU	REGL	SMMD

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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

FIDU	+ 0.91	FXR
REGL	+ 0.88	DSTL
SMMD	+ 0.87	FXR
SMMD	+ 0.87	DSTL
FXR	+ 0.86	FDIS
FIDU	+ 0.86	FDIS

High negative correlations

IYG	- 0.71	FUTY
DSTL	- 0.61	FUTY
FENY	- 0.55	FUTY
SMMD	- 0.45	FUTY
REGL	- 0.42	FUTY
FXR	- 0.39	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
FUTY	0.60	(0.04)	0.00	(0.03)	0.00	0.00	1.24	(1.31)	3.57
FDIS	0.93	(0.09)	0.00	(0.02)	0.00	0.00	2.21	(2.23)	5.22
FENY	0.91	0.01	(0.01)	0.08	1.19	(0.86)	1.65	(1.47)	5.16
IYG	0.70	(0.01)	0.00	0.05	0.92	(0.76)	1.38	(1.66)	3.99
FXR	0.87	(0.03)	(0.01)	0.03	1.06	(0.90)	1.92	(1.85)	4.31
EPP	0.64	(0.06)	0.00	(0.01)	0.00	0.00	1.23	(1.40)	3.24
DSTL	0.56	(0.02)	(0.05)	0.03	0.66	(0.59)	1.17	(0.86)	3.07
FIDU	0.83	(0.04)	(0.03)	0.02	1.01	(0.86)	1.43	(1.79)	3.69
REGL	0.58	(0.05)	0.00	(0.02)	0.00	0.00	1.57	(1.52)	3.26
SMMD	0.87	(0.03)	(0.01)	0.04	1.08	(0.88)	1.57	(1.73)	4.55

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