Fidelity MSCI Correlations

FSTA Etf  USD 51.45  0.40  0.78%   
The current 90-days correlation between Fidelity MSCI Consumer and Fidelity MSCI Utilities is 0.68 (i.e., Poor diversification). The correlation of Fidelity MSCI 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 MSCI Correlation With Market

Very weak diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Consumer and DJI in the same portfolio, assuming nothing else is changed.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity MSCI Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Fidelity Etf

  0.98XLP Consumer Staples SelectPairCorr
  1.0VDC Vanguard Consumer StaplesPairCorr
  0.8IYK iShares Consumer StaplesPairCorr
  0.91KXI iShares Global ConsumerPairCorr
  0.65PBJ Invesco Dynamic FoodPairCorr
  0.78PSL Invesco DWA ConsumerPairCorr

Related Correlations Analysis

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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.