Fidelity MSCI Correlations

FUTY Etf

USD 56.85 0.32 0.56%

The current 90-days correlation between Fidelity MSCI Utilities and Fidelity MSCI Consumer is -0.23 (i.e., Very good 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity MSCI Correlation With Market

Weak diversification

The correlation between Fidelity MSCI Utilities and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Utilities 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 Utilities. 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	XLU	Utilities Select Sector	Pair Corr
1.0	VPU	Vanguard Utilities Index	Pair Corr
0.75	AMPS	Blackrock	Pair Corr
0.97	IDU	iShares Utilities ETF	Pair Corr
0.94	FXU	First Trust Utilities	Pair Corr
0.92	JXI	iShares Global Utilities	Pair Corr
0.94	PUI	Invesco DWA Utilities	Pair Corr
0.88	UTES	Virtus Reaves Utilities	Pair Corr
0.89	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.71	XTWY	Bondbloxx ETF Trust	Pair Corr
0.74	TAXT	Northern Trust Tax	Pair Corr
0.7	NVBU	AllianzIM Equity Buffer15	Pair Corr
0.79	EMOP	AB Active ETFs,	Pair Corr
0.73	SHAG	WisdomTree Yield Enhanced	Pair Corr
0.73	VOO	Vanguard SP 500	Pair Corr
0.78	ESGE	iShares ESG Aware	Pair Corr
0.68	MUNC	Northern Funds	Pair Corr
0.67	TAXI	Northern Trust Inter	Pair Corr
0.84	WIA	Western AssetClaymore	Pair Corr
0.76	QQQ	Invesco QQQ Trust	Pair Corr
0.9	GLTR	abrdn Physical Precious	Pair Corr
0.82	ICLN	iShares Global Clean	Pair Corr
0.89	SLV	iShares Silver Trust	Pair Corr
0.76	IGM	iShares Expanded Tech	Pair Corr
0.81	TSLP	Kurv Yield Premium	Pair Corr
0.78	IYW	iShares Technology ETF	Pair Corr
0.84	SGDJ	Sprott Junior Gold	Pair Corr
0.79	VGT	Vanguard Information	Pair Corr
0.7	RFDA	RiverFront Dynamic	Pair Corr
0.66	PULT	Putnam ETF Trust	Pair Corr

Moving against Fidelity Etf

0.71

OCTD

Innovator Capital

Pair Corr

Related Correlations Analysis

	FDIS	FCOM	FNCL	ESML	EWG	FENY	FHLC	FTLS	QDF	JMEE
FDIS		0.71	0.5	0.63	0.26	0.15	-0.23	0.17	0.41	0.66	FDIS
FCOM	0.71		0.38	0.77	0.03	0.17	-0.12	0.19	0.52	0.76	FCOM
FNCL	0.5	0.38		0.34	0.54	0.16	-0.71	-0.36	-0.16	0.54	FNCL
ESML	0.63	0.77	0.34		0.33	0.13	0.1	0.33	0.7	0.93	ESML
EWG	0.26	0.03	0.54	0.33		-0.32	-0.44	-0.26	0.0	0.35	EWG
FENY	0.15	0.17	0.16	0.13	-0.32		0.26	0.38	0.29	0.23	FENY
FHLC	-0.23	-0.12	-0.71	0.1	-0.44	0.26		0.69	0.57	-0.08	FHLC
FTLS	0.17	0.19	-0.36	0.33	-0.26	0.38	0.69		0.88	0.21	FTLS
QDF	0.41	0.52	-0.16	0.7	0.0	0.29	0.57	0.88		0.56	QDF
JMEE	0.66	0.76	0.54	0.93	0.35	0.23	-0.08	0.21	0.56		JMEE
	FDIS	FCOM	FNCL	ESML	EWG	FENY	FHLC	FTLS	QDF	JMEE

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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

JMEE	+ 0.93	ESML
QDF	+ 0.88	FTLS
ESML	+ 0.77	FCOM
JMEE	+ 0.76	FCOM
FCOM	+ 0.71	FDIS
QDF	+ 0.7	ESML

High negative correlations

FHLC	- 0.71	FNCL
FHLC	- 0.44	EWG
FTLS	- 0.36	FNCL
FENY	- 0.32	EWG
FTLS	- 0.26	EWG
FHLC	- 0.23	FDIS

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
FDIS	0.92	(0.05)	0.00	0.26	0.00	0.00	1.96	(2.23)	6.27
FCOM	0.68	0.00	0.00	0.02	0.88	(0.67)	1.73	(1.30)	4.42
FNCL	0.66	(0.08)	0.00	(0.05)	0.00	0.00	1.27	(1.69)	5.07
ESML	0.81	(0.02)	(0.01)	0.00	1.13	(0.78)	1.75	(1.69)	6.39
EWG	0.66	(0.15)	0.00	(0.16)	0.00	0.00	1.19	(1.39)	3.46
FENY	0.88	0.06	0.04	0.14	1.18	(0.84)	1.69	(1.88)	5.07
FHLC	0.55	0.17	0.21	(1.32)	0.42	(0.60)	1.68	(1.12)	4.21
FTLS	0.45	0.02	0.03	0.06	0.57	(0.45)	1.01	(0.86)	3.00
QDF	0.51	(0.02)	(0.02)	0.00	0.76	(0.49)	1.08	(1.12)	3.58
JMEE	0.76	(0.03)	(0.03)	(0.01)	1.02	(0.76)	1.77	(1.63)	5.93

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