Fidelity Covington Correlations
| FCLD Etf | USD 26.40 0.74 2.73% |
The current 90-days correlation between Fidelity Covington Trust and Fidelity Covington Trust is 0.5 (i.e., Very weak diversification). The correlation of Fidelity Covington 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 Covington Correlation With Market
Good diversification
The correlation between Fidelity Covington Trust and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Covington Trust and DJI in the same portfolio, assuming nothing else is changed.
Fidelity |
Moving together with Fidelity Etf
| 0.94 | IGV | iShares Expanded Tech Sell-off Trend | PairCorr |
| 0.67 | FDN | First Trust Dow | PairCorr |
| 0.65 | IGM | iShares Expanded Tech | PairCorr |
| 0.65 | ARKW | ARK Next Generation | PairCorr |
| 0.71 | EWC | iShares MSCI Canada | PairCorr |
| 0.65 | HD | Home Depot | PairCorr |
Moving against Fidelity Etf
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Fidelity Covington Constituents Risk-Adjusted Indicators
There is a big difference between Fidelity Etf performing well and Fidelity Covington 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 Covington'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| FDRV | 1.23 | 0.05 | 0.07 | 8.10 | 1.43 | 2.73 | 6.85 | |||
| FDHT | 0.87 | 0.06 | 0.07 | 0.03 | 1.18 | 1.84 | 6.41 | |||
| FRNW | 1.23 | (0.09) | 0.00 | 8.47 | 0.00 | 2.09 | 6.31 | |||
| FMET | 0.97 | 0.01 | 0.00 | (0.05) | 0.00 | 1.85 | 5.90 | |||
| FMIL | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |