Fidelity Covington Correlations

FCLD Etf

USD 25.83 0.70 2.79%

The current 90-days correlation between Fidelity Covington Trust and Fidelity Covington Trust is 0.63 (i.e., Poor 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

Very weak diversification

The correlation between Fidelity Covington Trust and DJI is 0.55 (i.e., Very weak 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.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Covington Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Fidelity Etf

0.89	VGT	Vanguard Information	Pair Corr
0.9	XLK	Technology Select Sector	Pair Corr
0.92	IYW	iShares Technology ETF	Pair Corr
0.79	SMH	VanEck Semiconductor ETF	Pair Corr
0.81	SOXX	iShares Semiconductor ETF	Pair Corr
0.63	CIBR	First Trust NASDAQ	Pair Corr
0.89	FTEC	Fidelity MSCI Information	Pair Corr
0.98	IGV	iShares Expanded Tech Low Volatility	Pair Corr
0.98	FDN	First Trust Dow	Pair Corr
0.97	IGM	iShares Expanded Tech	Pair Corr
0.97	VTI	Vanguard Total Stock	Pair Corr
0.82	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.96	VBK	Vanguard Small Cap	Pair Corr
0.63	CAT	Caterpillar	Pair Corr
0.92	AXP	American Express	Pair Corr
0.7	JPM	JPMorgan Chase	Pair Corr
0.87	BAC	Bank of America Aggressive Push	Pair Corr
0.79	WMT	Walmart	Pair Corr
0.79	BA	Boeing	Pair Corr
0.81	HPQ	HP Inc	Pair Corr

Moving against Fidelity Etf

0.98	FNGD	MicroSectors FANG Index	Pair Corr
0.56	JPST	JPMorgan Ultra Short Sell-off Trend	Pair Corr
0.32	GDXU	MicroSectors Gold Miners	Pair Corr
0.66	TRV	The Travelers Companies	Pair Corr
0.62	VZ	Verizon Communications	Pair Corr
0.54	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.42	T	ATT Inc Sell-off Trend	Pair Corr
0.38	XOM	Exxon Mobil Corp Earnings Call Next Week	Pair Corr
0.38	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	FDRV	FDHT	FRNW	FMET	FMIL
FDRV		0.4	0.3	0.4	0.06	FDRV
FDHT	0.4		-0.39	0.9	0.7	FDHT
FRNW	0.3	-0.39		-0.11	-0.02	FRNW
FMET	0.4	0.9	-0.11		0.85	FMET
FMIL	0.06	0.7	-0.02	0.85		FMIL
	FDRV	FDHT	FRNW	FMET	FMIL

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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

FMET	+ 0.9	FDHT
FMIL	+ 0.85	FMET
FMIL	+ 0.7	FDHT
FDHT	+ 0.4	FDRV
FMET	+ 0.4	FDRV
FRNW	+ 0.3	FDRV

High negative correlations

FRNW	- 0.39	FDHT
FMET	- 0.11	FRNW
FMIL	- 0.02	FRNW

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
FDRV	1.37	0.03	(0.02)	2.73	(2.74)	7.76
FDHT	0.97	0.00	(0.07)	1.84	(2.38)	5.78
FRNW	1.25	(0.02)	(0.10)	2.19	(2.83)	6.39
FMET	1.11	(0.03)	(0.10)	2.23	(2.55)	6.43
FMIL	0.87	(0.04)	(0.11)	1.42	(2.04)	4.93

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