Fidelity MSCI Correlations

Etfs . USA . 
Etf . Fidelity MSCI Communication
FCOM Etf  USD 58.30  0.82  1.39%   
The current 90-days correlation between Fidelity MSCI Commun and Fidelity MSCI Materials is 0.53 (i.e., Very 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 0.7 (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.
  
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 persons.

Moving together with Fidelity Etf

  0.9XLC Communication ServicesPairCorr
  1.0VOX Vanguard CommunicationPairCorr
  0.61IYZ IShares Telecommunicatio Low VolatilityPairCorr
  0.79IXP iShares Global CommPairCorr
  0.76LUX Tema ETF TrustPairCorr
  0.95SWP SWP Growth IncomePairCorr
  0.85WINN Harbor Long TermPairCorr
  0.9JPM JPMorgan Chase Sell-off TrendPairCorr
  0.79BAC Bank of America Aggressive PushPairCorr
  0.81AXP American ExpressPairCorr
  0.81HD Home DepotPairCorr

Moving against Fidelity Etf

  0.87FNGD MicroSectors FANG Index Buyout TrendPairCorr
  0.4SHLD Global X FundsPairCorr
  0.47MRK Merck CompanyPairCorr
  0.45TRV The Travelers CompaniesPairCorr
  0.33VZ Verizon CommunicationsPairCorr

Related Correlations Analysis

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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
+ 0.8
FMAT
FDIS
+ 0.78
FIDU
FUTY
+ 0.58
FSTA
FUTY
+ 0.57
FMAT
FSTA
+ 0.46
FMAT
FDIS
+ 0.4
FMAT
  
High negative correlations   
FUTY
- 0.26
FDIS
FDIS
- 0.17
FSTA
FSTA
- 0.0
FIDU

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.

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