Fidelity MSCI Correlations

FDIS Etf

USD 93.52 0.71 0.75%

The current 90-days correlation between Fidelity MSCI Consumer and Fidelity MSCI Consumer is 0.25 (i.e., Modest 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

Modest diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.24 (i.e., Modest 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 gross domestic product.

Moving together with Fidelity Etf

0.99	XLY	Consumer Discretionary	Pair Corr
1.0	VCR	Vanguard Consumer	Pair Corr
0.73	IYC	iShares Consumer Dis	Pair Corr
0.62	FXD	First Trust Consumer	Pair Corr
0.69	XRT	SPDR SP Retail	Pair Corr
0.66	MSFT	Microsoft	Pair Corr

Moving against Fidelity Etf

0.55	XOM	Exxon Mobil Corp	Pair Corr
0.46	HPQ	HP Inc Earnings Call Today	Pair Corr
0.42	JNJ	Johnson Johnson	Pair Corr
0.38	VZ	Verizon Communications Aggressive Push	Pair Corr

Related Correlations Analysis

	FSTA	FIDU	FNCL	FCOM	FHLC
FSTA		0.43	0.6	0.46	0.6	FSTA
FIDU	0.43		0.66	0.21	0.61	FIDU
FNCL	0.6	0.66		0.77	0.88	FNCL
FCOM	0.46	0.21	0.77		0.62	FCOM
FHLC	0.6	0.61	0.88	0.62		FHLC
	FSTA	FIDU	FNCL	FCOM	FHLC

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FSTA	0.57	0.02	0.03	0.06	0.70	(0.56)	1.14	(1.30)	4.01
FIDU	0.67	(0.14)	0.00	(0.21)	0.00	0.00	1.28	(1.86)	4.43
FNCL	0.69	(0.04)	0.00	(0.05)	0.00	0.00	1.43	(1.58)	4.14
FCOM	0.80	0.06	0.05	0.26	1.02	(0.83)	1.66	(1.71)	5.01
FHLC	0.62	0.00	(0.01)	0.00	0.71	(0.69)	1.33	(1.20)	3.07

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