Fidelity MSCI Correlations

Etfs . USA . 
Etf . Fidelity MSCI Consumer
FDIS Etf  USD 88.03  3.27  3.86%   
The current 90-days correlation between Fidelity MSCI Consumer and Fidelity MSCI Consumer is 0.36 (i.e., Weak 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

Poor diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.68 (i.e., Poor 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

  0.96XLY Consumer DiscretionaryPairCorr
  1.0VCR Vanguard ConsumerPairCorr
  0.86ITB iShares Home Construction Low VolatilityPairCorr
  0.87XHB SPDR SP HomebuildersPairCorr
  0.95IYC iShares Consumer DisPairCorr
  0.73PEJ Invesco Dynamic LeisurePairCorr
  0.97FXD First Trust ConsumerPairCorr
  0.98XRT SPDR SP RetailPairCorr
  0.67SWP SWP Growth IncomePairCorr
  0.94WINN Harbor Long TermPairCorr
  0.65BA BoeingPairCorr
  0.73AA Alcoa CorpPairCorr
  0.76CAT CaterpillarPairCorr
  0.82BAC Bank of America Aggressive PushPairCorr
  0.89AXP American ExpressPairCorr
  0.85DIS Walt DisneyPairCorr
  0.89HD Home DepotPairCorr
  0.84HPQ HP IncPairCorr

Moving against Fidelity Etf

  0.9FNGD MicroSectors FANG Index Downward RallyPairCorr
  0.87SHLD Global X FundsPairCorr
  0.58XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.81VZ Verizon CommunicationsPairCorr
  0.77JNJ Johnson Johnson Sell-off TrendPairCorr
  0.74KO Coca ColaPairCorr
  0.7T ATT Inc Sell-off TrendPairCorr
  0.52CVX Chevron CorpPairCorr
  0.4PG Procter GamblePairCorr
  0.39MMM 3M CompanyPairCorr
  0.33GE GE AerospacePairCorr

Related Correlations Analysis

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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.

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