Fidelity MSCI Correlations

FENY Etf

USD 25.42 0.31 1.23%

The current 90-days correlation between Fidelity MSCI Energy and Fidelity MSCI Financials is 0.41 (i.e., Very 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

Very weak diversification

The correlation between Fidelity MSCI Energy and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Energy 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 Energy. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Fidelity Etf

0.97	XLE	Energy Select Sector Aggressive Push	Pair Corr
1.0	VDE	Vanguard Energy Index	Pair Corr
0.83	XOP	SPDR SP Oil	Pair Corr
0.7	OIH	VanEck Oil Services	Pair Corr
0.99	IYE	iShares Energy ETF	Pair Corr
0.93	IXC	iShares Global Energy	Pair Corr
0.88	FXN	First Trust Energy	Pair Corr
0.97	FTXN	First Trust Nasdaq	Pair Corr
0.98	IEO	iShares Oil Gas Low Volatility	Pair Corr
0.65	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against Fidelity Etf

0.45

Procter Gamble

Pair Corr

Related Correlations Analysis

	FNCL	FUTY	FHLC	FSTA	FIDU
FNCL		0.58	0.62	0.47	0.79	FNCL
FUTY	0.58		0.72	0.52	0.25	FUTY
FHLC	0.62	0.72		0.63	0.18	FHLC
FSTA	0.47	0.52	0.63		0.02	FSTA
FIDU	0.79	0.25	0.18	0.02		FIDU
	FNCL	FUTY	FHLC	FSTA	FIDU

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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
FNCL	0.84	0.04	0.00	(0.03)	0.00	0.00	1.51	(2.51)	6.08
FUTY	0.82	0.06	0.09	0.08	1.05	(0.87)	1.85	(2.11)	4.69
FHLC	0.65	0.07	0.14	0.07	0.67	(0.72)	1.33	(1.08)	3.18
FSTA	0.68	(0.03)	0.00	(0.13)	0.00	0.00	1.32	(1.63)	4.48
FIDU	0.83	(0.04)	0.00	(0.11)	0.00	0.00	1.51	(1.86)	4.41

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