Fidelity Global Correlations

FGQP Etf

8.46 0.02 0.24%

The current 90-days correlation between Fidelity Global Qual and Fidelity Sustainable EUR is 0.55 (i.e., Very weak diversification). The correlation of Fidelity Global 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 Global Correlation With Market

Very weak diversification

The correlation between Fidelity Global Qualityome and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Global Qualityome and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Global could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Global when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Global - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Global Qualityome to buy it.

Moving together with Fidelity Etf

0.7

3CON

Leverage Shares 3x

Pair Corr

Moving against Fidelity Etf

0.73	STPH	MULTI UNITS LUXEMBOURG	Pair Corr
0.57	SGBP	WisdomTree Short GBP	Pair Corr
0.51	3LNG	WisdomTree Natural Gas	Pair Corr
0.48	COMX	WisdomTree Broad Com	Pair Corr
0.48	2GOO	Leverage Shares 2x	Pair Corr
0.32	PCOM	WisdomTree Broad Com	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.75	-0.56	-0.52	0.32	0.69	0.51	0.48	-0.16	-0.64	META
MSFT	0.75		-0.46	-0.16	0.52	0.41	0.61	0.32	-0.07	-0.39	MSFT
UBER	-0.56	-0.46		0.66	-0.4	-0.24	-0.72	-0.43	0.52	0.8	UBER
F	-0.52	-0.16	0.66		0.1	-0.37	-0.13	-0.15	0.18	0.91	F
T	0.32	0.52	-0.4	0.1		0.16	0.76	0.46	-0.26	-0.08	T
A	0.69	0.41	-0.24	-0.37	0.16		0.23	0.61	-0.14	-0.34	A
CRM	0.51	0.61	-0.72	-0.13	0.76	0.23		0.57	-0.47	-0.33	CRM
JPM	0.48	0.32	-0.43	-0.15	0.46	0.61	0.57		-0.63	-0.23	JPM
MRK	-0.16	-0.07	0.52	0.18	-0.26	-0.14	-0.47	-0.63		0.25	MRK
XOM	-0.64	-0.39	0.8	0.91	-0.08	-0.34	-0.33	-0.23	0.25		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

XOM	+ 0.91	F
XOM	+ 0.8	UBER
CRM	+ 0.76	T
MSFT	+ 0.75	META
A	+ 0.69	META
F	+ 0.66	UBER

High negative correlations

CRM	- 0.72	UBER
XOM	- 0.64	META
MRK	- 0.63	JPM
UBER	- 0.56	META
F	- 0.52	META
MRK	- 0.47	CRM

Fidelity Global Competition Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Global 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 Global'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
META	1.41	0.17	0.08	0.51	1.54	(1.59)	3.43	(3.15)	7.43
MSFT	0.97	0.09	0.03	1.36	1.53	(0.97)	2.12	(1.73)	8.14
UBER	1.57	(0.23)	0.00	(0.61)	0.00	0.00	2.67	(5.35)	12.29
F	1.46	(0.12)	0.00	(0.20)	0.00	0.00	2.46	(2.90)	11.21
T	0.99	0.06	0.03	0.21	1.12	(1.07)	1.91	(1.84)	7.96
A	1.19	0.11	0.07	0.26	1.17	(1.41)	2.81	(2.42)	8.06
CRM	1.42	0.20	0.10	0.78	1.45	(1.64)	3.16	(2.88)	14.80
JPM	1.07	0.25	0.17	0.95	1.07	(1.26)	1.92	(1.42)	15.87
MRK	1.01	(0.19)	0.00	(1.02)	0.00	0.00	1.74	(2.17)	5.24
XOM	0.75	(0.15)	0.00	(0.28)	0.00	0.00	1.71	(1.67)	6.06

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fidelity Global without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Portfolio Analyzer Now

Portfolio Analyzer

Portfolio analysis module that provides access to portfolio diagnostics and optimization engine

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC