Fidelity MSCI Correlations

Etfs . USA . 
Etf . Fidelity MSCI Industrials
FIDU Etf  USD 69.86  0.69  0.98%   
The current 90-days correlation between Fidelity MSCI Industrials and Fidelity MSCI Materials is 0.85 (i.e., Very poor 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 Industrials and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Industrials 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 Industrials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Fidelity Etf

  0.96XLI Industrial Select SectorPairCorr
  1.0VIS Vanguard IndustrialsPairCorr
  0.81JETS US Global JetsPairCorr
  0.93FXR First Trust IndustriPairCorr
  0.79PPA Invesco Aerospace DefensePairCorr
  0.97IYJ iShares Industrials ETFPairCorr
  0.89IYT iShares TransportationPairCorr
  0.66WGMI Valkyrie Bitcoin MinersPairCorr
  0.88HD Home DepotPairCorr
  0.84BAC Bank of America Aggressive PushPairCorr
  0.62BA BoeingPairCorr
  0.78CAT CaterpillarPairCorr

Moving against Fidelity Etf

  0.49PMBS PIMCO Mortgage BackedPairCorr
  0.48TRV The Travelers CompaniesPairCorr
  0.42FXY Invesco CurrencySharesPairCorr
  0.57VZ Verizon Communications Sell-off TrendPairCorr
  0.43KO Coca Cola Sell-off TrendPairCorr
  0.43PG Procter GamblePairCorr
  0.43MCD McDonaldsPairCorr
  0.41JNJ Johnson JohnsonPairCorr
  0.34T ATT Inc Aggressive PushPairCorr

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   
FNCL
+ 0.9
FMAT
FCOM
+ 0.87
FNCL
FCOM
+ 0.76
FMAT
FCOM
+ 0.71
FDIS
FDIS
+ 0.5
FNCL
FSTA
+ 0.47
FNCL
  
High negative correlations   
FDIS
- 0.16
FSTA

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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