Fidelity MSCI Correlations

Etfs . USA . 
Etf . Fidelity MSCI Financials
FNCL Etf  USD 70.64  0.37  0.53%   
The current 90-days correlation between Fidelity MSCI Financials and Fidelity MSCI Industrials is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity MSCI moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity MSCI Financials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fidelity MSCI Correlation With Market

Poor diversification

The correlation between Fidelity MSCI Financials and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Financials 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 Financials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Fidelity Etf

  0.98XLF Financial Select Sector Aggressive PushPairCorr
  1.0VFH Vanguard Financials IndexPairCorr
  0.87KRE SPDR SP Regional Aggressive PushPairCorr
  0.9KBE SPDR SP BankPairCorr
  0.99IYF iShares Financials ETFPairCorr
  1.0IYG iShares FinancialPairCorr
  0.91FXO First Trust FinancialsPairCorr
  0.76IAT iShares Regional BanksPairCorr
  0.84MPAY Akros Monthly PayoutPairCorr
  0.91CPST Calamos ETF TrustPairCorr
  0.73AXP American ExpressPairCorr
  0.83WMT WalmartPairCorr
  0.93JPM JPMorgan ChasePairCorr
  0.63GE GE AerospacePairCorr

Moving against Fidelity Etf

  0.45BITI ProShares TrustPairCorr
  0.56MRK Merck CompanyPairCorr

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   
FMAT
+ 0.8
FIDU
FDIS
+ 0.78
FIDU
FSTA
+ 0.66
FHLC
FMAT
+ 0.63
FHLC
FSTA
+ 0.46
FMAT
FDIS
+ 0.4
FMAT
  
High negative correlations   
FDIS
- 0.25
FHLC
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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