Fidelity Sustainable Correlations

FSEM Etf

3.92 0.02 0.51%

The current 90-days correlation between Fidelity Sustainable USD and Fidelity Sustainable EUR is 0.41 (i.e., Very weak diversification). The correlation of Fidelity Sustainable 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 Sustainable Correlation With Market

Significant diversification

The correlation between Fidelity Sustainable USD and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sustainable USD and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Fidelity Sustainable 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 Sustainable 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 Sustainable - 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 Sustainable USD to buy it.

Moving together with Fidelity Etf

0.9	3BAL	WisdomTree EURO STOXX	Pair Corr
0.76	3LBA	GraniteShares 3x Long	Pair Corr
0.86	BUYB	Invesco Global Buyback	Pair Corr
0.91	CSH2	Multi Units Luxembourg	Pair Corr
0.79	TAHY	Tabula Haitong Asia	Pair Corr
0.71	3SME	GraniteShares 3x Short	Pair Corr
0.74	ESGP	AuAg ESG Gold	Pair Corr
0.91	XZ2G	Xtrackers ESG USD	Pair Corr
0.79	NGAS	WisdomTree Natural Gas	Pair Corr
0.91	XCX7	Xtrackers MSCI China	Pair Corr
0.95	CORP	iShares Global Corp	Pair Corr
0.94	FHYG	Fidelity Sustainable	Pair Corr
0.93	EMLI	PIMCO Emerging Markets	Pair Corr
0.87	GEDV	SPDR SP Global	Pair Corr
0.95	TRES	Invesco Treasury Bond	Pair Corr
0.92	XD5D	db x trackers	Pair Corr
0.92	EUXS	iShares MSCI Europe	Pair Corr
0.8	FLXB	Franklin FTSE Brazil	Pair Corr
0.9	KWEB	KraneShares CSI China	Pair Corr

Moving against Fidelity Etf

0.82	COCO	WisdomTree Cocoa	Pair Corr
0.82	3NVD	Leverage Shares 3x	Pair Corr
0.81	NVD3	Leverage Shares 3x	Pair Corr
0.76	NVD2	Leverage Shares 2x	Pair Corr
0.64	JADV	JPMORGAN ETFS ICAV	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.02	0.56	-0.5	0.23	0.43	0.32	0.9	-0.71	-0.07	META
MSFT	0.02		-0.59	-0.04	-0.83	0.75	0.88	0.21	0.41	-0.57	MSFT
UBER	0.56	-0.59		-0.31	0.78	-0.3	-0.5	0.48	-0.84	0.55	UBER
F	-0.5	-0.04	-0.31		0.06	-0.12	-0.19	-0.35	0.4	0.38	F
T	0.23	-0.83	0.78	0.06		-0.65	-0.74	0.07	-0.63	0.59	T
A	0.43	0.75	-0.3	-0.12	-0.65		0.83	0.62	0.15	-0.41	A
CRM	0.32	0.88	-0.5	-0.19	-0.74	0.83		0.42	0.23	-0.64	CRM
JPM	0.9	0.21	0.48	-0.35	0.07	0.62	0.42		-0.6	0.03	JPM
MRK	-0.71	0.41	-0.84	0.4	-0.63	0.15	0.23	-0.6		-0.36	MRK
XOM	-0.07	-0.57	0.55	0.38	0.59	-0.41	-0.64	0.03	-0.36		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.9	META
CRM	+ 0.88	MSFT
CRM	+ 0.83	A
T	+ 0.78	UBER
A	+ 0.75	MSFT
JPM	+ 0.62	A

High negative correlations

MRK	- 0.84	UBER
T	- 0.83	MSFT
CRM	- 0.74	T
MRK	- 0.71	META
A	- 0.65	T
XOM	- 0.64	CRM

Fidelity Sustainable Competition Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Sustainable 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 Sustainable'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	1.61	0.05	0.02	0.04	2.24	(1.45)	2.96	(3.73)	8.90
MSFT	1.07	(0.17)	0.00	(0.20)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.92	0.31	0.14	0.48	2.11	(2.12)	4.72	(3.13)	12.75
F	1.44	0.11	0.05	(0.36)	2.16	(1.40)	2.71	(2.88)	10.14
T	0.99	0.29	0.17	(24.36)	1.45	(1.12)	1.90	(1.55)	11.66
A	1.13	(0.15)	0.00	(0.15)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.38	(0.27)	0.00	(0.22)	0.00	0.00	2.72	(3.53)	8.88
JPM	1.09	0.14	0.08	0.11	1.55	(1.09)	2.16	(1.98)	6.85
MRK	1.22	(0.15)	0.00	1.32	0.00	0.00	2.07	(2.25)	11.58
XOM	1.02	0.17	0.12	0.40	1.24	(1.06)	2.55	(2.36)	5.89

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