Fidelity Small Correlations

FSMD Etf  USD 43.06  0.04  0.09%   
The current 90-days correlation between Fidelity Small Mid and Fidelity Emerging Markets is 0.27 (i.e., Modest diversification). The correlation of Fidelity Small 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.

Fidelity Small Correlation With Market

Weak diversification

The correlation between Fidelity Small Mid Factor and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Small Mid Factor 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 Small Mid Factor. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Fidelity Etf

  0.97VB Vanguard Small CapPairCorr
  0.99IJR iShares Core SPPairCorr
  0.99IWM iShares Russell 2000 Aggressive PushPairCorr
  0.99VRTIX Vanguard Russell 2000PairCorr
  0.91VTWO Vanguard Russell 2000PairCorr
  0.99FNDA Schwab Fundamental SmallPairCorr
  0.99SPSM SPDR Portfolio SPPairCorr
  0.99DFAS Dimensional Small CapPairCorr
  0.99VIOO Vanguard SP SmallPairCorr
  0.98PRFZ Invesco FTSE RAFIPairCorr
  0.79VTI Vanguard Total StockPairCorr
  0.74SPY SPDR SP 500 Aggressive PushPairCorr
  0.74IVV iShares Core SPPairCorr
  0.86VTV Vanguard Value IndexPairCorr
  0.98VO Vanguard Mid CapPairCorr
  0.92RFDA RiverFront DynamicPairCorr
  0.7AA Alcoa CorpPairCorr
  0.82HD Home DepotPairCorr
  0.73BAC Bank of AmericaPairCorr
  0.75CVX Chevron Corp Earnings Call Next WeekPairCorr
  0.63TRV The Travelers CompaniesPairCorr

Moving against Fidelity Etf

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   
FDLOFQAL
FDMOFQAL
FDEVFDEM
FDLOFDEV
FDMOFDLO
FDLOFDEM
  
High negative correlations   
FDMOFDEM
FDMOFDEV

Fidelity Small Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Small 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 Small'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.