Fidelity MSCI Correlations

FSTA Etf

USD 49.39 0.45 0.90%

The current 90-days correlation between Fidelity MSCI Consumer and Fidelity MSCI Utilities is 0.34 (i.e., Weak 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.

Fidelity MSCI Correlation With Market

Very weak diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity MSCI Consumer 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 Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Fidelity Etf

0.95	XLP	Consumer Staples Select	Pair Corr
1.0	VDC	Vanguard Consumer Staples	Pair Corr
0.73	IYK	iShares Consumer Staples	Pair Corr
0.87	KXI	iShares Global Consumer	Pair Corr
0.65	PSL	Invesco DWA Consumer	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr
0.78	IBM	International Business	Pair Corr
0.72	PG	Procter Gamble	Pair Corr
0.68	JNJ	Johnson Johnson	Pair Corr
0.73	KO	Coca Cola Sell-off Trend	Pair Corr

Moving against Fidelity Etf

0.4	USD	ProShares Ultra Semi	Pair Corr
0.35	NAIL	Direxion Daily Homeb	Pair Corr
0.31	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.69	MRK	Merck Company	Pair Corr
0.48	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	FUTY	FIDU	FMAT	FDIS	FCOM
FUTY		0.27	0.62	-0.25	0.29	FUTY
FIDU	0.27		0.8	0.78	0.78	FIDU
FMAT	0.62	0.8		0.4	0.76	FMAT
FDIS	-0.25	0.78	0.4		0.71	FDIS
FCOM	0.29	0.78	0.76	0.71		FCOM
	FUTY	FIDU	FMAT	FDIS	FCOM

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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
FCOM	+ 0.78	FIDU
FCOM	+ 0.76	FMAT
FCOM	+ 0.71	FDIS
FMAT	+ 0.62	FUTY

High negative correlations

FDIS

- 0.25

FUTY

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FUTY	0.83	0.03	0.02	0.07	1.09	(0.84)	1.85	(2.11)	4.69
FIDU	0.85	(0.05)	0.00	(0.05)	0.00	0.00	1.59	(1.86)	4.41
FMAT	0.81	(0.04)	0.00	(0.04)	0.00	0.00	1.66	(1.93)	5.06
FDIS	1.15	(0.24)	0.00	(0.17)	0.00	0.00	2.20	(2.71)	6.46
FCOM	0.93	(0.05)	0.00	(0.05)	0.00	0.00	1.65	(1.93)	5.39

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