Correlation Between Fidelity Covington and MARTIN
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By analyzing existing cross correlation between Fidelity Covington Trust and MARTIN MARIETTA MATLS, you can compare the effects of market volatilities on Fidelity Covington and MARTIN and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Fidelity Covington with a short position of MARTIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Covington and MARTIN.
Diversification Opportunities for Fidelity Covington and MARTIN
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fidelity and MARTIN is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Covington Trust and MARTIN MARIETTA MATLS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MARTIN MARIETTA MATLS and Fidelity Covington is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Fidelity Covington Trust are associated (or correlated) with MARTIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MARTIN MARIETTA MATLS has no effect on the direction of Fidelity Covington i.e., Fidelity Covington and MARTIN go up and down completely randomly.
Pair Corralation between Fidelity Covington and MARTIN
Given the investment horizon of 90 days Fidelity Covington Trust is expected to generate 2.48 times more return on investment than MARTIN. However, Fidelity Covington is 2.48 times more volatile than MARTIN MARIETTA MATLS. It trades about 0.18 of its potential returns per unit of risk. MARTIN MARIETTA MATLS is currently generating about -0.28 per unit of risk. If you would invest 3,449 in Fidelity Covington Trust on September 24, 2024 and sell it today you would earn a total of 133.00 from holding Fidelity Covington Trust or generate 3.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 65.0% |
Values | Daily Returns |
Fidelity Covington Trust vs. MARTIN MARIETTA MATLS
Performance |
Timeline |
Fidelity Covington Trust |
MARTIN MARIETTA MATLS |
Fidelity Covington and MARTIN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fidelity Covington and MARTIN
The main advantage of trading using opposite Fidelity Covington and MARTIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Covington position performs unexpectedly, MARTIN can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in MARTIN will offset losses from the drop in MARTIN's long position.Fidelity Covington vs. iShares Russell 1000 | Fidelity Covington vs. iShares SP 500 | Fidelity Covington vs. SPDR Portfolio SP | Fidelity Covington vs. iShares Core SP |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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