Fidelity MSCI Correlations

FDIS Etf

USD 97.65 0.88 0.91%

The current 90-days correlation between Fidelity MSCI Consumer and Invesco Dynamic Food is 0.55 (i.e., Very 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity MSCI Correlation With Market

Poor diversification

The correlation between Fidelity MSCI Consumer and DJI is 0.73 (i.e., Poor 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 gross domestic product.

Moving together with Fidelity Etf

1.0	XLY	Consumer Discretionary	Pair Corr
1.0	VCR	Vanguard Consumer	Pair Corr
0.99	IYC	iShares Consumer Dis	Pair Corr
0.96	PEJ	Invesco Dynamic Leisure	Pair Corr
0.9	FXD	First Trust Consumer	Pair Corr
0.88	RCD	Invesco SP 500	Pair Corr
0.83	XRT	SPDR SP Retail Sell-off Trend	Pair Corr
0.83	DSJA	DSJA	Pair Corr
0.83	RSPY	Tuttle Capital Management	Pair Corr
0.83	MEME	Roundhill Investments	Pair Corr
0.76	ITDD	iShares Trust	Pair Corr
0.92	EOS	Eaton Vance Enhanced	Pair Corr
0.91	ETH	Grayscale Ethereum Mini	Pair Corr
0.85	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.91	WMT	Walmart Aggressive Push	Pair Corr
0.66	HPQ	HP Inc	Pair Corr
0.74	HD	Home Depot	Pair Corr
0.88	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.83	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.81	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.89	BAC	Bank of America Aggressive Push	Pair Corr
0.86	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.73	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.78	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.89	DIS	Walt Disney Sell-off Trend	Pair Corr

Moving against Fidelity Etf

0.8	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.79	PFE	Pfizer Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	PBJ	PKB	PUI	AQUI	LBHIX	MSTSX	ABHYX	SCAXF	VIASP	RRTLX
PBJ		0.56	0.57	0.0	0.53	0.36	0.42	-0.31	0.27	0.63	PBJ
PKB	0.56		0.9	0.0	0.77	0.66	0.15	-0.58	0.59	0.71	PKB
PUI	0.57	0.9		0.0	0.79	0.61	0.31	-0.69	0.59	0.69	PUI
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
LBHIX	0.53	0.77	0.79	0.0		0.68	0.56	-0.35	0.29	0.75	LBHIX
MSTSX	0.36	0.66	0.61	0.0	0.68		0.27	-0.04	-0.05	0.86	MSTSX
ABHYX	0.42	0.15	0.31	0.0	0.56	0.27		-0.1	-0.12	0.42	ABHYX
SCAXF	-0.31	-0.58	-0.69	0.0	-0.35	-0.04	-0.1		-0.82	-0.18	SCAXF
VIASP	0.27	0.59	0.59	0.0	0.29	-0.05	-0.12	-0.82		0.11	VIASP
RRTLX	0.63	0.71	0.69	0.0	0.75	0.86	0.42	-0.18	0.11		RRTLX
	PBJ	PKB	PUI	AQUI	LBHIX	MSTSX	ABHYX	SCAXF	VIASP	RRTLX

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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

PUI	+ 0.9	PKB
RRTLX	+ 0.86	MSTSX
LBHIX	+ 0.79	PUI
LBHIX	+ 0.77	PKB
RRTLX	+ 0.75	LBHIX
RRTLX	+ 0.71	PKB

High negative correlations

VIASP	- 0.82	SCAXF
SCAXF	- 0.69	PUI
SCAXF	- 0.58	PKB
SCAXF	- 0.35	LBHIX
SCAXF	- 0.31	PBJ
RRTLX	- 0.18	SCAXF

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
PBJ	0.56	(0.02)	(0.12)	0.09	0.56	(0.62)	1.18	(0.96)	2.45
PKB	1.00	0.10	0.10	0.21	1.16	(1.09)	2.78	(1.65)	6.33
PUI	0.71	0.14	0.08	0.51	0.55	(0.82)	1.82	(1.19)	4.12
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LBHIX	0.12	0.02	(0.44)	1.66	0.00	(0.28)	0.24	(0.24)	0.96
MSTSX	0.49	0.04	(0.14)	(0.75)	0.52	(0.61)	1.21	(1.02)	2.80
ABHYX	0.18	0.01	(0.25)	0.25	0.25	(0.24)	0.34	(0.33)	1.91
SCAXF	0.70	(0.41)	0.00	(0.97)	0.00	0.00	0.00	0.00	23.47
VIASP	0.75	0.08	(0.04)	(1.44)	1.13	(0.82)	2.28	(1.20)	7.18
RRTLX	0.23	0.01	(0.33)	0.38	0.25	(0.25)	0.48	(0.56)	1.36

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