Fidelity Covington Correlations

FEAC Etf

USD 25.23 0.19 0.76%

The current 90-days correlation between Fidelity Covington Trust and SPDR SP 500 is 0.05 (i.e., Significant diversification). The correlation of Fidelity Covington 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 Covington Correlation With Market

Significant diversification

The correlation between Fidelity Covington Trust and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Covington Trust 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 Covington Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Fidelity Etf

0.67	VTI	Vanguard Total Stock	Pair Corr
0.65	SPY	SPDR SP 500	Pair Corr
0.66	IVV	iShares Core SP	Pair Corr
0.66	VV	Vanguard Large Cap	Pair Corr
0.61	RSP	Invesco SP 500	Pair Corr
0.67	IWB	iShares Russell 1000	Pair Corr
0.67	ESGU	iShares ESG Aware	Pair Corr
0.66	DFAC	Dimensional Core Equity	Pair Corr
0.66	SPLG	SPDR Portfolio SP	Pair Corr
0.67	VO	Vanguard Mid Cap	Pair Corr
0.68	VB	Vanguard Small Cap	Pair Corr
0.63	VSLU	ETF Opportunities Trust	Pair Corr
0.64	AIPI	REX AI Equity	Pair Corr
0.62	QJUN	First Trust Exchange	Pair Corr
0.61	IDAT	Ishares Trust	Pair Corr
0.63	CGUS	Capital Group Core	Pair Corr
0.65	DAT	ProShares Big Data	Pair Corr
0.66	RXI	iShares Global Consumer	Pair Corr
0.66	RPG	Invesco SP 500	Pair Corr
0.62	IBLC	iShares Blockchain and	Pair Corr
0.62	TRFK	Pacer Funds Trust	Pair Corr
0.73	NUMG	Nuveen ESG Mid	Pair Corr

Related Correlations Analysis

	SPY	IVV	VIG	VV	DFAC
SPY		1.0	0.82	1.0	0.95	SPY
IVV	1.0		0.82	1.0	0.95	IVV
VIG	0.82	0.82		0.81	0.91	VIG
VV	1.0	1.0	0.81		0.95	VV
DFAC	0.95	0.95	0.91	0.95		DFAC
	SPY	IVV	VIG	VV	DFAC

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Fidelity Covington Constituents Risk-Adjusted Indicators

There is a big difference between Fidelity Etf performing well and Fidelity Covington 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 Covington'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
SPY	0.52	0.05	0.05	0.10	0.72	(0.52)	1.11	(0.91)	5.47
IVV	0.52	0.05	0.05	0.10	0.71	(0.53)	1.11	(0.94)	5.42
VIG	0.50	(0.02)	(0.04)	0.01	0.61	(0.55)	0.95	(0.76)	5.04
VV	0.55	0.06	0.05	0.10	0.78	(0.54)	1.11	(1.04)	5.70
DFAC	0.55	0.02	0.02	0.05	0.71	(0.57)	1.04	(0.79)	6.41

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC

Fidelity Covington Correlations

Fidelity Covington Correlation With Market

Significant diversification

Moving together with Fidelity Etf

Related Correlations Analysis

Fidelity Covington Constituents Risk-Adjusted Indicators

COMMON DESTINATIONS

MAIN CATEGORIES

COMPANY