Fidelity Covington Correlations

Etfs . USA . 
Etf . Fidelity Covington Trust
FRNW Etf  USD 14.46  0.45  3.02%   
The current 90-days correlation between Fidelity Covington Trust and SPDR Kensho New is 0.71 (i.e., Poor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Covington Correlation With Market

Very weak diversification

The correlation between Fidelity Covington Trust and DJI is 0.44 (i.e., Very weak 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 board of governors.

Moving together with Fidelity Etf

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Moving against Fidelity Etf

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Related Correlations Analysis

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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.

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