Fidelity Technology Innovators Fund Market Value
| 0P000070JI | CAD 103.10 0.25 0.24% |
| Symbol | Fidelity |
Fidelity Technology 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Fidelity Technology's fund what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Fidelity Technology.
| 10/31/2023 |
| 11/24/2024 |
If you would invest 0.00 in Fidelity Technology on October 31, 2023 and sell it all today you would earn a total of 0.00 from holding Fidelity Technology Innovators or generate 0.0% return on investment in Fidelity Technology over 390 days. Fidelity Technology is related to or competes with CI Global, and CI Global. It invests primarily in equity securities of companies anywhere in the world that are positioned to benefit from advance... More
Fidelity Technology Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Fidelity Technology's fund current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Fidelity Technology Innovators upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.8297 | |||
| Information Ratio | (0.06) | |||
| Maximum Drawdown | 3.54 | |||
| Value At Risk | (1.23) | |||
| Potential Upside | 1.08 |
Fidelity Technology Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Fidelity Technology's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Fidelity Technology's standard deviation. In reality, there are many statistical measures that can use Fidelity Technology historical prices to predict the future Fidelity Technology's volatility.| Risk Adjusted Performance | 0.0763 | |||
| Jensen Alpha | 0.0544 | |||
| Total Risk Alpha | (0.06) | |||
| Sortino Ratio | (0.06) | |||
| Treynor Ratio | 0.5674 |
Fidelity Technology Backtested Returns
At this point, Fidelity Technology is very steady. Fidelity Technology secures Sharpe Ratio (or Efficiency) of 0.11, which denotes the fund had a 0.11% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Fidelity Technology Innovators, which you can use to evaluate the volatility of the entity. Please confirm Fidelity Technology's Coefficient Of Variation of 1009.8, downside deviation of 0.8297, and Mean Deviation of 0.6139 to check if the risk estimate we provide is consistent with the expected return of 0.0835%. The fund shows a Beta (market volatility) of 0.12, which means not very significant fluctuations relative to the market. As returns on the market increase, Fidelity Technology's returns are expected to increase less than the market. However, during the bear market, the loss of holding Fidelity Technology is expected to be smaller as well.
Auto-correlation | 0.64 |
Good predictability
Fidelity Technology Innovators has good predictability. Overlapping area represents the amount of predictability between Fidelity Technology time series from 31st of October 2023 to 13th of May 2024 and 13th of May 2024 to 24th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Fidelity Technology price movement. The serial correlation of 0.64 indicates that roughly 64.0% of current Fidelity Technology price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.64 | |
| Spearman Rank Test | 0.7 | |
| Residual Average | 0.0 | |
| Price Variance | 10.53 |
Fidelity Technology lagged returns against current returns
Autocorrelation, which is Fidelity Technology fund's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Fidelity Technology's fund expected returns. We can calculate the autocorrelation of Fidelity Technology returns to help us make a trade decision. For example, suppose you find that Fidelity Technology has exhibited high autocorrelation historically, and you observe that the fund is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Fidelity Technology regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Fidelity Technology fund is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Fidelity Technology fund is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Fidelity Technology fund over time.
Current vs Lagged Prices |
| Timeline |
Fidelity Technology Lagged Returns
When evaluating Fidelity Technology's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Fidelity Technology fund have on its future price. Fidelity Technology autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Fidelity Technology autocorrelation shows the relationship between Fidelity Technology fund current value and its past values and can show if there is a momentum factor associated with investing in Fidelity Technology Innovators.
Regressed Prices |
| Timeline |
Pair Trading with Fidelity Technology
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Fidelity Technology position performs unexpectedly, the other equity 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 Fidelity Technology will appreciate offsetting losses from the drop in the long position's value.Moving together with Fidelity Fund
| 0.9 | 0P0001FKWD | CI Signature Cat | PairCorr |
| 0.9 | 0P0001AAKP | CI Signature Cat | PairCorr |
| 0.86 | 0P000070HA | CI Global Alpha | PairCorr |
| 0.96 | 0P0000733H | RBC Global Technology | PairCorr |
Moving against Fidelity Fund
| 0.8 | 0P000070H9 | CI Global Health | PairCorr |
The ability to find closely correlated positions to Fidelity Technology could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fidelity Technology when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Fidelity Technology - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Fidelity Technology Innovators to buy it.
The correlation of Fidelity Technology 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fidelity Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fidelity Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Fidelity Technology can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Fidelity Fund
Fidelity Technology financial ratios help investors to determine whether Fidelity Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Fidelity with respect to the benefits of owning Fidelity Technology security.
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