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ETFs

Fidelity Covington Trust Fidelity Disruptive Medicine ETF

FMED
$--
Today’s Change
-- (--)

Snapshot
*

Inception Date
Apr 16 2020
Expense Ratio
0.50%
Type
US Equities
Fund Owner
Fidelity
Volume (1m avg. daily)
$491,057
AUM
$46,899,688
Associated Index
None
Inverse/Leveraged
No
Passive/Active
Active
Fractionable on Composer
No

Top 10 Holdings

BSX
Boston Scientific Corp.
5.17%
UNH
Unitedhealth Group Inc
4.63%
VRTX
Vertex Pharmaceuticals, Inc.
4.35%
DHR
Danaher Corp.
3.98%
ARGX
Argen X SE - ADR
3.68%
CNC
Centene Corp.
3.55%
PEN
Penumbra Inc
3.26%
ALNY
Alnylam Pharmaceuticals Inc
2.95%
RPRX
Royalty Pharma plc - Ordinary Shares - Class A
2.81%
BRKR
Bruker Corp
2.79%
Invest with FMED

What is FMED?

The fund seeks long-term growth of capital. Normally investing at least 80% of assets in securities of disruptive medicine companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. This may include creating, providing, or contributing to new or expanded business models, value networks, pricing, and delivery of products and services Companies within the disruptive medicine theme include but are not limited to those companies that, in the Adviser's opinion, are engaged in robotic surgery, gene therapy, genomics, rare diseases, medical devices and equipment, immunotherapy, technology-based health care platforms, and consumer wellness.

ETFs related toFMED

ETFs correlated to FMED include FXH, XHE, PINK

FMED
Fidelity Covington Trust - Fidelity Disruptive Medicine ETF
FXH
First Trust Exchange-Traded Fund III - First Trust Health Care AlphaDEX Fund
XHE
SPDR Series Trust - SPDR S&P Health Care Equipment ETF
PINK
Simplify Exchange Traded Funds - Simplify Health Care ETF
IBB
BlackRock Institutional Trust Company N.A. - iShares Biotechnology ETF
IWP
BlackRock Institutional Trust Company N.A. - iShares Russell Mid-Cap Growth ETF
GNOM
Global X Funds - Global X Genomics & Biotechnology ETF
IHI
BlackRock Institutional Trust Company N.A. - iShares U.S. Medical Devices ETF
GJUL
First Trust Exchange-Traded Fund VIII - FT Cboe Vest U.S. Equity Moderate Buffer ETF - July
LGRO
Advisors Series Trust - Level Four Large Cap Growth Active ETF
VFMO
Vanguard Group, Inc. - Vanguard U.S. Momentum Factor ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

Automated Strategies
Related toFMED

#RB

Rotating Bonds

Category

Getting Defensive, Diversification

Risk Rating

Moderate

Create your own algorithmic trading strategy with FMED using Composer

FAQ

FMED is a US Equities ETF. The fund seeks long-term growth of capital. Normally investing at least 80% of assets in securities of disruptive medicine companies. Fidelity's disruptive strategies seek to identify innovative developments that could signal new directions for delivering products and services to customers. Generally, these companies have or are developing new or unconventional ways of doing business that could disrupt and displace incumbents over time. This may include creating, providing, or contributing to new or expanded business models, value networks, pricing, and delivery of products and services Companies within the disruptive medicine theme include but are not limited to those companies that, in the Adviser's opinion, are engaged in robotic surgery, gene therapy, genomics, rare diseases, medical devices and equipment, immunotherapy, technology-based health care platforms, and consumer wellness.

Yes, FMED is actively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

No, FMED is not passively managed. It is actively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on FMED is -0.0465%. This is the percent change in the value of FMED over the most recent 1-month period. The 3-month return on FMED is -0.1092%. This is the percent change in the value of FMED over the most recent 3-month period.

ETFs similar to FMED include XLI, XLY, and XLV.

ETFs correlated to FMED include FXH, XHE, and PINK.

ETFs that are inversely correlated to FMED include LABD, SH, and SPXU.

Disclaimers

*

We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.