Invesco High Correlations

AHHYX Fund  USD 3.57  0.01  0.28%   
The current 90-days correlation between Invesco High Yield and Invesco Municipal Income is 0.11 (i.e., Average diversification). The correlation of Invesco High 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.

Invesco High Correlation With Market

Weak diversification

The correlation between Invesco High Yield and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco High Yield and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Invesco High Yield. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Invesco Mutual Fund

  0.91AMHYX Invesco High YieldPairCorr
  0.82OSICX Oppenheimer StrategicPairCorr
  1.0HYIFX Invesco High YieldPairCorr
  0.92HYINX Invesco High YieldPairCorr
  0.83ILAAX Invesco Income AllocationPairCorr
  0.77PXCCX Invesco Select RiskPairCorr
  0.74BRCRX Invesco Balanced RiskPairCorr
  0.74BRCNX Invesco Balanced RiskPairCorr
  0.78PXCIX Invesco Select RiskPairCorr
  0.73BRCCX Invesco Balanced RiskPairCorr
  0.66BRCAX Invesco Balanced RiskPairCorr
  0.74BRCYX Invesco Balanced RiskPairCorr
  0.85EMLDX Invesco Emerging MarketsPairCorr
  0.73PXMQX Invesco Select RiskPairCorr
  0.75PXMSX Invesco Select RiskPairCorr
  0.73PXMMX Invesco Select RiskPairCorr
  0.76OCCIX Oppenheimer CnsrvtvPairCorr
  0.8STBAX Invesco Short TermPairCorr
  0.8STBCX Invesco Short TermPairCorr
  0.79MLPRX Oppenheimer Steelpath MlpPairCorr
  0.72STBYX Invesco Short TermPairCorr
  0.76STBRX Invesco Short TermPairCorr
  0.74MLPDX Oppenheimer Steelpath MlpPairCorr
  0.71MLPAX Oppenheimer Steelpath MlpPairCorr
  0.65MLPGX Oppenheimer Steelpath MlpPairCorr
  0.68MLPFX Oppenheimer Steelpath MlpPairCorr
  0.68MLPEX Steelpath SelectPairCorr
  0.64MLPMX Oppenheimer Steelpath MlpPairCorr

Related Correlations Analysis

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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   
VMINXVMICX
VMIIXVMINX
OSMCXOSMAX
VMIIXVMICX
OSMCXOARDX
HYINXAMHYX
  
High negative correlations   
OSICXOARDX
OSMCXOSICX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco High Mutual Fund 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 Invesco High'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
VMICX  0.19  0.00  0.15  0.14  0.29 
 0.34 
 1.34 
VMINX  0.18  0.00  0.16  0.03  0.24 
 0.42 
 1.34 
VMIIX  0.19  0.00  0.16 (0.06) 0.27 
 0.42 
 1.34 
OARDX  0.74 (0.14) 0.00 (0.27) 0.00 
 1.08 
 11.21 
AMHYX  0.16  0.01  0.25 (0.21) 0.04 
 0.56 
 1.14 
OSICX  0.28  0.04  0.23 (0.52) 0.15 
 0.65 
 1.96 
OSMAX  0.71 (0.07) 0.00 (0.20) 0.00 
 1.45 
 9.99 
OSMCX  0.74 (0.09) 0.00 (0.24) 0.00 
 1.44 
 11.31 
HYIFX  0.15  0.01  0.19  0.09  0.10 
 0.29 
 1.42 
HYINX  0.13  0.01  0.20  1.75  0.06 
 0.56 
 1.14