Invesco High Correlations

AHIYX Fund

USD 3.55 0.01 0.28%

The current 90-days correlation between Invesco High Yield and Barings High Yield is 0.21 (i.e., Modest 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

Modest diversification

The correlation between Invesco High Yield and DJI is 0.25 (i.e., Modest 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

0.94	VWEAX	Vanguard High Yield	Pair Corr
0.94	VWEHX	Vanguard High Yield	Pair Corr
0.83	BHYCX	Blackrock Hi Yld	Pair Corr
0.95	BHYIX	Blackrock High Yield	Pair Corr
0.95	BHYSX	Blackrock Hi Yld	Pair Corr
0.95	BHYAX	Blackrock High Yield	Pair Corr
0.91	FAHHX	American Funds American	Pair Corr
0.91	FTAHX	American Funds American	Pair Corr
0.78	AHTFX	American High Income	Pair Corr
0.93	AHTCX	American High Income	Pair Corr
0.63	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.63	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.68	HD	Home Depot	Pair Corr

Related Correlations Analysis

	BXHCX	SGYAX	MWCSX	MBSAX	GHVIX	RULFX	FHYTX
BXHCX		0.86	-0.13	0.83	0.95	0.62	0.98	BXHCX
SGYAX	0.86		-0.18	0.59	0.82	0.87	0.85	SGYAX
MWCSX	-0.13	-0.18		0.1	-0.12	-0.23	-0.06	MWCSX
MBSAX	0.83	0.59	0.1		0.9	0.36	0.85	MBSAX
GHVIX	0.95	0.82	-0.12	0.9		0.6	0.95	GHVIX
RULFX	0.62	0.87	-0.23	0.36	0.6		0.6	RULFX
FHYTX	0.98	0.85	-0.06	0.85	0.95	0.6		FHYTX
	BXHCX	SGYAX	MWCSX	MBSAX	GHVIX	RULFX	FHYTX

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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

FHYTX	+ 0.98	BXHCX
GHVIX	+ 0.95	BXHCX
FHYTX	+ 0.95	GHVIX
GHVIX	+ 0.9	MBSAX
RULFX	+ 0.87	SGYAX
SGYAX	+ 0.86	BXHCX

High negative correlations

RULFX	- 0.23	MWCSX
MWCSX	- 0.18	SGYAX
MWCSX	- 0.13	BXHCX
GHVIX	- 0.12	MWCSX
FHYTX	- 0.06	MWCSX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BXHCX	0.12	0.01	(0.05)	0.15	0.06	(0.19)	0.37	(0.25)	1.11
SGYAX	0.15	0.02	0.00	0.52	0.00	(0.26)	0.56	(0.28)	1.27
MWCSX	0.02	(0.01)	0.00	(0.98)	0.00	0.00	0.00	0.00	0.97
MBSAX	0.22	(0.01)	(0.07)	(0.04)	0.30	(0.23)	0.52	(0.51)	1.55
GHVIX	0.16	0.01	(0.04)	0.18	0.15	(0.17)	0.24	(0.36)	0.96
RULFX	0.05	0.01	(0.10)	2.11	0.00	(0.18)	0.10	(0.10)	0.50
FHYTX	0.17	0.01	(0.04)	0.18	0.12	(0.26)	0.47	(0.32)	1.26

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