Invesco Convertible Correlations

CNSIX Fund

USD 23.79 0.21 0.88%

The current 90-days correlation between Invesco Vertible Sec and Financials Ultrasector Profund is 0.61 (i.e., Poor diversification). The correlation of Invesco Convertible 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 Convertible Correlation With Market

Modest diversification

The correlation between Invesco Vertible Securities and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Vertible Securities 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 Vertible Securities. 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 gross domestic product.

Moving together with Invesco Mutual Fund

0.78	VMICX	Invesco Municipal Income	Pair Corr
0.79	VMINX	Invesco Municipal Income	Pair Corr
0.8	VMIIX	Invesco Municipal Income	Pair Corr
0.88	AMHYX	Invesco High Yield	Pair Corr
0.89	HYIFX	Invesco High Yield	Pair Corr
0.88	HYINX	Invesco High Yield	Pair Corr
0.87	ILAAX	Invesco Income Allocation	Pair Corr
0.76	PXCCX	Invesco Select Risk	Pair Corr
0.76	PXCIX	Invesco Select Risk	Pair Corr
0.78	PXGGX	Invesco Select Risk	Pair Corr
0.84	OTFCX	Oppenheimer Target	Pair Corr
0.89	PXMQX	Invesco Select Risk	Pair Corr
0.9	PXMSX	Invesco Select Risk	Pair Corr
0.75	DIGGX	Invesco Discovery	Pair Corr
0.89	PXMMX	Invesco Select Risk	Pair Corr
0.74	PXQIX	Invesco Select Risk	Pair Corr
0.76	OCACX	Oppenheimer Roc Ca	Pair Corr
0.71	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.64	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.81	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.62	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.85	MLPEX	Steelpath Select	Pair Corr
0.63	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.62	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.45	BRCAX	Invesco Balanced Risk	Pair Corr
0.48	ODMAX	Oppenheimer Developing Potential Growth	Pair Corr

Related Correlations Analysis

	FNPIX	ICFAX	FIDAX	VFAIX	PSSRX	BXSL
FNPIX		0.09	0.82	0.97	0.83	0.43	FNPIX
ICFAX	0.09		0.41	-0.07	0.41	-0.64	ICFAX
FIDAX	0.82	0.41		0.72	1.0	-0.05	FIDAX
VFAIX	0.97	-0.07	0.72		0.73	0.58	VFAIX
PSSRX	0.83	0.41	1.0	0.73		-0.04	PSSRX
BXSL	0.43	-0.64	-0.05	0.58	-0.04		BXSL
	FNPIX	ICFAX	FIDAX	VFAIX	PSSRX	BXSL

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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

PSSRX	+ 1.0	FIDAX
VFAIX	+ 0.97	FNPIX
PSSRX	+ 0.83	FNPIX
FIDAX	+ 0.82	FNPIX
PSSRX	+ 0.73	VFAIX
VFAIX	+ 0.72	FIDAX

High negative correlations

BXSL	- 0.64	ICFAX
VFAIX	- 0.07	ICFAX
BXSL	- 0.05	FIDAX
BXSL	- 0.04	PSSRX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Convertible 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 Convertible'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
FNPIX	1.06	0.13	0.09	0.37	1.24	(1.15)	2.09	(2.09)	13.80
ICFAX	0.88	(0.17)	0.00	(0.47)	0.00	0.00	1.41	(2.10)	18.69
FIDAX	0.94	(0.05)	0.00	(0.16)	0.00	0.00	1.47	(2.04)	15.59
VFAIX	0.78	0.09	0.09	0.30	0.92	(0.84)	1.44	(1.49)	10.22
PSSRX	0.86	(0.04)	0.00	(0.13)	0.00	0.00	1.45	(1.79)	11.81
BXSL	0.74	0.13	0.14	0.41	0.85	(0.74)	1.43	(1.27)	4.08

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