Invesco Discovery Correlations

Mutual Funds . USA . 
Fund . Invesco Discovery
DIGGX Fund  USD 114.06  0.51  0.45%   
The current 90-days correlation between Invesco Discovery and Tax Managed Large Cap is 0.9 (i.e., Almost no diversification). The correlation of Invesco Discovery 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 Discovery Correlation With Market

Very poor diversification

The correlation between Invesco Discovery and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Discovery and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Invesco Discovery. 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 price.

Moving together with Invesco Mutual Fund

  0.97OARDX Oppenheimer RisingPairCorr
  0.82AMHYX Invesco High YieldPairCorr
  0.83HYIFX Invesco High YieldPairCorr
  0.83HYINX Invesco High YieldPairCorr
  0.68ILAAX Invesco Income AllocationPairCorr
  0.97PXGGX Invesco Select RiskPairCorr
  0.95OTFCX Oppenheimer TargetPairCorr
  0.91PXMQX Invesco Select RiskPairCorr
  0.91PXMSX Invesco Select RiskPairCorr
  0.91PXMMX Invesco Select RiskPairCorr
  0.97PXQIX Invesco Select RiskPairCorr
  0.96OCAIX Oppenheimer AggrssvPairCorr
  0.83MLPRX Oppenheimer Steelpath MlpPairCorr
  0.83MLPDX Oppenheimer Steelpath MlpPairCorr
  0.9MLPAX Oppenheimer Steelpath MlpPairCorr
  0.9MLPGX Oppenheimer Steelpath MlpPairCorr
  0.92MLPFX Oppenheimer Steelpath MlpPairCorr
  0.92MLPEX Steelpath SelectPairCorr
  0.89MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Invesco Mutual Fund

  0.66OSMAX Oppenheimer InternationalPairCorr
  0.66OSMCX Oppenheimer InternationalPairCorr
  0.51OSICX Oppenheimer StrategicPairCorr
  0.58EMLDX Invesco Emerging MarketsPairCorr
  0.55INGFX Invesco OppenheimerPairCorr
  0.51INDFX Invesco InternationalPairCorr
  0.41INBQX Aim Investment FundsPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Discovery 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 Discovery'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.

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