Invesco High Correlations

HYINX Fund

USD 3.53 0.01 0.28%

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 0.37 (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 Risk vs Return Analysis 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 board of governors.

Moving together with Invesco Mutual Fund

0.78	VMICX	Invesco Municipal Income	Pair Corr
0.82	VMINX	Invesco Municipal Income	Pair Corr
0.83	VMIIX	Invesco Municipal Income	Pair Corr
0.98	AMHYX	Invesco High Yield	Pair Corr
0.86	OSICX	Oppenheimer Strategic	Pair Corr
0.77	OSMCX	Oppenheimer International	Pair Corr
0.88	PXCCX	Invesco Select Risk	Pair Corr
0.68	BRCRX	Invesco Balanced Risk	Pair Corr
0.88	PXCIX	Invesco Select Risk	Pair Corr
0.68	BRCAX	Invesco Balanced Risk	Pair Corr
0.63	OCACX	Oppenheimer Roc Ca	Pair Corr
0.87	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.8	STBAX	Invesco Short Term	Pair Corr
0.72	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.63	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.62	MLPEX	Steelpath Select	Pair Corr
0.87	STMUX	Invesco Short Term	Pair Corr
0.81	INBQX	Aim Investment Funds	Pair Corr
0.69	INDFX	Invesco International	Pair Corr
0.77	INGFX	Invesco Oppenheimer	Pair Corr
0.75	FSIUX	Invesco Dividend Income	Pair Corr
0.81	PICFX	Invesco Multi Asset	Pair Corr
0.83	PIFFX	Invesco Multi Asset	Pair Corr
0.79	CGREX	Invesco Global Real	Pair Corr
0.66	CGRCX	Oppenheimer Value	Pair Corr

Moving against Invesco Mutual Fund

0.31	DIGGX	Invesco Discovery	Pair Corr
0.42	OFIAX	Oppenheimer Corporate	Pair Corr
0.31	ODIIX	Oppenheimer Discovery	Pair Corr

Related Correlations Analysis

	SPAXX	IAAEX	0P000070L2	GCFSX	SMAAX	FMFXX	HEWXX	JRSXX
SPAXX		-0.11	0.0	0.79	0.77	0.0	0.0	0.0	SPAXX
IAAEX	-0.11		0.0	0.13	0.14	0.0	0.0	0.0	IAAEX
0P000070L2	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0P000070L2
GCFSX	0.79	0.13	0.0		0.72	0.0	0.0	0.0	GCFSX
SMAAX	0.77	0.14	0.0	0.72		0.0	0.0	0.0	SMAAX
FMFXX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FMFXX
HEWXX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	HEWXX
JRSXX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		JRSXX
	SPAXX	IAAEX	0P000070L2	GCFSX	SMAAX	FMFXX	HEWXX	JRSXX

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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

GCFSX	+ 0.79	SPAXX
SMAAX	+ 0.77	SPAXX
SMAAX	+ 0.72	GCFSX
SMAAX	+ 0.14	IAAEX
GCFSX	+ 0.13	IAAEX
0P000070L2	+ 0.0	SPAXX

High negative correlations

IAAEX	- 0.11	SPAXX
JRSXX	- 0.0	HEWXX
JRSXX	- 0.0	FMFXX
HEWXX	- 0.0	FMFXX
JRSXX	- 0.0	SMAAX
HEWXX	- 0.0	SMAAX

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
SPAXX	0.03	0.01	0.00	0.62	0.00	0.00	0.00	0.00	1.01
IAAEX	0.80	(0.12)	0.00	(0.32)	0.00	0.00	1.41	(1.48)	9.17
0P000070L2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GCFSX	0.75	0.10	0.10	0.06	1.04	(0.76)	1.80	(2.41)	4.68
SMAAX	0.13	(0.01)	0.00	(0.61)	0.00	0.00	0.20	(0.39)	0.90
FMFXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HEWXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JRSXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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