Invesco Energy Correlations

IEFCX Fund

USD 25.05 0.19 0.75%

The current 90-days correlation between Invesco Energy and Vanguard Energy Fund is 0.46 (i.e., Very weak diversification). The correlation of Invesco Energy 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 Energy Correlation With Market

Very weak diversification

The correlation between Invesco Energy Fund and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Energy Fund 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 Energy Fund. 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 main economic indicators.

Moving together with Invesco Mutual Fund

0.88	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.62	QOPCX	Oppenheimer Flexible	Pair Corr

Moving against Invesco Mutual Fund

0.64

OFIAX

Oppenheimer Corporate

Pair Corr

Related Correlations Analysis

	VGELX	VGENX	VENAX	FSENX	FNRCX	FANAX	FAGNX	FANIX	FNARX	IENIX
VGELX		1.0	-0.16	-0.19	-0.19	-0.19	-0.19	-0.19	0.04	-0.2	VGELX
VGENX	1.0		-0.16	-0.19	-0.19	-0.19	-0.19	-0.19	0.04	-0.2	VGENX
VENAX	-0.16	-0.16		0.96	0.96	0.96	0.96	0.96	0.86	0.97	VENAX
FSENX	-0.19	-0.19	0.96		1.0	1.0	1.0	1.0	0.78	0.92	FSENX
FNRCX	-0.19	-0.19	0.96	1.0		1.0	1.0	1.0	0.77	0.91	FNRCX
FANAX	-0.19	-0.19	0.96	1.0	1.0		1.0	1.0	0.78	0.91	FANAX
FAGNX	-0.19	-0.19	0.96	1.0	1.0	1.0		1.0	0.77	0.91	FAGNX
FANIX	-0.19	-0.19	0.96	1.0	1.0	1.0	1.0		0.78	0.91	FANIX
FNARX	0.04	0.04	0.86	0.78	0.77	0.78	0.77	0.78		0.92	FNARX
IENIX	-0.2	-0.2	0.97	0.92	0.91	0.91	0.91	0.91	0.92		IENIX
	VGELX	VGENX	VENAX	FSENX	FNRCX	FANAX	FAGNX	FANIX	FNARX	IENIX

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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

VGENX	+ 1.0	VGELX
FNRCX	+ 1.0	FSENX
FANAX	+ 1.0	FSENX
FAGNX	+ 1.0	FSENX
FANIX	+ 1.0	FSENX
FANAX	+ 1.0	FNRCX

High negative correlations

IENIX	- 0.2	VGENX
IENIX	- 0.2	VGELX
FANIX	- 0.19	VGENX
FAGNX	- 0.19	VGENX
FANAX	- 0.19	VGENX
FNRCX	- 0.19	VGENX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Energy 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 Energy'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
VGELX	0.87	(0.03)	0.00	(0.12)	0.00	0.00	1.25	(1.60)	10.92
VGENX	0.87	(0.03)	0.00	(0.12)	0.00	0.00	1.25	(1.62)	10.89
VENAX	1.01	0.08	0.07	0.07	1.51	(0.91)	2.08	(2.51)	6.05
FSENX	1.03	0.07	0.06	0.05	1.55	(0.96)	1.80	(2.59)	6.56
FNRCX	1.03	0.07	0.06	0.04	1.56	(0.96)	1.81	(2.60)	6.61
FANAX	1.04	0.07	0.06	0.04	1.56	(0.96)	1.82	(2.59)	6.60
FAGNX	1.03	0.07	0.06	0.04	1.56	(0.96)	1.79	(2.58)	6.62
FANIX	1.04	0.08	0.06	0.05	1.55	(0.96)	1.80	(2.57)	6.63
FNARX	0.82	0.10	0.11	0.11	1.14	(0.83)	1.34	(2.38)	5.12
IENIX	0.88	0.09	0.09	0.11	1.25	(0.83)	1.52	(2.21)	5.65

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