Invesco High Correlations

IHYF Etf

USD 22.56 0.06 0.27%

The current 90-days correlation between Invesco High Yield and Invesco BulletShares 2027 is 0.52 (i.e., Very weak 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.

Invesco High Correlation With Market

Modest diversification

The correlation between Invesco High Yield and DJI is 0.27 (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 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 etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Invesco Etf

0.88	HYG	iShares iBoxx High	Pair Corr
0.89	USHY	iShares Broad USD	Pair Corr
0.86	JNK	SPDR Bloomberg High	Pair Corr
0.93	SHYG	iShares 0 5	Pair Corr
0.89	HYLB	Xtrackers USD High	Pair Corr
0.93	SJNK	SPDR Bloomberg Short Sell-off Trend	Pair Corr
0.78	ANGL	VanEck Fallen Angel	Pair Corr
0.82	FALN	iShares Fallen Angels	Pair Corr
0.89	HYLS	First Trust Tactical	Pair Corr
0.65	HYDW	Xtrackers Low Beta	Pair Corr
0.86	VTI	Vanguard Total Stock	Pair Corr
0.85	SPY	SPDR SP 500	Pair Corr
0.85	IVV	iShares Core SP	Pair Corr
0.85	VUG	Vanguard Growth Index	Pair Corr
0.7	VO	Vanguard Mid Cap	Pair Corr
0.76	VB	Vanguard Small Cap	Pair Corr
0.87	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.91	WMT	Walmart	Pair Corr
0.74	BAC	Bank of America Aggressive Push	Pair Corr
0.74	JPM	JPMorgan Chase Earnings Call Next Week	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr
0.69	MSFT	Microsoft	Pair Corr
0.84	DIS	Walt Disney	Pair Corr

Moving against Invesco Etf

0.5	VWO	Vanguard FTSE Emerging	Pair Corr
0.4	VEA	Vanguard FTSE Developed	Pair Corr
0.71	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.7	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.53	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.46	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.44	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr
0.31	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.79	-0.52	-0.51	0.4	0.41	0.53	0.21	-0.04	-0.58	META
MSFT	0.79		-0.61	-0.3	0.61	0.05	0.7	0.45	-0.29	-0.64	MSFT
UBER	-0.52	-0.61		0.57	-0.7	0.16	-0.79	-0.55	0.66	0.81	UBER
F	-0.51	-0.3	0.57		-0.06	-0.16	-0.15	0.17	0.06	0.75	F
T	0.4	0.61	-0.7	-0.06		-0.21	0.85	0.81	-0.64	-0.49	T
A	0.41	0.05	0.16	-0.16	-0.21		-0.18	-0.4	0.65	0.17	A
CRM	0.53	0.7	-0.79	-0.15	0.85	-0.18		0.85	-0.72	-0.59	CRM
JPM	0.21	0.45	-0.55	0.17	0.81	-0.4	0.85		-0.78	-0.39	JPM
MRK	-0.04	-0.29	0.66	0.06	-0.64	0.65	-0.72	-0.78		0.46	MRK
XOM	-0.58	-0.64	0.81	0.75	-0.49	0.17	-0.59	-0.39	0.46		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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

CRM	+ 0.85	T
JPM	+ 0.85	CRM
XOM	+ 0.81	UBER
JPM	+ 0.81	T
MSFT	+ 0.79	META
XOM	+ 0.75	F

High negative correlations

CRM	- 0.79	UBER
MRK	- 0.78	JPM
MRK	- 0.72	CRM
T	- 0.7	UBER
MRK	- 0.64	T
XOM	- 0.64	MSFT

Invesco High Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco High ETF 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
META	1.33	0.15	0.08	0.68	1.43	(1.52)	3.22	(3.15)	7.43
MSFT	0.87	0.04	0.01	(0.29)	1.59	(0.81)	1.78	(1.73)	8.14
UBER	1.73	(0.12)	0.00	(0.69)	0.00	0.00	2.67	(5.35)	20.41
F	1.35	(0.06)	0.00	(0.21)	0.00	0.00	2.38	(2.81)	11.21
T	0.96	0.04	0.02	0.16	1.14	(1.02)	1.93	(1.99)	7.95
A	1.13	(0.11)	0.00	(0.32)	0.00	0.00	2.43	(2.42)	8.06
CRM	1.43	0.27	0.16	3.25	1.36	(1.65)	3.16	(2.88)	14.80
JPM	1.07	0.25	0.19	(17.02)	1.05	(1.29)	1.99	(1.42)	15.87
MRK	0.94	(0.17)	0.00	(0.79)	0.00	0.00	1.72	(2.13)	5.17
XOM	0.76	(0.18)	0.00	(0.81)	0.00	0.00	1.71	(2.14)	6.06

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC