Invesco Technology Correlations

ITYAX Fund

USD 56.45 0.32 0.56%

The current 90-days correlation between Invesco Technology and Washington Mutual Investors is -0.18 (i.e., Good diversification). The correlation of Invesco Technology 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 Technology Correlation With Market

Weak diversification

The correlation between Invesco Technology Fund and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Technology 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 Technology 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 nation.

Moving together with Invesco Mutual Fund

0.66

SMTK

SmartKem, Common Stock

Pair Corr

Moving against Invesco Mutual Fund

0.38	WCT	Wellchange Holdings	Pair Corr
0.31	SCWX	Secureworks Corp Earnings Call This Week	Pair Corr

Related Correlations Analysis

	WMFFX	TADGX	GGRYX	HCVAX	GMLVX	FMTIX	HBAIX	JAAIX
WMFFX		0.78	0.78	0.79	0.64	0.78	0.75	0.54	WMFFX
TADGX	0.78		0.84	0.83	0.51	0.82	0.76	0.47	TADGX
GGRYX	0.78	0.84		0.97	0.81	0.99	0.98	0.77	GGRYX
HCVAX	0.79	0.83	0.97		0.82	0.97	0.97	0.76	HCVAX
GMLVX	0.64	0.51	0.81	0.82		0.82	0.85	0.73	GMLVX
FMTIX	0.78	0.82	0.99	0.97	0.82		0.98	0.72	FMTIX
HBAIX	0.75	0.76	0.98	0.97	0.85	0.98		0.81	HBAIX
JAAIX	0.54	0.47	0.77	0.76	0.73	0.72	0.81		JAAIX
	WMFFX	TADGX	GGRYX	HCVAX	GMLVX	FMTIX	HBAIX	JAAIX

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Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Technology 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 Technology'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
WMFFX	0.64	(0.06)	0.00	0.23	0.00	0.00	1.21	(1.25)	5.83
TADGX	0.55	(0.03)	0.00	(0.14)	0.00	0.00	0.93	(1.42)	4.11
GGRYX	0.43	0.01	0.00	(0.07)	0.00	0.00	0.71	(0.91)	2.78
HCVAX	0.27	0.02	0.18	(0.03)	0.37	(0.28)	0.62	(0.44)	1.69
GMLVX	0.60	0.01	0.09	(0.03)	0.84	(0.60)	1.05	(1.54)	3.61
FMTIX	0.41	0.01	0.00	(0.05)	0.00	0.00	0.75	(0.86)	2.55
HBAIX	0.38	0.02	0.00	(0.04)	0.00	0.00	0.76	(0.90)	2.45
JAAIX	0.14	0.00	0.40	(0.32)	0.12	(0.20)	0.31	(0.25)	1.00

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