Invesco Technology Correlations

Mutual Funds . USA . 
Fund . Invesco Technology Fund
ITYAX Fund  USD 54.33  0.13  0.24%   
The current 90-days correlation between Invesco Technology and Fznopx is 0.43 (i.e., Very weak 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

Very weak diversification

The correlation between Invesco Technology Fund and DJI is 0.51 (i.e., Very 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

  0.76VEEA Veea Inc Symbol ChangePairCorr
  0.8VISL Vislink Technologies Earnings Call This WeekPairCorr
  0.67YAAS Youxin TechnologyPairCorr
  0.66ZENA ZenaTechPairCorr
  0.61INGM Ingram Micro HoldingPairCorr
  0.61VSTEW Vast RenewablesPairCorr
  0.89HPE-PC Hewlett Packard EntePairCorr
  0.75VEEAW Veea Inc Symbol ChangePairCorr
  0.79NOVA Sunnova Energy InterPairCorr
  0.72NXXT NextNRG Symbol ChangePairCorr
  0.84CORZZ Core Scientific, TranchePairCorr
  0.84SLNHP Soluna Holdings PreferredPairCorr
  0.67PENG Penguin Solutions, Symbol ChangePairCorr

Moving against Invesco Mutual Fund

  0.66EMKR EMCOREPairCorr
  0.42HCP HashicorpPairCorr
  0.75MTTR MatterportPairCorr
  0.68INFN InfineraPairCorr
  0.65NTCL NETCLASS TECHNOLOGY INCPairCorr
  0.55HPAIW Helport AI LimitedPairCorr
  0.46LGTY Logility Supply Chain Symbol ChangePairCorr

Related Correlations Analysis

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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   
FLAKQX
+ 0.84
FFCGX
FTUFOX
+ 0.78
FBJYGX
FFCGX
+ 0.73
FZNOPX
RTIUX
+ 0.73
FBJYGX
FLAKQX
+ 0.55
FZNOPX
FTUFOX
+ 0.51
RTIUX
  
High negative correlations   
FTUFOX
- 0.39
FZNOPX
FBJYGX
- 0.28
FZNOPX
RTIUX
- 0.06
FZNOPX
FFCGX
- 0.05
FTUFOX

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.

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