Invesco DWA Correlations

PDP Etf

USD 113.59 0.67 0.59%

The current 90-days correlation between Invesco DWA Momentum and Invesco DWA Developed is 0.57 (i.e., Very weak diversification). The correlation of Invesco DWA 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 DWA Correlation With Market

Poor diversification

The correlation between Invesco DWA Momentum and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA Momentum and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco DWA Momentum. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Invesco Etf

0.94	VUG	Vanguard Growth Index	Pair Corr
0.94	IWF	iShares Russell 1000	Pair Corr
0.93	IVW	iShares SP 500	Pair Corr
0.93	SPYG	SPDR Portfolio SP	Pair Corr
0.94	IUSG	iShares Core SP	Pair Corr
0.94	VONG	Vanguard Russell 1000	Pair Corr
0.92	MGK	Vanguard Mega Cap	Pair Corr
0.94	VRGWX	Vanguard Russell 1000	Pair Corr
0.93	QQQM	Invesco NASDAQ 100	Pair Corr
0.92	IWY	iShares Russell Top	Pair Corr
0.68	NVDL	GraniteShares 15x Long	Pair Corr
0.67	NVDX	T Rex 2X	Pair Corr
0.67	NVDU	Direxion Daily NVDA	Pair Corr
0.9	FNGU	MicroSectors FANG Index	Pair Corr
0.94	WEBL	Direxion Daily Dow	Pair Corr
0.94	BITX	Volatility Shares Trust	Pair Corr
0.78	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.89	WMT	Walmart	Pair Corr
0.95	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.92	DIS	Walt Disney	Pair Corr
0.95	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.79	HD	Home Depot	Pair Corr
0.65	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.85	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr

Moving against Invesco Etf

0.58	WTID	UBS ETRACS	Pair Corr
0.88	PFE	Pfizer Inc Fiscal Year End 4th of February 2025	Pair Corr
0.83	KO	Coca Cola Aggressive Push	Pair Corr

Related Correlations Analysis

	PIZ	PIE	DWAS	FV	PEZ
PIZ		0.31	0.54	0.71	0.7	PIZ
PIE	0.31		-0.43	-0.24	-0.25	PIE
DWAS	0.54	-0.43		0.91	0.94	DWAS
FV	0.71	-0.24	0.91		0.94	FV
PEZ	0.7	-0.25	0.94	0.94		PEZ
	PIZ	PIE	DWAS	FV	PEZ

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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

PEZ	+ 0.94	DWAS
PEZ	+ 0.94	FV
FV	+ 0.91	DWAS
FV	+ 0.71	PIZ
PEZ	+ 0.7	PIZ
DWAS	+ 0.54	PIZ

High negative correlations

DWAS	- 0.43	PIE
PEZ	- 0.25	PIE
FV	- 0.24	PIE

Invesco DWA Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco DWA 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 DWA'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
PIZ	0.71	0.01	(0.04)	0.11	0.65	(0.76)	1.29	(1.04)	4.31
PIE	0.92	(0.01)	(0.06)	0.07	1.12	(0.97)	2.22	(1.95)	5.43
DWAS	1.09	0.01	0.07	0.11	0.99	(1.27)	2.60	(1.98)	8.26
FV	0.84	0.06	0.07	0.16	0.80	(0.94)	1.75	(1.50)	5.34
PEZ	0.85	0.07	0.07	0.18	0.75	(0.97)	2.00	(1.38)	4.27

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