Invesco DWA Correlations

Etfs . USA . 
Etf . Invesco DWA Consumer
PEZ Etf  USD 87.13  0.26  0.30%   
The current 90-days correlation between Invesco DWA Consumer and Invesco DWA Consumer is 0.78 (i.e., Poor 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 Consumer and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA Consumer 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 Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Invesco Etf

  0.93XLY Consumer DiscretionaryPairCorr
  0.94VCR Vanguard ConsumerPairCorr
  0.74ITB iShares Home ConstructionPairCorr
  0.94FDIS Fidelity MSCI ConsumerPairCorr
  0.79XHB SPDR SP HomebuildersPairCorr
  0.99IYC iShares Consumer DisPairCorr
  0.91PEJ Invesco Dynamic LeisurePairCorr
  0.98FXD First Trust ConsumerPairCorr
  0.91XRT SPDR SP RetailPairCorr
  0.84SWP SWP Growth IncomePairCorr
  0.98WINN Harbor Long TermPairCorr
  0.79BA BoeingPairCorr
  0.61AA Alcoa CorpPairCorr
  0.61CAT CaterpillarPairCorr
  0.88BAC Bank of AmericaPairCorr
  0.92AXP American ExpressPairCorr
  0.85DIS Walt DisneyPairCorr
  0.91HD Home DepotPairCorr
  0.79WMT WalmartPairCorr
  0.85HPQ HP IncPairCorr

Moving against Invesco Etf

  0.96FNGD MicroSectors FANG IndexPairCorr
  0.72SHLD Global X FundsPairCorr
  0.42XOM Exxon Mobil CorpPairCorr
  0.64VZ Verizon CommunicationsPairCorr
  0.56JNJ Johnson JohnsonPairCorr
  0.51KO Coca ColaPairCorr
  0.45T ATT Inc Earnings Call TomorrowPairCorr
  0.33CVX Chevron CorpPairCorr

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   
PFI
+ 0.87
PYZ
PFI
+ 0.79
PSL
PFI
+ 0.79
PRN
PYZ
+ 0.75
PRN
PYZ
+ 0.74
PSL
PUI
+ 0.55
PSL
  
High negative correlations   
PUI
- 0.16
PRN

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.

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