Invesco Global Correlations

PGHY Etf  USD 20.05  0.10  0.50%   
The current 90-days correlation between Invesco Global Short and Xtrackers USD High is 0.44 (i.e., Very weak diversification). The correlation of Invesco Global 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 Global Correlation With Market

Very weak diversification

The correlation between Invesco Global Short and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Global Short 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 Global Short. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Invesco Etf

  0.9HYG iShares iBoxx HighPairCorr
  0.9USHY iShares Broad USDPairCorr
  0.88JNK SPDR Bloomberg HighPairCorr
  0.92SHYG iShares 0 5PairCorr
  0.9HYLB Xtrackers USD HighPairCorr
  0.91SJNK SPDR Bloomberg ShortPairCorr
  0.8ANGL VanEck Fallen AngelPairCorr
  0.8FALN iShares Fallen AngelsPairCorr
  0.88HYLS First Trust TacticalPairCorr
  0.88HYDW Xtrackers Low BetaPairCorr
  0.84MLPR ETRACS Quarterly PayPairCorr
  0.7ATMP Barclays ETN Select Low VolatilityPairCorr
  0.66AIQ Global X ArtificialPairCorr
  0.67RXI iShares Global ConsumerPairCorr
  0.86T ATT Inc Aggressive PushPairCorr
  0.83JPM JPMorgan ChasePairCorr
  0.86CSCO Cisco SystemsPairCorr
  0.75WMT Walmart Aggressive PushPairCorr
  0.82IBM International Business Sell-off TrendPairCorr
  0.85GE GE AerospacePairCorr

Moving against Invesco Etf

  0.45USD ProShares Ultra SemiPairCorr
  0.37YCS ProShares UltraShort YenPairCorr
  0.53MSFT MicrosoftPairCorr
  0.5AA Alcoa CorpPairCorr
  0.39CAT CaterpillarPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
JPMMETA
CRMMSFT
TMETA
TUBER
JPMUBER
XOMF
  
High negative correlations   
MRKMETA
MRKJPM
MRKT
MRKUBER
UBERMSFT
FMETA

Invesco Global Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco Global 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 Global'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.36  0.28  0.17  0.57  1.44 
 3.22 
 7.11 
MSFT  1.03 (0.05) 0.00 (0.16) 0.00 
 2.20 
 10.31 
UBER  1.95  0.16  0.06  3.78  2.78 
 4.72 
 12.29 
F  1.35 (0.11) 0.00 (0.13) 0.00 
 2.55 
 10.97 
T  0.94  0.30  0.27  0.50  0.88 
 1.90 
 7.94 
A  1.07 (0.03) 0.00 (0.07) 0.00 
 2.81 
 9.03 
CRM  1.45 (0.15) 0.00 (0.22) 0.00 
 2.21 
 15.92 
JPM  0.89  0.14  0.11  0.15  1.16 
 1.97 
 6.85 
MRK  1.26 (0.10) 0.00 (2.54) 0.00 
 2.15 
 11.57 
XOM  0.91 (0.12) 0.00 (0.43) 0.00 
 1.76 
 5.69