Invesco Water Correlations

PHO Etf

USD 65.17 0.83 1.29%

The current 90-days correlation between Invesco Water Resources and Invesco SP Global is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco Water moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco Water Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Invesco Water Correlation With Market

Poor diversification

The correlation between Invesco Water Resources and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Water Resources 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 Water Resources. 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

0.71	XLB	Materials Select Sector	Pair Corr
0.83	VAW	Vanguard Materials Index	Pair Corr
0.66	XME	SPDR SP Metals	Pair Corr
0.84	FXZ	First Trust Materials	Pair Corr
0.99	FIW	First Trust Water	Pair Corr
0.8	SIXD	AIM ETF Products	Pair Corr
0.7	CEFD	ETRACS Monthly Pay	Pair Corr
0.74	AXP	American Express	Pair Corr
0.62	DIS	Walt Disney	Pair Corr
0.68	JPM	JPMorgan Chase	Pair Corr
0.68	WMT	Walmart	Pair Corr

Moving against Invesco Etf

0.41

ULE

ProShares Ultra Euro

Pair Corr

Related Correlations Analysis

	CGW	PIO	FIW	PBW	MOO
CGW		0.54	0.12	-0.55	0.55	CGW
PIO	0.54		0.51	-0.55	0.85	PIO
FIW	0.12	0.51		0.25	0.39	FIW
PBW	-0.55	-0.55	0.25		-0.53	PBW
MOO	0.55	0.85	0.39	-0.53		MOO
	CGW	PIO	FIW	PBW	MOO

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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

MOO	+ 0.85	PIO
MOO	+ 0.55	CGW
PIO	+ 0.54	CGW
FIW	+ 0.51	PIO
MOO	+ 0.39	FIW
PBW	+ 0.25	FIW

High negative correlations

PBW	- 0.55	PIO
PBW	- 0.55	CGW
MOO	- 0.53	PBW

Invesco Water Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco Water 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 Water'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
CGW	0.72	(0.07)	0.00	0.32	0.00	0.00	1.57	(1.43)	3.75
PIO	0.64	0.02	0.04	0.00	0.84	(0.67)	1.33	(1.14)	3.99
FIW	0.77	(0.06)	0.00	(0.13)	0.00	0.00	1.38	(1.39)	3.58
PBW	2.05	(0.24)	0.00	158.92	0.00	0.00	3.31	(4.21)	11.53
MOO	0.78	0.01	0.04	0.15	0.97	(0.81)	1.76	(1.35)	4.16

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