Invesco BuyBack Correlations

PKW Etf

USD 115.38 1.63 1.43%

The current 90-days correlation between Invesco BuyBack Achievers and Invesco Dividend Achievers is 0.9 (i.e., Almost no diversification). The correlation of Invesco BuyBack 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 BuyBack Correlation With Market

Poor diversification

The correlation between Invesco BuyBack Achievers and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco BuyBack Achievers 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 BuyBack Achievers. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with Invesco Etf

0.94	VOE	Vanguard Mid Cap	Pair Corr
0.99	IWS	iShares Russell Mid	Pair Corr
0.94	COWZ	Pacer Cash Cows	Pair Corr
0.97	DON	WisdomTree MidCap	Pair Corr
0.64	RPV	Invesco SP 500	Pair Corr
0.82	ONEY	SPDR Russell 1000	Pair Corr
0.9	UPRO	ProShares UltraPro SP500	Pair Corr
0.88	QTJA	Innovator ETFs Trust	Pair Corr
0.89	QTOC	Innovator ETFs Trust	Pair Corr
0.94	XTOC	Innovator ETFs Trust	Pair Corr
0.78	QTAP	Innovator Growth 100 Low Volatility	Pair Corr
0.92	XTJA	Innovator ETFs Trust	Pair Corr
0.65	XTAP	Innovator Equity Acc	Pair Corr
0.74	WMT	Walmart	Pair Corr
0.88	HD	Home Depot	Pair Corr
0.71	DIS	Walt Disney	Pair Corr
0.68	CAT	Caterpillar	Pair Corr
0.72	BA	Boeing	Pair Corr
0.83	JPM	JPMorgan Chase	Pair Corr
0.9	BAC	Bank of America Aggressive Push	Pair Corr

Moving against Invesco Etf

0.46	VZ	Verizon Communications	Pair Corr
0.43	TRV	The Travelers Companies	Pair Corr
0.34	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	CSD	PDP	PFM	SYLD	PRFZ
CSD		0.94	0.52	0.95	0.93	CSD
PDP	0.94		0.66	0.93	0.97	PDP
PFM	0.52	0.66		0.55	0.58	PFM
SYLD	0.95	0.93	0.55		0.97	SYLD
PRFZ	0.93	0.97	0.58	0.97		PRFZ
	CSD	PDP	PFM	SYLD	PRFZ

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Invesco BuyBack Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco BuyBack 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 BuyBack'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CSD	1.27	(0.10)	(0.16)	2.17	(3.23)	7.33
PDP	1.32	(0.07)	(0.09)	2.11	(3.63)	6.59
PFM	0.65	(0.02)	(0.06)	1.03	(1.46)	3.04
SYLD	0.83	(0.09)	(0.14)	1.44	(1.86)	3.76
PRFZ	0.94	(0.13)	(0.16)	1.51	(2.43)	4.63

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