Invesco NASDAQ Correlations

Etfs . USA . 
Etf . Invesco NASDAQ Internet
PNQI Etf  USD 46.94  0.39  0.84%   
The correlation of Invesco NASDAQ 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.

Invesco NASDAQ Correlation With Market

Poor diversification

The correlation between Invesco NASDAQ Internet 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 NASDAQ Internet 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 NASDAQ Internet. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Invesco Etf

  0.73VGT Vanguard InformationPairCorr
  0.71XLK Technology Select SectorPairCorr
  0.78IYW iShares Technology ETFPairCorr
  0.83CIBR First Trust NASDAQPairCorr
  0.73FTEC Fidelity MSCI InformationPairCorr
  0.89IGV iShares Expanded Tech Low VolatilityPairCorr
  0.93FDN First Trust DowPairCorr
  0.86IGM iShares Expanded TechPairCorr
  0.91VTI Vanguard Total StockPairCorr
  0.61GBTC Grayscale Bitcoin TrustPairCorr
  0.78VBK Vanguard Small CapPairCorr
  0.71NFLX NetflixPairCorr
  0.61DUKH Ocean Park HighPairCorr
  0.8AXP American ExpressPairCorr
  0.85JPM JPMorgan ChasePairCorr
  0.77BAC Bank of America Aggressive PushPairCorr
  0.91WMT WalmartPairCorr
  0.75BA BoeingPairCorr
  0.71HPQ HP IncPairCorr

Moving against Invesco Etf

  0.9FNGD MicroSectors FANG IndexPairCorr
  0.48MRK Merck CompanyPairCorr
  0.45TRV The Travelers CompaniesPairCorr
  0.32VZ Verizon Communications Sell-off TrendPairCorr

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   
PSCH
+ 0.92
FDN
PSCH
+ 0.92
QTEC
QTEC
+ 0.9
FDN
SOCL
+ 0.34
QTEC
SOCL
+ 0.29
FDN
PSCH
+ 0.2
SOCL
  
High negative correlations   
PSCH
- 0.0
PSJ
SOCL
- 0.0
PSJ
PSJ
- 0.0
QTEC
PSJ
- 0.0
FDN

Invesco NASDAQ Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco NASDAQ 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 NASDAQ'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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