Invesco DWA Correlations

Etfs . USA . 
Etf . Invesco DWA Utilities
PUI Etf  USD 40.87  0.28  0.68%   
The current 90-days correlation between Invesco DWA Utilities and Invesco DWA Consumer is 0.49 (i.e., Very weak 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.

Invesco DWA Correlation With Market

Weak diversification

The correlation between Invesco DWA Utilities and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA Utilities 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 Utilities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with Invesco Etf

  0.98XLU Utilities Select SectorPairCorr
  0.99VPU Vanguard Utilities IndexPairCorr
  0.98FUTY Fidelity MSCI UtilitiesPairCorr
  0.98IDU iShares Utilities ETFPairCorr
  0.89FXU First Trust UtilitiesPairCorr
  0.88JXI iShares Global UtilitiesPairCorr
  0.68DIG ProShares Ultra OilPairCorr
  0.73GDXU MicroSectors Gold MinersPairCorr
  0.75MMM 3M CompanyPairCorr
  0.62JNJ Johnson JohnsonPairCorr
  0.69IBM International BusinessPairCorr
  0.81GE GE AerospacePairCorr
  0.77INTC IntelPairCorr
  0.76CVX Chevron Corp Sell-off TrendPairCorr

Moving against Invesco Etf

  0.33RNRG Global X RenewablePairCorr
  0.33YLCO Global X YieldCoPairCorr
  0.33NAIL Direxion Daily Homeb Downward RallyPairCorr
  0.68MRK Merck CompanyPairCorr
  0.43MSFT MicrosoftPairCorr

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   
PWV
+ 0.76
PSL
PYZ
+ 0.74
PSL
PWV
+ 0.47
PYZ
PSL
+ 0.0
PXQ
PBS
+ 0.0
PXQ
PYZ
+ 0.0
PXQ
  
High negative correlations   
PWV
- 0.0
PBS
PYZ
- 0.0
PBS
PBS
- 0.0
PSL
PWV
- 0.0
PXQ
PYZ
- 0.0
PXQ
PBS
- 0.0
PXQ

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.

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY