Invesco DWA Correlations

PYZ Etf

USD 89.56 0.97 1.09%

The current 90-days correlation between Invesco DWA Basic and Direxion Daily Gold is -0.4 (i.e., Very good 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Invesco DWA Correlation With Market

Very weak diversification

The correlation between Invesco DWA Basic and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA Basic 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 Basic. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with Invesco Etf

0.94	XLB	Materials Select Sector	Pair Corr
0.97	VAW	Vanguard Materials Index	Pair Corr
0.97	XME	SPDR SP Metals	Pair Corr
0.96	PHO	Invesco Water Resources	Pair Corr
0.78	MOO	VanEck Agribusiness ETF	Pair Corr
0.99	FXZ	First Trust Materials	Pair Corr
0.96	FIW	First Trust Water	Pair Corr
0.69	URNM	Sprott Uranium Miners	Pair Corr
0.94	IYM	iShares Basic Materials	Pair Corr
0.66	BAC	Bank of America Aggressive Push	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.86	XOM	Exxon Mobil Corp	Pair Corr
0.64	DIS	Walt Disney	Pair Corr
0.75	TRV	The Travelers Companies	Pair Corr
0.75	HPQ	HP Inc	Pair Corr
0.75	CAT	Caterpillar	Pair Corr
0.71	CVX	Chevron Corp	Pair Corr
0.82	AA	Alcoa Corp	Pair Corr

Moving against Invesco Etf

0.43	FNGS	MicroSectors FANG ETN	Pair Corr
0.38	FNGO	MicroSectors FANG Index	Pair Corr
0.34	FNGU	MicroSectors FANG Index	Pair Corr
0.61	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	DUST	NANR	NRES	NUGT	WOOD	FMAT	CUT	FXZ	GDX
DUST		-0.56	-0.77	-0.99	-0.55	-0.36	-0.41	-0.13	-1.0	DUST
NANR	-0.56		0.94	0.58	0.79	0.89	0.83	0.85	0.54	NANR
NRES	-0.77	0.94		0.78	0.83	0.81	0.81	0.69	0.76	NRES
NUGT	-0.99	0.58	0.78		0.57	0.4	0.43	0.17	1.0	NUGT
WOOD	-0.55	0.79	0.83	0.57		0.87	0.97	0.77	0.54	WOOD
FMAT	-0.36	0.89	0.81	0.4	0.87		0.92	0.95	0.35	FMAT
CUT	-0.41	0.83	0.81	0.43	0.97	0.92		0.87	0.4	CUT
FXZ	-0.13	0.85	0.69	0.17	0.77	0.95	0.87		0.12	FXZ
GDX	-1.0	0.54	0.76	1.0	0.54	0.35	0.4	0.12		GDX
	DUST	NANR	NRES	NUGT	WOOD	FMAT	CUT	FXZ	GDX

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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

GDX	+ 1.0	NUGT
CUT	+ 0.97	WOOD
FXZ	+ 0.95	FMAT
NRES	+ 0.94	NANR
CUT	+ 0.92	FMAT
FMAT	+ 0.89	NANR

High negative correlations

GDX	- 1.0	DUST
NUGT	- 0.99	DUST
NRES	- 0.77	DUST
NANR	- 0.56	DUST
WOOD	- 0.55	DUST
CUT	- 0.41	DUST

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DUST	2.85	(0.16)	0.00	0.14	0.00	0.00	6.76	(6.15)	17.11
NANR	0.82	(0.08)	0.00	(0.17)	0.00	0.00	1.28	(1.78)	4.74
NRES	0.75	(0.05)	0.00	(0.12)	0.00	0.00	1.39	(1.50)	4.67
NUGT	2.76	0.18	0.04	0.15	3.89	(2.62)	5.69	(6.88)	15.22
WOOD	0.75	(0.03)	0.00	(0.09)	0.00	0.00	1.86	(1.42)	5.96
FMAT	0.70	(0.08)	0.00	(0.14)	0.00	0.00	1.25	(1.31)	4.24
CUT	0.63	(0.04)	0.00	(0.10)	0.00	0.00	1.31	(1.24)	5.18
FXZ	0.92	(0.16)	0.00	(0.27)	0.00	0.00	1.65	(1.91)	4.84
GDX	1.38	0.10	0.05	0.17	1.92	(1.37)	2.93	(3.41)	7.64

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