Invesco NASDAQ Correlations
| QQEQ Etf | 29.11 0.15 0.52% |
The current 90-days correlation between Invesco NASDAQ 100 and iShares Core SP is 0.36 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco NASDAQ moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco NASDAQ 100 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Invesco NASDAQ Correlation With Market
Very weak diversification
The correlation between Invesco NASDAQ 100 and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco NASDAQ 100 and DJI in the same portfolio, assuming nothing else is changed.
Invesco |
The ability to find closely correlated positions to Invesco NASDAQ could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Invesco NASDAQ when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Invesco NASDAQ - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Invesco NASDAQ 100 to buy it.
Moving together with Invesco Etf
| 0.97 | XSP | iShares Core SP | PairCorr |
| 0.98 | ZSP | BMO SP 500 | PairCorr |
| 0.99 | VFV | Vanguard SP 500 | PairCorr |
| 0.99 | HXS | Global X SP | PairCorr |
| 0.99 | XUS | iShares Core SP | PairCorr |
| 0.97 | ZUE | BMO SP 500 | PairCorr |
| 0.97 | VSP | Vanguard SP 500 | PairCorr |
| 0.95 | ZQQ | BMO NASDAQ 100 | PairCorr |
| 0.95 | XQQ | iShares NASDAQ 100 | PairCorr |
| 0.99 | XUU | iShares Core SP | PairCorr |
| 0.95 | CYBR-B | Evolve Cyber Security | PairCorr |
| 0.93 | FBTC | Fidelity Advantage | PairCorr |
| 0.93 | BTCQ | 3iQ Bitcoin ETF | PairCorr |
| 0.93 | EBIT | Bitcoin ETF CAD | PairCorr |
| 0.76 | JAPN | CI WisdomTree Japan | PairCorr |
Related Correlations Analysis
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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.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| XSP | 0.46 | 0.10 | 0.04 | 0.40 | 0.40 | 1.13 | 3.86 | |||
| XIT | 1.08 | 0.35 | 0.28 | 0.59 | 0.72 | 2.88 | 9.22 | |||
| ZQQ | 0.70 | 0.16 | 0.10 | 0.43 | 0.64 | 1.85 | 5.25 | |||
| VSP | 0.46 | 0.10 | 0.05 | 0.40 | 0.36 | 1.13 | 3.86 | |||
| VFV | 0.46 | 0.18 | 0.15 | 0.66 | 0.15 | 1.17 | 4.34 |
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