Invesco SP Correlations

RSPM Etf

32.29 0.29 0.89%

The current 90-days correlation between Invesco SP 500 and American Beacon Select is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco SP 500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Invesco SP Correlation With Market

Poor diversification

The correlation between Invesco SP 500 and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco SP 500 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 SP 500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Invesco Etf

0.72	XLB	Materials Select Sector	Pair Corr
0.82	VAW	Vanguard Materials Index	Pair Corr
0.81	XME	SPDR SP Metals	Pair Corr
0.89	PHO	Invesco Water Resources	Pair Corr
0.98	FXZ	First Trust Materials	Pair Corr
0.89	FIW	First Trust Water	Pair Corr
0.66	URNM	Sprott Uranium Miners	Pair Corr
0.81	VTI	Vanguard Total Stock	Pair Corr
0.78	SPY	SPDR SP 500	Pair Corr
0.79	IVV	iShares Core SP	Pair Corr
0.71	VUG	Vanguard Growth Index	Pair Corr
0.87	VO	Vanguard Mid Cap	Pair Corr
0.66	MSFT	Microsoft	Pair Corr
0.77	AXP	American Express	Pair Corr
0.81	CAT	Caterpillar	Pair Corr
0.61	HPQ	HP Inc	Pair Corr
0.77	BAC	Bank of America Aggressive Push	Pair Corr
0.85	HD	Home Depot	Pair Corr

Moving against Invesco Etf

0.34	BND	Vanguard Total Bond	Pair Corr
0.43	KO	Coca Cola	Pair Corr
0.41	MCD	McDonalds	Pair Corr
0.34	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	MGNR	DUST	NANR	NRES	NUGT	WOOD	FMAT	CUT	FXZ
MGNR		-0.19	0.74	0.57	0.2	0.54	0.69	0.63	0.79	MGNR
DUST	-0.19		-0.68	-0.86	-0.99	-0.56	-0.39	-0.27	-0.03	DUST
NANR	0.74	-0.68		0.94	0.67	0.71	0.75	0.65	0.65	NANR
NRES	0.57	-0.86	0.94		0.84	0.76	0.69	0.6	0.47	NRES
NUGT	0.2	-0.99	0.67	0.84		0.52	0.36	0.22	0.0	NUGT
WOOD	0.54	-0.56	0.71	0.76	0.52		0.88	0.92	0.69	WOOD
FMAT	0.69	-0.39	0.75	0.69	0.36	0.88		0.92	0.87	FMAT
CUT	0.63	-0.27	0.65	0.6	0.22	0.92	0.92		0.85	CUT
FXZ	0.79	-0.03	0.65	0.47	0.0	0.69	0.87	0.85		FXZ
	MGNR	DUST	NANR	NRES	NUGT	WOOD	FMAT	CUT	FXZ

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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

NRES	+ 0.94	NANR
CUT	+ 0.92	WOOD
CUT	+ 0.92	FMAT
FMAT	+ 0.88	WOOD
FXZ	+ 0.87	FMAT
FXZ	+ 0.85	CUT

High negative correlations

NUGT	- 0.99	DUST
NRES	- 0.86	DUST
NANR	- 0.68	DUST
WOOD	- 0.56	DUST
FMAT	- 0.39	DUST
CUT	- 0.27	DUST

Invesco SP Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco SP 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 SP'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
MGNR	1.26	0.04	0.00	(0.03)	0.00	0.00	2.40	(3.88)	8.45
DUST	2.86	(0.53)	0.00	0.51	0.00	0.00	6.76	(6.28)	17.11
NANR	0.87	0.06	0.06	0.01	1.27	(0.78)	1.53	(1.97)	4.98
NRES	0.83	0.08	0.09	0.05	1.09	(0.81)	1.54	(1.54)	4.90
NUGT	2.80	0.54	0.13	0.51	3.57	(2.75)	6.33	(6.88)	15.17
WOOD	0.79	0.00	0.00	(0.07)	0.00	0.00	2.08	(1.48)	4.74
FMAT	0.81	(0.02)	0.00	(0.10)	0.00	0.00	1.67	(1.94)	5.04
CUT	0.71	(0.03)	0.00	(0.12)	0.00	0.00	1.55	(1.45)	4.01
FXZ	0.98	(0.07)	0.00	(0.15)	0.00	0.00	1.88	(1.99)	6.14

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