Invesco Small Correlations

SMEAX Fund

USD 17.00 0.13 0.76%

The current 90-days correlation between Invesco Small Cap and Prudential Government Money is 0.06 (i.e., Significant diversification). The correlation of Invesco Small 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 Small Correlation With Market

Very poor diversification

The correlation between Invesco Small Cap and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Invesco Small Cap. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Invesco Mutual Fund

0.94	OARDX	Oppenheimer Rising	Pair Corr
0.76	AMHYX	Invesco High Yield	Pair Corr
0.77	HYIFX	Invesco High Yield	Pair Corr
0.78	HYINX	Invesco High Yield	Pair Corr
0.63	ILAAX	Invesco Income Allocation	Pair Corr
0.92	PXGGX	Invesco Select Risk	Pair Corr
0.9	OTFCX	Oppenheimer Target	Pair Corr
0.87	PXMQX	Invesco Select Risk	Pair Corr
0.86	PXMSX	Invesco Select Risk	Pair Corr
0.98	DIGGX	Invesco Discovery	Pair Corr
0.87	PXMMX	Invesco Select Risk	Pair Corr
0.92	PXQIX	Invesco Select Risk	Pair Corr
0.92	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.87	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.87	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPEX	Steelpath Select	Pair Corr
0.92	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.68	OSMCX	Oppenheimer International	Pair Corr
0.67	OSMAX	Oppenheimer International	Pair Corr
0.58	EMLDX	Invesco Emerging Markets	Pair Corr
0.51	OSICX	Oppenheimer Strategic	Pair Corr
0.67	INSLX	Aim International Mutual	Pair Corr
0.58	INGFX	Invesco Oppenheimer	Pair Corr
0.56	INDFX	Invesco International	Pair Corr
0.42	INBQX	Aim Investment Funds	Pair Corr

Related Correlations Analysis

	PBMXX	IMLXX	ICAXX	FRQXX	FLPXX	DSHXX	PRRXX
PBMXX		0.3	0.0	0.3	0.3	0.3	1.0	PBMXX
IMLXX	0.3		0.0	1.0	1.0	1.0	0.3	IMLXX
ICAXX	0.0	0.0		0.0	0.0	0.0	0.0	ICAXX
FRQXX	0.3	1.0	0.0		1.0	1.0	0.3	FRQXX
FLPXX	0.3	1.0	0.0	1.0		1.0	0.3	FLPXX
DSHXX	0.3	1.0	0.0	1.0	1.0		0.3	DSHXX
PRRXX	1.0	0.3	0.0	0.3	0.3	0.3		PRRXX
	PBMXX	IMLXX	ICAXX	FRQXX	FLPXX	DSHXX	PRRXX

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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

PRRXX	+ 1.0	PBMXX
FRQXX	+ 1.0	IMLXX
FLPXX	+ 1.0	IMLXX
DSHXX	+ 1.0	IMLXX
FLPXX	+ 1.0	FRQXX
DSHXX	+ 1.0	FRQXX

High negative correlations

PRRXX	- 0.0	ICAXX
DSHXX	- 0.0	ICAXX
FLPXX	- 0.0	ICAXX
FRQXX	- 0.0	ICAXX
ICAXX	- 0.0	IMLXX
ICAXX	- 0.0	PBMXX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Small Mutual Fund 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 Small'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	Treynor Ratio	Maximum Drawdown
PBMXX	0.03	0.00	0.47	1.01
IMLXX	0.03	0.01	(2.41)	1.01
ICAXX	0.00	0.00	0.00	0.00
FRQXX	0.03	0.01	(2.41)	1.01
FLPXX	0.03	0.01	(2.41)	1.01
DSHXX	0.03	0.01	(2.41)	1.01
PRRXX	0.03	0.00	0.47	1.01

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