Invesco Steelpath Correlations

Mutual Funds USA . 
Fund . Invesco Steelpath Mlp
SPMPX Fund  USD 6.48  0.07  1.07%   
The current 90-days correlation between Invesco Steelpath Mlp and Invesco Energy Fund is 0.62 (i.e., Poor diversification). The correlation of Invesco Steelpath 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 Steelpath Correlation With Market

Weak diversification

The correlation between Invesco Steelpath Mlp and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Steelpath Mlp 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 Steelpath Mlp. 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 american community survey.

Moving together with Invesco Mutual Fund

  0.64OSICX Oppenheimer StrategicPairCorr
  0.81BRCYX Invesco Balanced Risk Potential GrowthPairCorr
  0.99MLPFX Oppenheimer Steelpath MlpPairCorr
  1.0MLPMX Oppenheimer Steelpath MlpPairCorr
  0.66SCCUX Invesco Low VolatilityPairCorr
  0.75FSTEX Invesco EnergyPairCorr
  0.72IOGYX Invesco Gold SpecialPairCorr
  0.72OGMCX Oppenheimer Gold SpecialPairCorr

Moving against Invesco Mutual Fund

  0.32ASIYX Invesco Asia PacificPairCorr

Related Correlations Analysis

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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   
PEO
+ 0.97
IEFCX
SMAPX
+ 0.81
IEFCX
SMAPX
+ 0.79
APWEX
SMAPX
+ 0.79
PEO
APWEX
+ 0.75
IEFCX
XGNTX
+ 0.74
IEFCX
  
High negative correlations   
SNPIX
- 0.96
IEFCX
SNPIX
- 0.95
PEO
SNPIX
- 0.7
SMAPX
SNPIX
- 0.68
XGNTX
SNPIX
- 0.68
APWEX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Steelpath 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 Steelpath'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.

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