Invesco Steelpath Correlations

SPNNX Fund

USD 5.82 0.02 0.34%

The current 90-days correlation between Invesco Steelpath Mlp and Msift High Yield is 0.04 (i.e., Significant 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

Modest diversification

The correlation between Invesco Steelpath Mlp and DJI is 0.21 (i.e., Modest 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 board of governors.

Moving together with Invesco Mutual Fund

0.71	OTFCX	Oppenheimer Target	Pair Corr
0.65	DIGGX	Invesco Discovery	Pair Corr
1.0	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.96	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.96	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.97	MLPEX	Steelpath Select	Pair Corr
0.96	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.4	OSMAX	Oppenheimer International	Pair Corr
0.4	OSMCX	Oppenheimer International	Pair Corr
0.32	OSICX	Oppenheimer Strategic	Pair Corr
0.49	EMLDX	Invesco Emerging Markets	Pair Corr
0.44	INDFX	Invesco International	Pair Corr
0.35	INBQX	Aim Investment Funds	Pair Corr
0.33	INGFX	Invesco Oppenheimer	Pair Corr

Related Correlations Analysis

	MRHYX	DMHIX	PKHIX	ACHFX	TYHYX
MRHYX		0.57	0.53	0.78	0.81	MRHYX
DMHIX	0.57		0.32	0.79	0.74	DMHIX
PKHIX	0.53	0.32		0.5	0.34	PKHIX
ACHFX	0.78	0.79	0.5		0.94	ACHFX
TYHYX	0.81	0.74	0.34	0.94		TYHYX
	MRHYX	DMHIX	PKHIX	ACHFX	TYHYX

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MRHYX	0.11	(0.01)	(0.05)	(0.30)	0.15	(0.13)	0.23	(0.24)	0.82
DMHIX	0.22	(0.03)	0.00	(0.55)	0.00	0.00	0.50	(0.49)	1.79
PKHIX	0.08	(0.01)	(0.03)	(0.44)	0.12	(0.17)	0.11	(0.22)	1.23
ACHFX	0.12	(0.02)	0.00	(0.74)	0.00	0.00	0.23	(0.23)	1.04
TYHYX	0.11	(0.02)	0.00	(1.10)	0.00	0.00	0.23	(0.34)	0.91

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