Invesco Municipal Correlations

VMICX Fund

USD 11.75 0.03 0.25%

The correlation of Invesco Municipal 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 Municipal Correlation With Market

Significant diversification

The correlation between Invesco Municipal Income and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Municipal Income 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 Municipal Income. 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 main economic indicators.

Moving together with Invesco Mutual Fund

0.89	VMINX	Invesco Municipal Income	Pair Corr
0.99	VMIIX	Invesco Municipal Income	Pair Corr
0.76	AMHYX	Invesco High Yield	Pair Corr
0.96	OCACX	Oppenheimer Roc Ca	Pair Corr
0.65	PIFFX	Invesco Multi Asset	Pair Corr
0.94	IOMUX	Invesco Environmental	Pair Corr
0.98	IORYX	Aim Taxexempt Funds	Pair Corr
0.75	IARIX	Invesco Real Estate	Pair Corr
0.75	REINX	Invesco Real Estate	Pair Corr
0.78	OLCAX	Oppenheimer Rochester	Pair Corr
0.99	ONJAX	Oppenheimer Rochester	Pair Corr

Related Correlations Analysis

	IBVIX	VMICX	VMIBX	VMINX	VMIIX	IBVYX	GLALX	OARDX	AMHYX
IBVIX		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	IBVIX
VMICX	0.0		0.0	0.89	0.99	0.0	0.65	0.3	0.76	VMICX
VMIBX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	VMIBX
VMINX	0.0	0.89	0.0		0.9	0.0	0.56	0.14	0.73	VMINX
VMIIX	0.0	0.99	0.0	0.9		0.0	0.67	0.25	0.81	VMIIX
IBVYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	IBVYX
GLALX	0.0	0.65	0.0	0.56	0.67	0.0		0.63	0.82	GLALX
OARDX	0.0	0.3	0.0	0.14	0.25	0.0	0.63		0.3	OARDX
AMHYX	0.0	0.76	0.0	0.73	0.81	0.0	0.82	0.3		AMHYX
	IBVIX	VMICX	VMIBX	VMINX	VMIIX	IBVYX	GLALX	OARDX	AMHYX

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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

VMIIX	+ 0.99	VMICX
VMIIX	+ 0.9	VMINX
VMINX	+ 0.89	VMICX
AMHYX	+ 0.82	GLALX
AMHYX	+ 0.81	VMIIX
AMHYX	+ 0.76	VMICX

High negative correlations

AMHYX	- 0.0	IBVYX
OARDX	- 0.0	IBVYX
GLALX	- 0.0	IBVYX
IBVYX	- 0.0	VMIIX
IBVYX	- 0.0	VMINX
AMHYX	- 0.0	VMIBX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Municipal 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 Municipal'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
IBVIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VMICX	0.20	(0.03)	0.00	(1.04)	0.00	0.00	0.34	(0.51)	1.27
VMIBX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VMINX	0.19	(0.02)	0.00	0.66	0.00	0.00	0.42	(0.50)	1.26
VMIIX	0.20	(0.02)	0.00	(0.76)	0.00	0.00	0.34	(0.50)	1.26
IBVYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GLALX	0.44	(0.01)	(0.02)	(0.02)	0.65	(0.43)	0.76	(1.00)	2.52
OARDX	0.73	(0.04)	0.00	(0.05)	0.00	0.00	1.27	(1.57)	3.98
AMHYX	0.18	0.00	0.00	0.02	0.15	(0.37)	0.56	(0.29)	1.43

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