Invesco European Correlations

AEDAX Fund

USD 32.59 0.09 0.28%

The current 90-days correlation between Invesco European Growth and Ms Global Fixed is 0.41 (i.e., Very weak diversification). The correlation of Invesco European 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 European Correlation With Market

Modest diversification

The correlation between Invesco European Growth and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco European Growth and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Invesco European Growth. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Invesco Mutual Fund

0.94	AEDYX	Invesco European Growth	Pair Corr
0.94	AEDRX	Invesco European Growth	Pair Corr
0.94	AEGSX	Invesco European Growth	Pair Corr
0.69	GPBFX	Gmo E Plus	Pair Corr
0.73	CAT	Caterpillar Earnings Call This Week	Pair Corr
0.83	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.65	VZ	Verizon Communications	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.71	TRV	The Travelers Companies	Pair Corr
0.74	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr

Moving against Invesco Mutual Fund

0.67	PQTAX	Pimco Trends Managed	Pair Corr
0.67	PQTIX	Aa Pimco Tr	Pair Corr
0.66	PQTNX	Pimco Trends Managed	Pair Corr
0.53	GPMFX	Guidepath Managed Futures	Pair Corr
0.68	BA	Boeing	Pair Corr
0.31	PFE	Pfizer Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	MFIRX	ZGFIX	WRLDX	KGLCX	DBIWX	SMYIX	GMADX
MFIRX		0.79	-0.02	0.63	0.22	0.39	0.45	MFIRX
ZGFIX	0.79		0.33	0.71	0.29	0.72	0.6	ZGFIX
WRLDX	-0.02	0.33		0.27	0.62	0.81	0.46	WRLDX
KGLCX	0.63	0.71	0.27		-0.07	0.56	0.25	KGLCX
DBIWX	0.22	0.29	0.62	-0.07		0.54	0.63	DBIWX
SMYIX	0.39	0.72	0.81	0.56	0.54		0.63	SMYIX
GMADX	0.45	0.6	0.46	0.25	0.63	0.63		GMADX
	MFIRX	ZGFIX	WRLDX	KGLCX	DBIWX	SMYIX	GMADX

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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

SMYIX	+ 0.81	WRLDX
ZGFIX	+ 0.79	MFIRX
SMYIX	+ 0.72	ZGFIX
KGLCX	+ 0.71	ZGFIX
KGLCX	+ 0.63	MFIRX
GMADX	+ 0.63	DBIWX

High negative correlations

DBIWX	- 0.07	KGLCX
WRLDX	- 0.02	MFIRX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco European 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 European'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
MFIRX	0.10	0.01	(0.32)	0.44	0.00	(0.23)	0.19	(0.19)	0.77
ZGFIX	0.43	0.05	(0.04)	0.33	0.64	(0.44)	0.92	(0.92)	3.69
WRLDX	0.53	(0.03)	0.00	(0.11)	0.00	0.00	0.91	(1.29)	4.44
KGLCX	1.27	0.27	0.12	2.83	1.32	(1.48)	3.00	(2.32)	8.75
DBIWX	0.25	(0.01)	(0.21)	(0.69)	0.38	(0.25)	0.49	(0.69)	1.86
SMYIX	0.65	(0.01)	(0.04)	0.08	1.06	(0.61)	1.48	(1.35)	4.86
GMADX	0.63	0.01	(0.04)	0.12	1.21	(0.64)	1.17	(1.28)	11.02

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