Invesco Discovery Correlations

DIGGX Fund

USD 112.46 2.34 2.12%

The current 90-days correlation between Invesco Discovery and Short Oil Gas is -0.07 (i.e., Good diversification). The correlation of Invesco Discovery 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 Discovery Correlation With Market

Very poor diversification

The correlation between Invesco Discovery and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Discovery and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Invesco Discovery. 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 price.

Moving together with Invesco Mutual Fund

0.91	OARDX	Oppenheimer Rising	Pair Corr
0.73	AMHYX	Invesco High Yield	Pair Corr
0.74	HYIFX	Invesco High Yield	Pair Corr
0.74	HYINX	Invesco High Yield	Pair Corr
0.67	ILAAX	Invesco Income Allocation	Pair Corr
0.61	BRCNX	Invesco Balanced Risk	Pair Corr
0.63	BRCCX	Invesco Balanced Risk	Pair Corr
0.61	BRCAX	Invesco Balanced Risk	Pair Corr
0.64	BRCYX	Invesco Balanced Risk	Pair Corr
0.91	PXGGX	Invesco Select Risk	Pair Corr
0.96	OTFCX	Oppenheimer Target	Pair Corr
0.84	PXMQX	Invesco Select Risk	Pair Corr
0.84	PXMSX	Invesco Select Risk	Pair Corr
0.84	PXMMX	Invesco Select Risk	Pair Corr
0.9	PXQIX	Invesco Select Risk	Pair Corr
0.9	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.78	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.87	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.88	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.9	MLPEX	Steelpath Select	Pair Corr
0.86	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.57	OSMAX	Oppenheimer International	Pair Corr
0.57	OSMCX	Oppenheimer International	Pair Corr
0.39	OSICX	Oppenheimer Strategic	Pair Corr
0.46	EMLDX	Invesco Emerging Markets	Pair Corr
0.45	INGFX	Invesco Oppenheimer	Pair Corr
0.35	INDFX	Invesco International	Pair Corr
0.32	INBQX	Aim Investment Funds	Pair Corr

Related Correlations Analysis

	SNPIX	XGNTX	SBMBX	DLDCX	XNDPX	GRHAX	ALTEX	XEMOX
SNPIX		-0.06	-0.73	-0.84	-0.93	-0.64	0.22	-0.79	SNPIX
XGNTX	-0.06		0.64	0.5	-0.04	0.58	0.56	-0.15	XGNTX
SBMBX	-0.73	0.64		0.94	0.55	0.68	0.37	0.33	SBMBX
DLDCX	-0.84	0.5	0.94		0.75	0.81	0.19	0.56	DLDCX
XNDPX	-0.93	-0.04	0.55	0.75		0.72	-0.39	0.92	XNDPX
GRHAX	-0.64	0.58	0.68	0.81	0.72		-0.04	0.63	GRHAX
ALTEX	0.22	0.56	0.37	0.19	-0.39	-0.04		-0.52	ALTEX
XEMOX	-0.79	-0.15	0.33	0.56	0.92	0.63	-0.52		XEMOX
	SNPIX	XGNTX	SBMBX	DLDCX	XNDPX	GRHAX	ALTEX	XEMOX

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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

DLDCX	+ 0.94	SBMBX
XEMOX	+ 0.92	XNDPX
GRHAX	+ 0.81	DLDCX
XNDPX	+ 0.75	DLDCX
GRHAX	+ 0.72	XNDPX
GRHAX	+ 0.68	SBMBX

High negative correlations

XNDPX	- 0.93	SNPIX
DLDCX	- 0.84	SNPIX
XEMOX	- 0.79	SNPIX
SBMBX	- 0.73	SNPIX
GRHAX	- 0.64	SNPIX
XEMOX	- 0.52	ALTEX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Discovery 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 Discovery'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
SNPIX	0.94	(0.08)	0.00	(1.24)	0.00	0.00	2.48	(1.71)	6.81
XGNTX	0.55	(0.03)	0.00	(7.70)	0.00	0.00	1.23	(1.26)	3.30
SBMBX	0.76	0.00	(0.08)	0.09	1.11	(0.72)	1.43	(1.63)	4.41
DLDCX	0.94	0.04	(0.04)	(0.43)	1.33	(0.92)	2.08	(2.05)	6.37
XNDPX	0.89	0.16	0.05	(3.94)	1.11	(0.89)	1.82	(2.33)	4.96
GRHAX	1.11	0.13	0.02	(1.45)	1.37	(1.14)	2.55	(1.95)	8.81
ALTEX	1.36	(0.20)	0.00	(0.09)	0.00	0.00	2.83	(2.74)	9.14
XEMOX	0.72	0.17	0.10	2.91	0.62	(0.83)	1.62	(1.31)	4.31

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