Invesco DWA Correlations

Etfs . USA . 
Etf . Invesco DWA SmallCap
DWAS Etf  USD 102.69  2.00  1.99%   
The current 90-days correlation between Invesco DWA SmallCap and Invesco DWA Momentum is 0.87 (i.e., Very poor diversification). The correlation of Invesco DWA 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 DWA Correlation With Market

Very poor diversification

The correlation between Invesco DWA SmallCap 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 DWA SmallCap 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 DWA SmallCap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Invesco Etf

  0.98VBK Vanguard Small CapPairCorr
  0.99IWO iShares Russell 2000PairCorr
  0.98IJT iShares SP SmallPairCorr
  0.98SLYG SPDR SP 600PairCorr
  0.99JKK iShares MorningstarPairCorr
  0.99VTWG Vanguard Russell 2000PairCorr
  0.99VRTGX Vanguard Russell 2000PairCorr
  0.98VIOG Vanguard SP SmallPairCorr
  0.89SHLD Global X FundsPairCorr
  0.91WINN Harbor Long TermPairCorr
  0.86BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.78HPQ HP IncPairCorr
  0.86CSCO Cisco Systems Aggressive PushPairCorr
  0.82AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.79WMT Walmart Aggressive PushPairCorr
  0.64HD Home DepotPairCorr
  0.7CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.91AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.61XOM Exxon Mobil Corp Sell-off TrendPairCorr
  0.79DIS Walt DisneyPairCorr

Moving against Invesco Etf

  0.89FNGD MicroSectors FANG IndexPairCorr
  0.4HUM Humana Inc Fiscal Year End 23rd of January 2025 PairCorr
  0.74KO Coca Cola Aggressive PushPairCorr
  0.68PFE Pfizer Inc Aggressive PushPairCorr
  0.59BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.42PG Procter GamblePairCorr

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   
FYX
+ 0.98
FYC
FYC
+ 0.97
PDP
FYX
+ 0.94
PDP
PIE
+ 0.67
PIZ
PIZ
+ 0.6
PDP
FYC
+ 0.56
PIZ
  
High negative correlations   
FYX
- 0.09
PIE
FYC
- 0.08
PIE
PIE
- 0.04
PDP

Invesco DWA Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco DWA ETF 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 DWA'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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