Invesco NASDAQ Correlations

EQJS Etf

3,388 4.25 0.13%

The current 90-days correlation between Invesco NASDAQ Next and Vanguard FTSE Developed is 0.52 (i.e., Very weak diversification). The correlation of Invesco NASDAQ 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 NASDAQ Correlation With Market

Very weak diversification

The correlation between Invesco NASDAQ Next and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco NASDAQ Next and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Invesco NASDAQ could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Invesco NASDAQ when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Invesco NASDAQ - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Invesco NASDAQ Next to buy it.

Moving together with Invesco Etf

0.67	VWCG	Vanguard FTSE Developed	Pair Corr
0.77	AAP2	Leverage Shares 2x	Pair Corr
0.71	1AMZ	LS 1x Amazon	Pair Corr
0.71	2GOO	Leverage Shares 2x	Pair Corr
0.71	HEMA	HSBC MSCI Emerging	Pair Corr
0.62	LDCU	PIMCO Low Duration	Pair Corr
0.72	GBPG	Goldman Sachs Access	Pair Corr
0.84	LALU	WisdomTree Aluminium	Pair Corr
0.75	CB5	Multi Units Luxembourg	Pair Corr
0.85	N4US	Invesco JPX Nikkei	Pair Corr
0.7	QCLU	First Trust Nasdaq	Pair Corr
0.64	AT1P	Invesco AT1 Capital	Pair Corr
0.78	FEMD	Fidelity Emerging Markets	Pair Corr
0.84	BBCS	JPMORGAN ETFS ICAV	Pair Corr
0.75	JMBA	JPMorgan ETFs ICAV	Pair Corr
0.83	HKOR	HSBC MSCI KOREA	Pair Corr
0.9	JUKC	JPMorgan ETFs ICAV	Pair Corr
0.95	FEXD	First Trust Large	Pair Corr
0.82	CMCG	Invesco Bloomberg	Pair Corr
0.89	BATG	LG Battery Value	Pair Corr
0.8	ISDU	iShares MSCI USA	Pair Corr
0.86	HMWA	HSBC MSCI World	Pair Corr
0.91	PSRF	Invesco Markets III	Pair Corr
0.79	ISUN	Invesco Solar Energy	Pair Corr
0.72	MIST	PIMCO Dollar Short	Pair Corr
0.77	FRQX	Franklin LibertyQ	Pair Corr
0.83	IWVL	iShares Edge MSCI	Pair Corr

Related Correlations Analysis

	VWCG	AAP2	AASG	AASU	1AMZ	2GOO	2AMD
VWCG		0.44	0.07	0.33	0.15	0.45	0.04	VWCG
AAP2	0.44		0.38	0.19	0.57	0.9	0.13	AAP2
AASG	0.07	0.38		0.82	0.73	0.19	0.87	AASG
AASU	0.33	0.19	0.82		0.51	0.0	0.79	AASU
1AMZ	0.15	0.57	0.73	0.51		0.42	0.49	1AMZ
2GOO	0.45	0.9	0.19	0.0	0.42		-0.01	2GOO
2AMD	0.04	0.13	0.87	0.79	0.49	-0.01		2AMD
	VWCG	AAP2	AASG	AASU	1AMZ	2GOO	2AMD

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

2GOO	+ 0.9	AAP2
2AMD	+ 0.87	AASG
AASU	+ 0.82	AASG
2AMD	+ 0.79	AASU
1AMZ	+ 0.73	AASG
1AMZ	+ 0.57	AAP2

High negative correlations

2AMD	- 0.01	2GOO
2GOO	- 0.0	AASU

Invesco NASDAQ Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco NASDAQ 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 NASDAQ'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
VWCG	0.55	0.07	0.03	0.23	0.54	(0.64)	1.25	(0.96)	3.61
AAP2	1.66	0.08	0.06	0.13	2.02	(1.77)	3.01	(4.25)	15.92
AASG	0.78	0.03	(0.04)	0.53	1.03	(0.78)	1.50	(1.75)	5.19
AASU	0.80	0.00	(0.03)	0.08	0.94	(0.85)	1.90	(1.47)	4.66
1AMZ	1.33	0.02	0.00	0.10	1.39	(1.51)	2.84	(2.26)	11.33
2GOO	2.90	0.61	0.18	0.60	3.00	(3.18)	6.78	(4.90)	16.77
2AMD	6.08	0.82	0.13	0.39	6.24	(7.23)	14.99	(11.64)	65.48

Be your own money manager

Our tools can tell you how much better you can do entering a position in Invesco NASDAQ without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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