Invesco Developing Correlations

GTDYX Fund

USD 33.56 0.15 0.45%

The current 90-days correlation between Invesco Developing and Invesco Municipal Income is 0.01 (i.e., Significant diversification). The correlation of Invesco Developing 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 Developing Correlation With Market

Modest diversification

The correlation between Invesco Developing Markets and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Developing Markets and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Invesco Developing Markets. 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 manufacturing.

Moving together with Invesco Mutual Fund

0.73	BRCRX	Invesco Balanced Risk	Pair Corr
0.68	BRCNX	Invesco Balanced Risk	Pair Corr
0.74	BRCCX	Invesco Balanced Risk	Pair Corr
0.72	BRCAX	Invesco Balanced Risk	Pair Corr

Moving against Invesco Mutual Fund

0.32	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.4	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.4	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.4	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.4	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.32	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.31	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.31	MLPEX	Steelpath Select	Pair Corr

Related Correlations Analysis

	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX
VMICX		0.99	0.88	-0.15	0.22	0.68	0.49	0.48	0.21	0.19	VMICX
VMINX	0.99		0.88	-0.08	0.3	0.6	0.39	0.39	0.29	0.26	VMINX
VMIIX	0.88	0.88		-0.06	0.29	0.58	0.38	0.38	0.29	0.27	VMIIX
OARDX	-0.15	-0.08	-0.06		0.8	-0.57	-0.67	-0.67	0.8	0.8	OARDX
AMHYX	0.22	0.3	0.29	0.8		-0.26	-0.46	-0.47	0.98	0.97	AMHYX
OSICX	0.68	0.6	0.58	-0.57	-0.26		0.91	0.91	-0.26	-0.26	OSICX
OSMAX	0.49	0.39	0.38	-0.67	-0.46	0.91		1.0	-0.47	-0.46	OSMAX
OSMCX	0.48	0.39	0.38	-0.67	-0.47	0.91	1.0		-0.47	-0.47	OSMCX
HYIFX	0.21	0.29	0.29	0.8	0.98	-0.26	-0.47	-0.47		0.99	HYIFX
HYINX	0.19	0.26	0.27	0.8	0.97	-0.26	-0.46	-0.47	0.99		HYINX
	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX

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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

OSMCX	+ 1.0	OSMAX
VMINX	+ 0.99	VMICX
HYINX	+ 0.99	HYIFX
HYIFX	+ 0.98	AMHYX
HYINX	+ 0.97	AMHYX
OSMAX	+ 0.91	OSICX

High negative correlations

OSMCX	- 0.67	OARDX
OSMAX	- 0.67	OARDX
OSICX	- 0.57	OARDX
HYINX	- 0.47	OSMCX
HYIFX	- 0.47	OSMCX
HYIFX	- 0.47	OSMAX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Developing 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 Developing'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
VMICX	0.17	0.01	(0.24)	0.24	0.21	(0.22)	0.33	(0.41)	1.59
VMINX	0.16	0.01	(0.20)	0.50	0.21	(0.21)	0.42	(0.33)	1.58
VMIIX	0.17	0.02	(0.21)	(0.11)	0.23	(0.21)	0.33	(0.41)	1.58
OARDX	0.46	0.00	(0.05)	0.10	0.51	(0.48)	1.00	(0.93)	3.01
AMHYX	0.13	0.03	(0.27)	(2.76)	0.00	(0.32)	0.28	(0.28)	0.85
OSICX	0.20	(0.03)	0.00	(0.25)	0.00	0.00	0.33	(0.64)	1.58
OSMAX	0.63	(0.16)	0.00	(0.20)	0.00	0.00	1.14	(1.21)	3.83
OSMCX	0.63	(0.16)	0.00	(0.21)	0.00	0.00	1.13	(1.21)	3.86
HYIFX	0.13	0.02	(0.27)	1.83	0.00	(0.32)	0.28	(0.28)	0.85
HYINX	0.14	0.02	(0.27)	5.79	0.00	(0.32)	0.28	(0.28)	0.85

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