Invesco Next Correlations

KNCT Etf

104.44 0.82 0.78%

The current 90-days correlation between Invesco Next Gen and Freedom Day Dividend is 0.72 (i.e., Poor diversification). The correlation of Invesco Next 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 Next Correlation With Market

Poor diversification

The correlation between Invesco Next Gen and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Next Gen and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Invesco Next Gen. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Invesco Etf

0.95	VGT	Vanguard Information	Pair Corr
0.97	XLK	Technology Select Sector	Pair Corr
0.95	IYW	iShares Technology ETF	Pair Corr
0.89	SMH	VanEck Semiconductor ETF	Pair Corr
0.93	CIBR	First Trust NASDAQ	Pair Corr
0.95	FTEC	Fidelity MSCI Information	Pair Corr
0.74	IGV	iShares Expanded Tech	Pair Corr
0.84	FDN	First Trust Dow	Pair Corr
0.95	IGM	iShares Expanded Tech	Pair Corr
0.61	DIG	ProShares Ultra Oil	Pair Corr
0.91	USD	ProShares Ultra Semi	Pair Corr
0.66	ATMP	Barclays ETN Select Low Volatility	Pair Corr
0.76	YCS	ProShares UltraShort Yen	Pair Corr
0.77	TBT	ProShares UltraShort	Pair Corr
0.92	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.67	BAC	Bank of America Aggressive Push	Pair Corr
0.72	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.89	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.87	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.64	T	ATT Inc Aggressive Push	Pair Corr
0.87	HPQ	HP Inc	Pair Corr
0.85	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against Invesco Etf

0.75	NRGU	Bank Of Montreal	Pair Corr
0.69	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.59	KO	Coca Cola Sell-off Trend	Pair Corr
0.38	PG	Procter Gamble	Pair Corr
0.38	PFE	Pfizer Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI
MBOX		0.27	0.3	-0.56	0.64	0.81	0.06	0.81	-0.31	MBOX
DIEM	0.27		0.9	-0.34	0.03	0.37	0.48	0.2	0.31	DIEM
MCHI	0.3	0.9		-0.56	0.29	0.54	0.09	0.4	-0.06	MCHI
DIPS	-0.56	-0.34	-0.56		-0.76	-0.86	0.39	-0.8	0.68	DIPS
DISO	0.64	0.03	0.29	-0.76		0.81	-0.57	0.87	-0.79	DISO
DIVB	0.81	0.37	0.54	-0.86	0.81		-0.21	0.96	-0.62	DIVB
DIVD	0.06	0.48	0.09	0.39	-0.57	-0.21		-0.29	0.86	DIVD
DIVG	0.81	0.2	0.4	-0.8	0.87	0.96	-0.29		-0.69	DIVG
DIVI	-0.31	0.31	-0.06	0.68	-0.79	-0.62	0.86	-0.69		DIVI
	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG	DIVI

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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

DIVG	+ 0.96	DIVB
MCHI	+ 0.9	DIEM
DIVG	+ 0.87	DISO
DIVI	+ 0.86	DIVD
DIVB	+ 0.81	MBOX
DIVG	+ 0.81	MBOX

High negative correlations

DIVB	- 0.86	DIPS
DIVG	- 0.8	DIPS
DIVI	- 0.79	DISO
DISO	- 0.76	DIPS
DIVI	- 0.69	DIVG
DIVI	- 0.62	DIVB

Invesco Next Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco Next 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 Next'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
MBOX	0.60	(0.05)	(0.08)	0.06	0.63	(0.71)	1.25	(1.29)	3.49
DIEM	0.84	(0.05)	(0.11)	(0.02)	1.15	(0.85)	1.97	(2.01)	7.08
MCHI	1.91	0.16	0.02	1.03	2.53	(2.15)	5.40	(3.25)	19.77
DIPS	1.55	(0.11)	0.00	0.27	0.00	0.00	2.54	(3.20)	13.88
DISO	0.81	0.18	0.11	0.59	0.73	(0.97)	1.67	(1.33)	7.68
DIVB	0.53	0.01	(0.02)	0.13	0.32	(0.67)	1.04	(0.81)	3.81
DIVD	0.49	(0.09)	0.00	(0.06)	0.00	0.00	0.91	(0.98)	2.20
DIVG	0.48	0.02	(0.04)	0.15	0.40	(0.53)	1.10	(0.86)	3.07
DIVI	0.63	(0.16)	0.00	(0.31)	0.00	0.00	1.02	(1.58)	3.95

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