Invesco Canadian Correlations

PDC Etf

CAD 35.05 0.11 0.31%

The current 90-days correlation between Invesco Canadian Dividend and Invesco SP International is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco Canadian Dividend moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Invesco Canadian Correlation With Market

Average diversification

The correlation between Invesco Canadian Dividend and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Canadian Dividend and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Invesco Canadian 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 Canadian 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 Canadian - 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 Canadian Dividend to buy it.

Moving together with Invesco Etf

0.99	ZWC	BMO Canadian High	Pair Corr
0.99	XDV	iShares Canadian Select	Pair Corr
0.99	CDZ	iShares SPTSX Canadian	Pair Corr
0.99	XEI	iShares SPTSX Composite	Pair Corr
0.99	VDY	Vanguard FTSE Canadian	Pair Corr
0.99	ZDV	BMO Canadian Dividend	Pair Corr
0.94	CDIV	Manulife Smart Dividend	Pair Corr
0.98	HXH	Global X Canadian	Pair Corr
0.85	XIT	iShares SPTSX Capped	Pair Corr
0.83	HOG	Global X Pipelines	Pair Corr

Moving against Invesco Etf

0.42

HED

BetaPro SPTSX Capped

Pair Corr

Related Correlations Analysis

	IIAE	PXU-F	QQJE	IITE	EQL-U	QQEQ	ISTE	PSB	PZW-F
IIAE		-0.05	0.04	0.56	0.01	-0.15	-0.6	0.47	0.03	IIAE
PXU-F	-0.05		0.89	0.52	0.96	0.93	0.53	0.5	0.71	PXU-F
QQJE	0.04	0.89		0.6	0.85	0.88	0.43	0.59	0.78	QQJE
IITE	0.56	0.52	0.6		0.56	0.41	-0.07	0.63	0.61	IITE
EQL-U	0.01	0.96	0.85	0.56		0.92	0.49	0.57	0.7	EQL-U
QQEQ	-0.15	0.93	0.88	0.41	0.92		0.55	0.42	0.73	QQEQ
ISTE	-0.6	0.53	0.43	-0.07	0.49	0.55		0.14	0.31	ISTE
PSB	0.47	0.5	0.59	0.63	0.57	0.42	0.14		0.37	PSB
PZW-F	0.03	0.71	0.78	0.61	0.7	0.73	0.31	0.37		PZW-F
	IIAE	PXU-F	QQJE	IITE	EQL-U	QQEQ	ISTE	PSB	PZW-F

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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

EQL-U	+ 0.96	PXU-F
QQEQ	+ 0.93	PXU-F
QQEQ	+ 0.92	EQL-U
QQJE	+ 0.89	PXU-F
QQEQ	+ 0.88	QQJE
EQL-U	+ 0.85	QQJE

High negative correlations

ISTE	- 0.6	IIAE
QQEQ	- 0.15	IIAE
ISTE	- 0.07	IITE
PXU-F	- 0.05	IIAE

Invesco Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco Canadian 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 Canadian'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
IIAE	0.20	0.00	0.00	0.13	0.00	0.00	0.69	(0.57)	5.05
PXU-F	0.54	0.10	(0.02)	1.00	0.41	(0.69)	1.04	(0.97)	4.43
QQJE	0.46	0.10	(0.01)	1.77	0.35	(1.64)	1.95	(1.05)	5.22
IITE	0.27	0.04	0.00	(0.72)	0.00	0.00	0.53	(0.87)	7.59
EQL-U	0.51	0.10	0.01	0.73	0.34	(0.64)	1.20	(0.83)	4.24
QQEQ	0.67	0.11	0.02	0.77	0.59	(0.90)	1.80	(1.30)	6.18
ISTE	0.34	0.16	0.00	(0.92)	0.00	0.00	0.00	0.00	12.55
PSB	0.15	0.01	(0.57)	0.69	0.08	(0.18)	0.28	(0.28)	0.85
PZW-F	0.25	0.10	0.00	(2.54)	0.00	0.00	0.00	0.00	6.31

Be your own money manager

Our tools can tell you how much better you can do entering a position in Invesco Canadian 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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