Invesco SP Correlations

PSCE Etf

USD 48.87 0.43 0.87%

The current 90-days correlation between Invesco SP SmallCap and Xtrackers MSCI EAFE is -0.23 (i.e., Very good diversification). The correlation of Invesco SP 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.

Invesco SP Correlation With Market

Poor diversification

The correlation between Invesco SP SmallCap and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco SP SmallCap and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Invesco Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco SP 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 unemployment.

Moving together with Invesco Etf

0.95	XLE	Energy Select Sector Aggressive Push	Pair Corr
0.96	VDE	Vanguard Energy Index	Pair Corr
0.67	XOP	SPDR SP Oil	Pair Corr
0.97	OIH	VanEck Oil Services	Pair Corr
0.95	IYE	iShares Energy ETF	Pair Corr
0.93	IXC	iShares Global Energy	Pair Corr
0.91	FXN	First Trust Energy	Pair Corr
0.96	FENY	Fidelity MSCI Energy	Pair Corr
0.94	FTXN	First Trust Nasdaq	Pair Corr
0.71	IEO	iShares Oil Gas	Pair Corr
0.72	CPST	Calamos ETF Trust	Pair Corr
0.79	ITDD	iShares Trust	Pair Corr
0.89	EIPX	First Trust Exchange	Pair Corr
0.71	JNJ	Johnson Johnson	Pair Corr
0.7	AA	Alcoa Corp	Pair Corr
0.72	WMT	Walmart Common Stock	Pair Corr
0.86	CAT	Caterpillar Earnings Call Today	Pair Corr
0.69	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.84	INTC	Intel Upward Rally	Pair Corr
0.68	DD	Dupont De Nemours	Pair Corr
0.82	CVX	Chevron Corp Earnings Call Tomorrow	Pair Corr

Moving against Invesco Etf

0.61

MPAY

Exchange Traded Concepts

Pair Corr

Related Correlations Analysis

	SPVM	EIRL	FCA	PSCC	OAEM	PAMC	KTEC	MKOR	FEDM	EASG
SPVM		0.94	0.57	0.49	0.76	0.89	-0.38	0.7	0.91	0.81	SPVM
EIRL	0.94		0.47	0.39	0.67	0.77	-0.47	0.6	0.84	0.77	EIRL
FCA	0.57	0.47		0.53	0.89	0.66	0.2	0.9	0.76	0.81	FCA
PSCC	0.49	0.39	0.53		0.58	0.57	0.07	0.59	0.56	0.57	PSCC
OAEM	0.76	0.67	0.89	0.58		0.83	0.09	0.99	0.9	0.95	OAEM
PAMC	0.89	0.77	0.66	0.57	0.83		-0.05	0.78	0.89	0.85	PAMC
KTEC	-0.38	-0.47	0.2	0.07	0.09	-0.05		0.12	-0.09	0.09	KTEC
MKOR	0.7	0.6	0.9	0.59	0.99	0.78	0.12		0.85	0.91	MKOR
FEDM	0.91	0.84	0.76	0.56	0.9	0.89	-0.09	0.85		0.94	FEDM
EASG	0.81	0.77	0.81	0.57	0.95	0.85	0.09	0.91	0.94		EASG
	SPVM	EIRL	FCA	PSCC	OAEM	PAMC	KTEC	MKOR	FEDM	EASG

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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

MKOR	+ 0.99	OAEM
EASG	+ 0.95	OAEM
EIRL	+ 0.94	SPVM
EASG	+ 0.94	FEDM
FEDM	+ 0.91	SPVM
EASG	+ 0.91	MKOR

High negative correlations

KTEC	- 0.47	EIRL
KTEC	- 0.38	SPVM
FEDM	- 0.09	KTEC
KTEC	- 0.05	PAMC

Invesco SP Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco SP 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 SP'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
SPVM	0.56	0.05	0.05	0.13	0.48	(0.66)	1.35	(1.03)	3.00
EIRL	0.67	0.17	0.15	1.65	0.50	(0.79)	1.83	(1.14)	4.11
FCA	0.95	0.19	0.12	0.52	0.98	(1.00)	1.93	(1.92)	5.55
PSCC	0.74	0.00	(0.04)	0.06	0.74	(0.85)	1.70	(1.13)	3.66
OAEM	0.72	0.27	0.23	1.19	0.60	(0.80)	2.05	(1.35)	3.76
PAMC	0.95	0.00	0.01	0.07	1.15	(0.98)	2.05	(2.10)	5.73
KTEC	1.20	(0.07)	0.00	(0.11)	0.00	0.00	2.28	(2.38)	7.87
MKOR	1.31	0.44	0.28	1.43	1.07	(1.57)	3.95	(2.04)	6.50
FEDM	0.70	0.08	0.07	0.19	0.73	(0.76)	1.66	(1.35)	5.39
EASG	0.62	0.11	0.06	1.09	0.67	(0.67)	1.35	(1.25)	3.16

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