Invesco SP Correlations

PSCT Etf

USD 64.01 1.17 1.86%

The current 90-days correlation between Invesco SP SmallCap and iShares Core SP is 0.73 (i.e., Poor 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Invesco SP Correlation With Market

Almost no diversification

The correlation between Invesco SP SmallCap and DJI is 0.9 (i.e., Almost no 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 services.

Moving together with Invesco Etf

0.93	SMH	VanEck Semiconductor ETF	Pair Corr
0.93	SOXX	iShares Semiconductor ETF	Pair Corr
0.96	ITWO	Proshares Russell 2000	Pair Corr
0.7	ELON	Battleshares TSLA	Pair Corr
0.89	CPST	Calamos ETF Trust	Pair Corr
0.81	BSMS	Invesco BulletShares 2028	Pair Corr
0.8	UAUG	Innovator Equity Ultra	Pair Corr
0.83	UEVM	VictoryShares Emerging	Pair Corr
0.85	PID	Invesco International	Pair Corr
0.83	DXJ	WisdomTree Japan Hedged	Pair Corr
0.8	BDEC	Innovator SP 500	Pair Corr
0.8	TAXT	Northern Trust Tax	Pair Corr
0.84	AUMI	Themes Gold Miners	Pair Corr
0.84	DFIC	Dimensional International	Pair Corr
0.91	KNGZ	First Trust Exchange	Pair Corr
0.77	NDIV	Amplify ETF Trust	Pair Corr
0.78	LALT	Invesco Multi Strategy	Pair Corr
0.94	FNDA	Schwab Fundamental Small	Pair Corr
0.88	PSMR	Pacer Swan SOS	Pair Corr
0.85	NAPR	Innovator Nasdaq 100	Pair Corr
0.83	SPDV	AAM SP 500	Pair Corr
0.88	IDRV	iShares Self Driving	Pair Corr
0.91	ETHO	Amplify Etho Climate	Pair Corr
0.9	FNK	First Trust Mid	Pair Corr
0.8	DVYE	iShares Emerging Markets	Pair Corr
0.79	GOCT	FT Cboe Vest	Pair Corr
0.84	FEM	First Trust Emerging	Pair Corr
0.89	QTAP	Innovator Growth 100	Pair Corr
0.72	ERET	iShares Environmentally	Pair Corr
0.77	EMIF	iShares Emerging Markets	Pair Corr

Moving against Invesco Etf

0.58	MPAY	Exchange Traded Concepts	Pair Corr
0.57	IGV	iShares Expanded Tech	Pair Corr
0.51	CIBR	First Trust NASDAQ	Pair Corr
0.45	FDN	First Trust Dow	Pair Corr
0.68	ENTR	EntrepreneurShares	Pair Corr

Related Correlations Analysis

	IWY	IWS	IWV	IWP	DGRW	ESGU	IWN	ITA	IUSV
IWY		-0.52	0.17	0.76	-0.44	0.39	-0.48	-0.44	-0.45	IWY
IWS	-0.52		0.75	-0.02	0.96	0.57	0.98	0.9	0.98	IWS
IWV	0.17	0.75		0.55	0.77	0.97	0.77	0.72	0.79	IWV
IWP	0.76	-0.02	0.55		-0.05	0.67	0.02	0.1	0.01	IWP
DGRW	-0.44	0.96	0.77	-0.05		0.62	0.93	0.82	0.97	DGRW
ESGU	0.39	0.57	0.97	0.67	0.62		0.6	0.56	0.64	ESGU
IWN	-0.48	0.98	0.77	0.02	0.93	0.6		0.88	0.97	IWN
ITA	-0.44	0.9	0.72	0.1	0.82	0.56	0.88		0.88	ITA
IUSV	-0.45	0.98	0.79	0.01	0.97	0.64	0.97	0.88		IUSV
	IWY	IWS	IWV	IWP	DGRW	ESGU	IWN	ITA	IUSV

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

IWN	+ 0.98	IWS
IUSV	+ 0.98	IWS
ESGU	+ 0.97	IWV
IUSV	+ 0.97	DGRW
IUSV	+ 0.97	IWN
DGRW	+ 0.96	IWS

High negative correlations

IWS	- 0.52	IWY
IWN	- 0.48	IWY
IUSV	- 0.45	IWY
ITA	- 0.44	IWY
DGRW	- 0.44	IWY
DGRW	- 0.05	IWP

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
IWY	0.72	(0.10)	0.00	(0.05)	0.00	0.00	1.28	(1.86)	4.74
IWS	0.64	0.09	0.13	0.19	0.42	(0.74)	1.63	(1.18)	3.81
IWV	0.56	(0.01)	(0.03)	0.08	0.68	(0.58)	1.22	(1.25)	3.70
IWP	0.83	(0.10)	(0.07)	0.01	1.11	(0.82)	1.58	(2.24)	5.81
DGRW	0.44	0.03	0.00	0.13	0.42	(0.49)	1.12	(0.89)	3.10
ESGU	0.57	(0.03)	(0.05)	0.06	0.76	(0.56)	1.00	(1.24)	3.75
IWN	0.80	0.12	0.15	0.20	0.62	(0.93)	2.39	(1.52)	4.77
ITA	1.09	0.20	0.13	0.32	1.08	(1.16)	2.55	(2.15)	6.18
IUSV	0.50	0.04	0.02	0.14	0.45	(0.56)	1.08	(0.99)	3.07

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