Invesco Dynamic Correlations

PXE Etf

USD 30.70 0.16 0.52%

The current 90-days correlation between Invesco Dynamic Energy and Invesco Dynamic Oil is 0.84 (i.e., Very poor diversification). The correlation of Invesco Dynamic 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 Dynamic Correlation With Market

Weak diversification

The correlation between Invesco Dynamic Energy and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Dynamic Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco Dynamic Energy. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Invesco Etf

0.82	XLE	Energy Select Sector	Pair Corr
0.92	VDE	Vanguard Energy Index	Pair Corr
0.99	XOP	SPDR SP Oil	Pair Corr
0.9	OIH	VanEck Oil Services	Pair Corr
0.91	IYE	iShares Energy ETF	Pair Corr
0.86	IXC	iShares Global Energy	Pair Corr
0.99	FXN	First Trust Energy	Pair Corr
0.86	FENY	Fidelity MSCI Energy	Pair Corr
0.95	FTXN	First Trust Nasdaq	Pair Corr
0.96	IEO	iShares Oil Gas	Pair Corr
0.76	CVX	Chevron Corp Earnings Call Today	Pair Corr

Moving against Invesco Etf

0.89	WTID	UBS ETRACS	Pair Corr
0.36	TSLL	Direxion Shares ETF	Pair Corr
0.36	TSLR	GraniteShares 175x Long	Pair Corr
0.36	TSLT	T REX 2X	Pair Corr
0.32	VCAR	Simplify Volt RoboCar Symbol Change	Pair Corr
0.45	MCD	McDonalds Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PXJ	PXI	IEO	PUI	IEZ
PXJ		0.9	0.92	0.65	0.97	PXJ
PXI	0.9		0.94	0.88	0.94	PXI
IEO	0.92	0.94		0.76	0.95	IEO
PUI	0.65	0.88	0.76		0.75	PUI
IEZ	0.97	0.94	0.95	0.75		IEZ
	PXJ	PXI	IEO	PUI	IEZ

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Invesco Dynamic Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco Dynamic 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 Dynamic'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
PXJ	1.27	0.02	0.00	0.11	1.46	(1.42)	2.04	(2.18)	12.24
PXI	1.15	(0.01)	(0.02)	0.07	1.58	(1.18)	2.18	(2.65)	11.19
IEO	1.01	0.01	(0.02)	0.12	1.30	(1.02)	1.70	(2.50)	7.99
PUI	0.81	0.00	(0.04)	0.10	1.03	(0.90)	1.99	(1.92)	5.25
IEZ	1.26	0.02	0.01	0.11	1.47	(1.37)	2.25	(2.37)	13.05

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