Invesco Select Correlations

Mutual Funds . USA . 
Fund . Invesco Select Risk
PXMSX Fund  USD 12.42  0.18  1.47%   
The current 90-days correlation between Invesco Select Risk and Wells Fargo Advantage is 0.45 (i.e., Very weak diversification). The correlation of Invesco Select 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 Select Correlation With Market

Almost no diversification

The correlation between Invesco Select Risk and DJI is 0.96 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Select Risk 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 Select Risk. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Invesco Mutual Fund

  0.86OARDX Oppenheimer RisingPairCorr
  0.95AMHYX Invesco High YieldPairCorr
  0.89OSICX Oppenheimer StrategicPairCorr
  0.84OSMAX Oppenheimer InternationalPairCorr
  0.83OSMCX Oppenheimer InternationalPairCorr
  0.94HYIFX Invesco High YieldPairCorr
  0.94HYINX Invesco High YieldPairCorr
  0.98ILAAX Invesco Income AllocationPairCorr
  0.99PXCCX Invesco Select RiskPairCorr
  0.89BRCRX Invesco Balanced RiskPairCorr
  0.89BRCNX Invesco Balanced RiskPairCorr
  0.99PXCIX Invesco Select RiskPairCorr
  0.89BRCCX Invesco Balanced RiskPairCorr
  0.89BRCAX Invesco Balanced RiskPairCorr
  0.89BRCYX Invesco Balanced RiskPairCorr
  0.96PXGGX Invesco Select RiskPairCorr
  0.83OTFCX Oppenheimer TargetPairCorr
  0.89EMLDX Invesco Emerging MarketsPairCorr
  0.98PXMQX Invesco Select RiskPairCorr
  0.92DIGGX Invesco DiscoveryPairCorr
  0.98PXMMX Invesco Select RiskPairCorr
  0.96PXQIX Invesco Select RiskPairCorr
  0.96OCAIX Oppenheimer AggrssvPairCorr
  0.99OCCIX Oppenheimer CnsrvtvPairCorr
  0.85STBAX Invesco Short TermPairCorr
  0.88STBCX Invesco Short TermPairCorr
  0.78MLPRX Oppenheimer Steelpath MlpPairCorr
  0.87STBYX Invesco Short TermPairCorr
  0.89STBRX Invesco Short TermPairCorr
  0.78MLPDX Oppenheimer Steelpath MlpPairCorr
  0.79MLPAX Oppenheimer Steelpath MlpPairCorr
  0.78MLPGX Oppenheimer Steelpath MlpPairCorr
  0.8MLPFX Oppenheimer Steelpath MlpPairCorr
  0.8MLPEX Steelpath SelectPairCorr
  0.77MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Invesco Mutual Fund

  0.68INGFX Invesco OppenheimerPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Select Mutual Fund 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 Select'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.

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