Invesco Small Correlations

SMEAX Fund

USD 15.50 0.04 0.26%

The current 90-days correlation between Invesco Small Cap and Invesco High Yield is 0.14 (i.e., Average diversification). The correlation of Invesco Small 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 Small Correlation With Market

Poor diversification

The correlation between Invesco Small Cap and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Small Cap and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Invesco Small Cap. 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 nation.

Moving together with Invesco Mutual Fund

0.63	OARDX	Oppenheimer Rising	Pair Corr
0.61	AMHYX	Invesco High Yield	Pair Corr
0.66	OSMAX	Oppenheimer International	Pair Corr
0.63	OSMCX	Oppenheimer International	Pair Corr
0.69	BRCRX	Invesco Balanced Risk	Pair Corr
0.68	BRCNX	Invesco Balanced Risk	Pair Corr
0.69	BRCCX	Invesco Balanced Risk	Pair Corr
0.68	BRCYX	Invesco Balanced Risk	Pair Corr
0.77	OTFCX	Oppenheimer Target	Pair Corr
0.93	DIGGX	Invesco Discovery	Pair Corr
0.98	PXMMX	Invesco Select Risk	Pair Corr
0.84	STBAX	Invesco Short Term	Pair Corr
0.79	OCMIX	Oppenheimer Moderate	Pair Corr
0.66	SCRUX	Invesco Low Volatility	Pair Corr
0.61	FSTUX	Invesco Dividend Income	Pair Corr
0.75	OEGAX	Oppenheimer Discovery Mid	Pair Corr
0.61	IOGYX	Invesco Gold Special	Pair Corr
0.8	PIRFX	Invesco Multi Asset	Pair Corr
0.66	MNSQX	Invesco Main Street	Pair Corr
0.74	CHRRX	Invesco Charter	Pair Corr
0.74	CHRSX	Invesco Charter	Pair Corr
0.79	IPNFX	Invesco Multi Asset	Pair Corr
0.73	FDATX	Aim Investment Securities	Pair Corr
0.76	VADDX	Invesco Equally-weighted	Pair Corr
0.76	VADRX	Invesco Equally-weighted	Pair Corr

Moving against Invesco Mutual Fund

0.5

ODVIX

Oppenheimer Developing

Pair Corr

Related Correlations Analysis

	IBVIX	VMICX	VMIBX	VMINX	VMIIX	IBVYX	GLALX	OARDX	AMHYX
IBVIX		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	IBVIX
VMICX	0.0		0.0	0.93	0.81	0.0	-0.01	-0.2	0.04	VMICX
VMIBX	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	VMIBX
VMINX	0.0	0.93	0.0		0.86	0.0	0.3	0.12	0.37	VMINX
VMIIX	0.0	0.81	0.0	0.86		0.0	0.21	0.04	0.34	VMIIX
IBVYX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	IBVYX
GLALX	0.0	-0.01	0.0	0.3	0.21	0.0		0.89	0.87	GLALX
OARDX	0.0	-0.2	0.0	0.12	0.04	0.0	0.89		0.85	OARDX
AMHYX	0.0	0.04	0.0	0.37	0.34	0.0	0.87	0.85		AMHYX
	IBVIX	VMICX	VMIBX	VMINX	VMIIX	IBVYX	GLALX	OARDX	AMHYX

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

VMINX	+ 0.93	VMICX
OARDX	+ 0.89	GLALX
AMHYX	+ 0.87	GLALX
VMIIX	+ 0.86	VMINX
AMHYX	+ 0.85	OARDX
VMIIX	+ 0.81	VMICX

High negative correlations

OARDX	- 0.2	VMICX
GLALX	- 0.01	VMICX
AMHYX	- 0.0	IBVYX
OARDX	- 0.0	IBVYX
GLALX	- 0.0	IBVYX
IBVYX	- 0.0	VMIIX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Small 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 Small'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
IBVIX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VMICX	0.08	(0.01)	0.00	(0.43)	0.00	0.00	0.17	(0.17)	0.86
VMIBX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VMINX	0.07	(0.01)	(0.39)	(0.33)	0.10	(0.15)	0.17	(0.17)	0.85
VMIIX	0.08	(0.01)	(0.41)	0.29	0.10	(0.15)	0.17	(0.17)	0.85
IBVYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GLALX	0.48	0.12	0.15	0.29	0.22	(0.54)	0.84	(0.84)	8.31
OARDX	0.62	0.16	0.12	(5.10)	0.45	(0.74)	1.05	(1.11)	10.42
AMHYX	0.12	0.02	(0.16)	0.99	0.00	(0.33)	0.28	(0.28)	0.85

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