Invesco Municipal Correlations

VMIIX Fund

USD 11.73 0.01 0.09%

The correlation of Invesco Municipal 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 Municipal Correlation With Market

Very weak diversification

The correlation between Invesco Municipal Income and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Municipal Income 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 Municipal Income. 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 gross domestic product.

Moving together with Invesco Mutual Fund

0.95	VMICX	Invesco Municipal Income	Pair Corr
0.99	VMINX	Invesco Municipal Income	Pair Corr

Related Correlations Analysis

	RYFIX	SBFAX	FNPIX	XFINX	PUFCX	FTIXX
RYFIX		0.87	0.91	0.58	0.86	0.0	RYFIX
SBFAX	0.87		0.76	0.37	0.91	0.0	SBFAX
FNPIX	0.91	0.76		0.61	0.71	0.0	FNPIX
XFINX	0.58	0.37	0.61		0.24	0.0	XFINX
PUFCX	0.86	0.91	0.71	0.24		0.0	PUFCX
FTIXX	0.0	0.0	0.0	0.0	0.0		FTIXX
	RYFIX	SBFAX	FNPIX	XFINX	PUFCX	FTIXX

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

FNPIX	+ 0.91	RYFIX
PUFCX	+ 0.91	SBFAX
SBFAX	+ 0.87	RYFIX
PUFCX	+ 0.86	RYFIX
FNPIX	+ 0.76	SBFAX
PUFCX	+ 0.71	FNPIX

High negative correlations

FTIXX	- 0.0	PUFCX
FTIXX	- 0.0	XFINX
FTIXX	- 0.0	FNPIX
FTIXX	- 0.0	SBFAX
FTIXX	- 0.0	RYFIX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Municipal 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 Municipal'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
RYFIX	0.62	0.00	0.00	0.06	0.80	(0.65)	1.23	(1.40)	4.22
SBFAX	0.95	0.32	0.37	0.57	0.23	(1.22)	1.70	(1.43)	18.47
FNPIX	1.01	(0.02)	0.00	0.04	1.37	(0.99)	1.85	(2.16)	6.55
XFINX	0.14	0.00	(0.13)	0.02	0.26	(0.15)	0.36	(0.43)	1.58
PUFCX	0.94	0.25	0.20	0.99	0.69	(1.12)	1.88	(1.77)	15.11
FTIXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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