Invesco Municipal Correlations

VMIIX Fund

USD 11.86 0.01 0.08%

The current 90-days correlation between Invesco Municipal Income and Blackrock Health Sciences is -0.01 (i.e., Good diversification). 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

Poor diversification

The correlation between Invesco Municipal Income and DJI is 0.63 (i.e., Poor 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

0.99	VMICX	Invesco Municipal Income	Pair Corr
1.0	VMINX	Invesco Municipal Income	Pair Corr
0.73	AMHYX	Invesco High Yield	Pair Corr
0.83	OSICX	Oppenheimer Strategic	Pair Corr
0.66	OSMAX	Oppenheimer International	Pair Corr
0.73	HYIFX	Invesco High Yield	Pair Corr
0.75	HYINX	Invesco High Yield	Pair Corr
0.87	ILAAX	Invesco Income Allocation	Pair Corr
0.88	PXCCX	Invesco Select Risk	Pair Corr
0.71	BRCRX	Invesco Balanced Risk	Pair Corr
0.71	BRCNX	Invesco Balanced Risk	Pair Corr
0.88	PXCIX	Invesco Select Risk	Pair Corr
0.7	BRCCX	Invesco Balanced Risk	Pair Corr
0.71	BRCAX	Invesco Balanced Risk	Pair Corr
0.71	BRCYX	Invesco Balanced Risk	Pair Corr
0.68	PXGGX	Invesco Select Risk	Pair Corr
0.84	EMLDX	Invesco Emerging Markets	Pair Corr
0.75	PXMQX	Invesco Select Risk	Pair Corr
0.8	PXMSX	Invesco Select Risk	Pair Corr
0.66	DIGGX	Invesco Discovery	Pair Corr
0.75	PXMMX	Invesco Select Risk	Pair Corr
0.69	PXQIX	Invesco Select Risk	Pair Corr
0.99	OCACX	Oppenheimer Roc Ca	Pair Corr
0.68	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.88	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.88	STBAX	Invesco Short Term	Pair Corr
0.84	STBCX	Invesco Short Term	Pair Corr
0.91	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	STBYX	Invesco Short Term	Pair Corr
0.84	STBRX	Invesco Short Term	Pair Corr
0.91	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPEX	Steelpath Select	Pair Corr
0.91	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.33

OTFCX

Oppenheimer Target

Pair Corr

Related Correlations Analysis

	SUHIX	DLHIX	ETAHX	PHLAX	HIAHX	RYHCX	LYFAX	BHSRX
SUHIX		0.65	0.02	0.83	0.77	0.91	0.23	0.92	SUHIX
DLHIX	0.65		0.0	0.74	0.35	0.6	0.54	0.73	DLHIX
ETAHX	0.02	0.0		0.0	0.42	0.13	0.26	0.04	ETAHX
PHLAX	0.83	0.74	0.0		0.63	0.85	0.36	0.83	PHLAX
HIAHX	0.77	0.35	0.42	0.63		0.85	0.2	0.66	HIAHX
RYHCX	0.91	0.6	0.13	0.85	0.85		0.26	0.84	RYHCX
LYFAX	0.23	0.54	0.26	0.36	0.2	0.26		0.37	LYFAX
BHSRX	0.92	0.73	0.04	0.83	0.66	0.84	0.37		BHSRX
	SUHIX	DLHIX	ETAHX	PHLAX	HIAHX	RYHCX	LYFAX	BHSRX

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

BHSRX	+ 0.92	SUHIX
RYHCX	+ 0.91	SUHIX
RYHCX	+ 0.85	PHLAX
RYHCX	+ 0.85	HIAHX
BHSRX	+ 0.84	RYHCX
PHLAX	+ 0.83	SUHIX

High negative correlations

PHLAX	- 0.0	ETAHX
ETAHX	- 0.0	DLHIX

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
SUHIX	0.74	0.04	0.02	0.15	0.61	(0.92)	1.77	(1.14)	7.01
DLHIX	0.83	0.16	0.16	0.37	0.50	(1.09)	1.90	(1.17)	7.47
ETAHX	1.10	(0.01)	(0.04)	0.06	1.29	(1.18)	2.47	(2.09)	7.32
PHLAX	1.07	0.21	0.20	0.38	0.65	(1.51)	2.01	(1.52)	21.23
HIAHX	0.67	0.00	(0.05)	0.08	0.69	(0.78)	1.67	(1.25)	3.93
RYHCX	0.66	0.03	(0.01)	0.14	0.62	(0.90)	1.78	(1.10)	4.18
LYFAX	0.89	0.04	0.00	0.15	1.01	(0.93)	2.00	(1.84)	5.01
BHSRX	0.70	0.08	0.03	0.31	0.57	(0.97)	1.80	(1.12)	4.96

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