Invesco Small Correlations

VSMIX Fund

USD 27.15 0.48 1.80%

The current 90-days correlation between Invesco Small Cap and Invesco Municipal Income is -0.11 (i.e., Good 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

Weak diversification

The correlation between Invesco Small Cap and DJI is 0.34 (i.e., Weak 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 gross domestic product.

Moving together with Invesco Mutual Fund

0.72	VMICX	Invesco Municipal Income	Pair Corr
0.72	VMINX	Invesco Municipal Income	Pair Corr
0.69	VMIIX	Invesco Municipal Income	Pair Corr
0.82	OARDX	Oppenheimer Rising	Pair Corr
0.68	OSMAX	Oppenheimer International	Pair Corr
0.68	OSMCX	Oppenheimer International	Pair Corr
0.73	ILAAX	Invesco Income Allocation	Pair Corr
0.76	PXCCX	Invesco Select Risk	Pair Corr
0.76	PXCIX	Invesco Select Risk	Pair Corr
0.89	PXGGX	Invesco Select Risk	Pair Corr
0.88	OTFCX	Oppenheimer Target	Pair Corr
0.62	EMLDX	Invesco Emerging Markets	Pair Corr
0.71	PXMQX	Invesco Select Risk	Pair Corr
0.72	PXMSX	Invesco Select Risk	Pair Corr
0.98	DIGGX	Invesco Discovery	Pair Corr
0.71	PXMMX	Invesco Select Risk	Pair Corr
0.89	PXQIX	Invesco Select Risk	Pair Corr
0.68	OCACX	Oppenheimer Roc Ca	Pair Corr
0.89	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.8	OCCIX	Oppenheimer Cnsrvtv	Pair Corr

Related Correlations Analysis

	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX
VMICX		1.0	0.99	0.66	0.6	0.2	0.58	0.57	0.59	0.53	VMICX
VMINX	1.0		1.0	0.63	0.63	0.24	0.55	0.54	0.62	0.56	VMINX
VMIIX	0.99	1.0		0.59	0.66	0.27	0.51	0.51	0.64	0.59	VMIIX
OARDX	0.66	0.63	0.59		0.08	-0.26	0.95	0.96	0.09	0.02	OARDX
AMHYX	0.6	0.63	0.66	0.08		0.8	-0.01	-0.03	0.97	0.91	AMHYX
OSICX	0.2	0.24	0.27	-0.26	0.8		-0.28	-0.31	0.81	0.73	OSICX
OSMAX	0.58	0.55	0.51	0.95	-0.01	-0.28		1.0	-0.01	-0.07	OSMAX
OSMCX	0.57	0.54	0.51	0.96	-0.03	-0.31	1.0		-0.03	-0.09	OSMCX
HYIFX	0.59	0.62	0.64	0.09	0.97	0.81	-0.01	-0.03		0.91	HYIFX
HYINX	0.53	0.56	0.59	0.02	0.91	0.73	-0.07	-0.09	0.91		HYINX
	VMICX	VMINX	VMIIX	OARDX	AMHYX	OSICX	OSMAX	OSMCX	HYIFX	HYINX

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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	+ 1.0	VMICX
VMIIX	+ 1.0	VMINX
OSMCX	+ 1.0	OSMAX
VMIIX	+ 0.99	VMICX
HYIFX	+ 0.97	AMHYX
OSMCX	+ 0.96	OARDX

High negative correlations

OSMCX	- 0.31	OSICX
OSMAX	- 0.28	OSICX
OSICX	- 0.26	OARDX
HYINX	- 0.09	OSMCX
HYINX	- 0.07	OSMAX
HYIFX	- 0.03	OSMCX

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
VMICX	0.21	(0.01)	(0.23)	(0.01)	0.30	(0.24)	0.42	(0.50)	1.68
VMINX	0.19	0.00	(0.20)	0.01	0.28	(0.25)	0.42	(0.50)	1.60
VMIIX	0.20	0.00	(0.20)	0.03	0.30	(0.24)	0.42	(0.50)	1.60
OARDX	0.69	(0.15)	0.00	(0.26)	0.00	0.00	1.15	(1.17)	12.74
AMHYX	0.15	0.01	(0.25)	0.31	0.00	(0.36)	0.28	(0.28)	1.13
OSICX	0.24	0.01	(0.15)	0.20	0.19	(0.47)	0.65	(0.33)	1.95
OSMAX	0.70	(0.17)	0.00	(0.32)	0.00	0.00	1.48	(1.29)	10.66
OSMCX	0.72	(0.19)	0.00	(0.36)	0.00	0.00	1.49	(1.30)	11.94
HYIFX	0.16	0.01	(0.21)	0.21	0.05	(0.35)	0.28	(0.28)	1.41
HYINX	0.13	0.02	(0.22)	1.68	0.00	(0.34)	0.29	(0.28)	1.13

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