Invesco Senior Correlations

VVR Fund

USD 3.27 0.01 0.31%

The current 90-days correlation between Invesco Senior Income and Advent Claymore Convertible is 0.37 (i.e., Weak diversification). The correlation of Invesco Senior 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 Senior Correlation With Market

Poor diversification

The correlation between Invesco Senior Income and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Senior 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 Senior Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Invesco Fund

0.73	ETV	Eaton Vance Tax	Pair Corr
0.63	DNP	Dnp Select Income	Pair Corr
0.66	ETJ	Eaton Vance Risk	Pair Corr
0.74	ADX	Adams Diversified Equity	Pair Corr
0.7	GUT	Gabelli Utility Closed	Pair Corr
0.74	RIV	Rivernorth Opportunities	Pair Corr
0.62	LTRHX	Lord Abbett Total	Pair Corr
0.69	MQLKX	Mfs Limited Maturity	Pair Corr
0.83	GLNJX	Mfs Global New	Pair Corr
0.65	VVOIX	Invesco Value Opport	Pair Corr
0.72	ANFCX	New Economy Fund	Pair Corr
0.78	SINYX	Stet Intermediate Term	Pair Corr
0.72	RGIVX	Rare Global Infrastr	Pair Corr
0.75	FKQTX	Franklin Federal Int	Pair Corr
0.71	MPMNX	Mfs Municipal Income	Pair Corr
0.69	USSBX	Short Term Bond	Pair Corr
0.82	CWGFX	Capital World Growth	Pair Corr
0.68	ASIJX	Strategic Income	Pair Corr
0.82	VTIAX	Vanguard Total Inter	Pair Corr
0.65	MRCEX	Meridian Equity Income	Pair Corr
0.75	FGINX	First Investors Growth	Pair Corr
0.82	CWGCX	Capital World Growth	Pair Corr
0.79	SMAAX	Aig Government Money	Pair Corr
0.82	EPIBX	Europac International	Pair Corr
0.65	AMIPX	Amana Participation	Pair Corr
0.71	STSRX	American Beacon Stephens	Pair Corr
0.8	TFBAX	American Beacon Twen	Pair Corr
0.69	RYOFX	Royce Opportunity	Pair Corr
0.73	ANFVX	Allianzgi Nfj Small	Pair Corr
0.61	JSHNX	Janus Short Term	Pair Corr
0.78	MXAPX	Great West Aggressive	Pair Corr

Related Correlations Analysis

	AVK	NQP	ETB	HPI	NCV	SGIDX	NMAI	PFL	EAD	CHW
AVK		0.11	0.95	-0.59	0.88	0.9	0.83	0.87	0.85	0.87	AVK
NQP	0.11		0.1	0.22	0.42	0.11	0.5	0.23	0.42	0.4	NQP
ETB	0.95	0.1		-0.58	0.89	0.92	0.85	0.88	0.86	0.87	ETB
HPI	-0.59	0.22	-0.58		-0.5	-0.75	-0.45	-0.55	-0.39	-0.6	HPI
NCV	0.88	0.42	0.89	-0.5		0.87	0.97	0.85	0.94	0.97	NCV
SGIDX	0.9	0.11	0.92	-0.75	0.87		0.81	0.87	0.79	0.88	SGIDX
NMAI	0.83	0.5	0.85	-0.45	0.97	0.81		0.84	0.95	0.96	NMAI
PFL	0.87	0.23	0.88	-0.55	0.85	0.87	0.84		0.86	0.81	PFL
EAD	0.85	0.42	0.86	-0.39	0.94	0.79	0.95	0.86		0.91	EAD
CHW	0.87	0.4	0.87	-0.6	0.97	0.88	0.96	0.81	0.91		CHW
	AVK	NQP	ETB	HPI	NCV	SGIDX	NMAI	PFL	EAD	CHW

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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

NMAI	+ 0.97	NCV
CHW	+ 0.97	NCV
CHW	+ 0.96	NMAI
ETB	+ 0.95	AVK
EAD	+ 0.95	NMAI
EAD	+ 0.94	NCV

High negative correlations

SGIDX	- 0.75	HPI
CHW	- 0.6	HPI
HPI	- 0.59	AVK
HPI	- 0.58	ETB
PFL	- 0.55	HPI
NCV	- 0.5	HPI

Risk-Adjusted Indicators

There is a big difference between Invesco Fund performing well and Invesco Senior 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 Senior'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
AVK	0.54	0.02	(0.03)	0.11	0.58	(0.63)	1.06	(0.97)	2.56
NQP	0.27	0.01	(0.16)	0.24	0.30	(0.29)	0.51	(0.51)	1.35
ETB	0.45	0.01	(0.02)	0.10	0.46	(0.48)	1.11	(0.91)	2.88
HPI	0.32	(0.06)	0.00	(0.22)	0.00	0.00	0.68	(0.67)	1.68
NCV	0.70	0.12	0.11	0.25	0.60	(0.78)	1.74	(1.26)	3.69
SGIDX	0.62	0.10	0.10	0.19	0.63	(0.64)	1.53	(1.33)	7.06
NMAI	0.51	0.06	0.04	0.19	0.54	(0.55)	1.02	(1.18)	3.37
PFL	0.24	0.04	(0.07)	0.30	0.18	(0.28)	0.49	(0.48)	1.49
EAD	0.31	0.02	(0.11)	0.16	0.20	(0.41)	0.75	(0.45)	1.64
CHW	0.65	0.14	0.13	0.28	0.60	(0.73)	1.41	(1.41)	3.21

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