Invesco SP Correlations

Etfs . USA . 
Etf . Invesco SP SmallCap
XSMO Etf  USD 61.94  0.35  0.56%   
The current 90-days correlation between Invesco SP SmallCap and Invesco SP MidCap is 0.94 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Invesco SP moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Invesco SP SmallCap moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Invesco SP Correlation With Market

InvescoDowDiversified AwayInvescoDowDiversified Away100%

Poor diversification

The correlation between Invesco SP SmallCap and DJI is 0.73 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco SP SmallCap and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Invesco SP SmallCap. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Invesco Etf

  0.99VB Vanguard Small CapPairCorr
  0.98IJR iShares Core SPPairCorr
  0.98IWM iShares Russell 2000PairCorr
  0.98VRTIX Vanguard Russell 2000PairCorr
  0.98VTWO Vanguard Russell 2000PairCorr
  0.98FNDA Schwab Fundamental SmallPairCorr
  0.98SPSM SPDR Portfolio SPPairCorr
  0.99DFAS Dimensional Small CapPairCorr
  0.98VIOO Vanguard SP SmallPairCorr
  0.99PRFZ Invesco FTSE RAFIPairCorr
  0.94VTI Vanguard Total StockPairCorr
  0.92SPY SPDR SP 500PairCorr
  0.92IVV iShares Core SPPairCorr
  0.92VUG Vanguard Growth IndexPairCorr
  0.92VO Vanguard Mid CapPairCorr
  0.64JPM JPMorgan ChasePairCorr
  0.67WMT WalmartPairCorr
  0.76MSFT MicrosoftPairCorr
  0.71BA BoeingPairCorr
  0.78CAT CaterpillarPairCorr
  0.92BAC Bank of AmericaPairCorr
  0.93HD Home DepotPairCorr
  0.75DIS Walt DisneyPairCorr

Moving against Invesco Etf

  0.6BND Vanguard Total BondPairCorr
  0.45VEA Vanguard FTSE DevelopedPairCorr
  0.39GDXU MicroSectors Gold MinersPairCorr
  0.7VZ Verizon CommunicationsPairCorr
  0.65TRV The Travelers CompaniesPairCorr
  0.64JNJ Johnson JohnsonPairCorr
  0.54T ATT Inc Earnings Call TomorrowPairCorr
  0.38PG Procter GamblePairCorr
  0.32XOM Exxon Mobil CorpPairCorr

Related Correlations Analysis

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Invesco SP Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco SP ETF 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 SP'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.

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