Invesco BulletShares Correlations

BSMT Etf

USD 22.73 0.03 0.13%

The current 90-days correlation between Invesco BulletShares 2029 and SPDR SSGA My2032 is -0.01 (i.e., Good diversification). The correlation of Invesco BulletShares 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 BulletShares Correlation With Market

Good diversification

The correlation between Invesco BulletShares 2029 and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco BulletShares 2029 and DJI in the same portfolio, assuming nothing else is changed.

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Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Invesco BulletShares 2029. 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

0.88	IBMN	iShares iBonds Dec	Pair Corr
0.93	IBMO	iShares iBonds Dec	Pair Corr
0.92	IBMP	iShares iBonds Dec	Pair Corr
0.92	IBMQ	iShares Trust	Pair Corr
0.89	BSMP	Invesco BulletShares 2025	Pair Corr
0.95	BSMQ	Invesco BulletShares 2026	Pair Corr
0.67	PMBS	PIMCO Mortgage Backed	Pair Corr
0.94	SIXD	AIM ETF Products	Pair Corr
0.83	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.96	CEFD	ETRACS Monthly Pay	Pair Corr
0.69	EUSB	iShares Trust	Pair Corr
0.93	BUFD	FT Cboe Vest	Pair Corr
0.87	VABS	Virtus Newfleet ABSMBS	Pair Corr
0.79	KGRN	KraneShares MSCI China	Pair Corr
0.91	BAC	Bank of America Aggressive Push	Pair Corr
0.95	MSFT	Microsoft Earnings Call Next Week	Pair Corr
0.92	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.94	JPM	JPMorgan Chase	Pair Corr
0.83	AA	Alcoa Corp	Pair Corr
0.92	AXP	American Express	Pair Corr
0.94	CAT	Caterpillar	Pair Corr
0.81	PFE	Pfizer Inc	Pair Corr
0.87	MMM	3M Company	Pair Corr
0.87	GE	GE Aerospace	Pair Corr
0.89	BA	Boeing Earnings Call This Week	Pair Corr
0.8	CVX	Chevron Corp	Pair Corr

Moving against Invesco Etf

0.91	VXX	iPath Series B Potential Growth	Pair Corr
0.91	VIXY	ProShares VIX Short Sell-off Trend	Pair Corr
0.81	YCL	ProShares Ultra Yen	Pair Corr
0.65	MCD	McDonalds	Pair Corr
0.61	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.39	VZ	Verizon Communications Aggressive Push	Pair Corr

Related Correlations Analysis

	MYCL	MYMF	MSTSX	ABHYX	LBHIX	SCAXF	VIASP	RRTLX	OSHDF	JRBEX
MYCL		0.95	0.89	0.35	0.93	0.0	0.88	0.91	0.0	0.92	MYCL
MYMF	0.95		0.96	0.38	0.97	0.0	0.96	0.97	0.0	0.97	MYMF
MSTSX	0.89	0.96		0.38	0.98	0.0	0.98	1.0	0.0	0.98	MSTSX
ABHYX	0.35	0.38	0.38		0.39	0.0	0.37	0.4	0.0	0.38	ABHYX
LBHIX	0.93	0.97	0.98	0.39		0.0	0.97	0.98	0.0	0.99	LBHIX
SCAXF	0.0	0.0	0.0	0.0	0.0		0.0	0.0	-1.0	0.0	SCAXF
VIASP	0.88	0.96	0.98	0.37	0.97	0.0		0.98	0.0	0.98	VIASP
RRTLX	0.91	0.97	1.0	0.4	0.98	0.0	0.98		0.0	0.99	RRTLX
OSHDF	0.0	0.0	0.0	0.0	0.0	-1.0	0.0	0.0		0.0	OSHDF
JRBEX	0.92	0.97	0.98	0.38	0.99	0.0	0.98	0.99	0.0		JRBEX
	MYCL	MYMF	MSTSX	ABHYX	LBHIX	SCAXF	VIASP	RRTLX	OSHDF	JRBEX

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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

RRTLX	+ 1.0	MSTSX
JRBEX	+ 0.99	LBHIX
JRBEX	+ 0.99	RRTLX
LBHIX	+ 0.98	MSTSX
VIASP	+ 0.98	MSTSX
JRBEX	+ 0.98	MSTSX

High negative correlations

OSHDF	- 1.0	SCAXF
JRBEX	- 0.0	OSHDF
OSHDF	- 0.0	RRTLX
OSHDF	- 0.0	VIASP
JRBEX	- 0.0	SCAXF
RRTLX	- 0.0	SCAXF

Invesco BulletShares Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco BulletShares 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 BulletShares' 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
MYCL	0.26	0.03	(0.28)	0.39	0.15	(0.30)	0.54	(0.45)	1.55
MYMF	0.06	0.01	(1.27)	0.48	0.00	(0.08)	0.16	(0.12)	0.41
MSTSX	0.49	0.19	0.06	(2.17)	0.32	(0.57)	1.45	(1.17)	3.51
ABHYX	0.19	(0.01)	(0.45)	(0.15)	0.23	(0.26)	0.36	(0.36)	1.54
LBHIX	0.18	0.05	(0.22)	0.43	0.00	(0.33)	0.49	(0.24)	1.22
SCAXF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VIASP	0.45	0.16	0.09	1.23	0.00	(0.57)	1.01	(0.76)	4.38
RRTLX	0.23	0.09	(0.13)	(2.51)	0.00	(0.30)	0.73	(0.39)	1.74
OSHDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JRBEX	0.36	0.07	0.00	0.29	0.18	(0.40)	1.16	(0.74)	2.43

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