Invesco High Correlations

Mutual Funds . USA . 
Fund . Invesco High Yield
HYIFX Fund  USD 3.55  0.01  0.28%   
The current 90-days correlation between Invesco High Yield and Pnc International Equity is 0.38 (i.e., Weak diversification). The correlation of Invesco High 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 High Correlation With Market

Good diversification

The correlation between Invesco High Yield and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco High Yield and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Invesco High Yield. 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 census.

Moving together with Invesco Mutual Fund

  0.98OARDX Oppenheimer RisingPairCorr
  1.0AMHYX Invesco High YieldPairCorr
  0.92OSICX Oppenheimer StrategicPairCorr
  0.97OSMAX Oppenheimer InternationalPairCorr
  0.96OSMCX Oppenheimer InternationalPairCorr
  0.99HYINX Invesco High YieldPairCorr
  0.98ILAAX Invesco Income AllocationPairCorr
  0.98PXCCX Invesco Select RiskPairCorr
  0.69BRCRX Invesco Balanced RiskPairCorr
  0.71BRCNX Invesco Balanced RiskPairCorr
  0.98PXCIX Invesco Select RiskPairCorr
  0.67BRCCX Invesco Balanced RiskPairCorr
  0.69BRCAX Invesco Balanced RiskPairCorr
  0.7BRCYX Invesco Balanced RiskPairCorr
  0.97PXGGX Invesco Select RiskPairCorr
  0.97OTFCX Oppenheimer TargetPairCorr
  0.95EMLDX Invesco Emerging MarketsPairCorr
  0.98PXMQX Invesco Select RiskPairCorr
  0.97PXMSX Invesco Select RiskPairCorr
  0.97DIGGX Invesco DiscoveryPairCorr
  0.98PXMMX Invesco Select RiskPairCorr
  0.97PXQIX Invesco Select RiskPairCorr
  0.97OCAIX Oppenheimer AggrssvPairCorr
  0.97OCCIX Oppenheimer CnsrvtvPairCorr
  0.94STBAX Invesco Short TermPairCorr
  0.93STBCX Invesco Short TermPairCorr
  0.64MLPRX Oppenheimer Steelpath MlpPairCorr
  0.95STBYX Invesco Short TermPairCorr
  0.95STBRX Invesco Short TermPairCorr
  0.64MLPDX Oppenheimer Steelpath MlpPairCorr
  0.7MLPAX Oppenheimer Steelpath MlpPairCorr
  0.65MLPGX Oppenheimer Steelpath MlpPairCorr
  0.73MLPFX Oppenheimer Steelpath MlpPairCorr
  0.71MLPEX Steelpath SelectPairCorr

Moving against Invesco Mutual Fund

  0.32VMICX Invesco Municipal IncomePairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco High 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 High'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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