Invesco NASDAQ Correlations

Etfs . USA . 
Etf . Invesco NASDAQ Internet
PNQI Etf  USD 52.57  0.14  0.27%   
The current 90-days correlation between Invesco NASDAQ Internet and First Trust Dow is 0.97 (i.e., Almost no diversification). The correlation of Invesco NASDAQ 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.

Invesco NASDAQ Correlation With Market

Poor diversification

The correlation between Invesco NASDAQ Internet and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco NASDAQ Internet and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with Invesco Etf
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco NASDAQ Internet. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Invesco Etf

  0.99VGT Vanguard InformationPairCorr
  0.99XLK Technology Select Sector Sell-off TrendPairCorr
  0.99IYW iShares Technology ETFPairCorr
  0.97SMH VanEck Semiconductor ETFPairCorr
  0.97SOXX iShares Semiconductor ETFPairCorr
  0.98CIBR First Trust NASDAQPairCorr
  0.99FTEC Fidelity MSCI InformationPairCorr
  0.99IGV iShares Expanded Tech Low VolatilityPairCorr
  1.0FDN First Trust DowPairCorr
  0.99IGM iShares Expanded TechPairCorr
  0.95USD ProShares Ultra SemiPairCorr
  0.91GBTC Grayscale Bitcoin TrustPairCorr
  0.99FNGO MicroSectors FANG IndexPairCorr
  0.91BITO ProShares BitcoinPairCorr
  0.96CRPT First Trust SkyBridgePairCorr
  0.84NRGU Bank of MontrealPairCorr
  0.98BULZ MicroSectors SolactivePairCorr
  0.93BITS Global X BlockchainPairCorr
  0.99FNGG Direxion Daily SelectPairCorr
  0.95DFEN Direxion Daily AerospacePairCorr
  0.88DD Dupont De NemoursPairCorr
  0.91AA Alcoa CorpPairCorr
  0.98MSFT MicrosoftPairCorr
  0.97DIS Walt DisneyPairCorr
  0.96JPM JPMorgan ChasePairCorr
  0.95BA BoeingPairCorr
  0.91MMM 3M CompanyPairCorr
  0.77CVX Chevron CorpPairCorr
  0.97CSCO Cisco SystemsPairCorr

Moving against Invesco Etf

  0.63MCD McDonaldsPairCorr
  0.58KO Coca Cola Earnings Call This WeekPairCorr
  0.49PG Procter GamblePairCorr
  0.36VZ Verizon Communications Earnings Call TomorrowPairCorr

Related Correlations Analysis

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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   
IGPT
+ 1.0
QTEC
QTEC
+ 0.99
FDN
IGPT
+ 0.99
FDN
SOCL
+ 0.96
QTEC
SOCL
+ 0.96
IGPT
SOCL
+ 0.94
FDN
  
High negative correlations   
PSCH
- 0.05
SOCL

Invesco NASDAQ Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco NASDAQ 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 NASDAQ'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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