Invesco SP Correlations

PSCT Etf

USD 47.21 0.84 1.81%

The current 90-days correlation between Invesco SP SmallCap and First Trust Exchange Traded is 0.77 (i.e., Poor diversification). The correlation of Invesco SP 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 SP Correlation With Market

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.

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 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 main economic indicators.

Moving together with Invesco Etf

0.92	VGT	Vanguard Information	Pair Corr
0.92	XLK	Technology Select Sector	Pair Corr
0.92	IYW	iShares Technology ETF	Pair Corr
0.91	SMH	VanEck Semiconductor ETF	Pair Corr
0.92	SOXX	iShares Semiconductor ETF	Pair Corr
0.9	CIBR	First Trust NASDAQ	Pair Corr
0.92	FTEC	Fidelity MSCI Information	Pair Corr
0.91	IGV	iShares Expanded Tech	Pair Corr
0.91	FDN	First Trust Dow	Pair Corr
0.92	IGM	iShares Expanded Tech	Pair Corr
0.94	UPRO	ProShares UltraPro SP500	Pair Corr
0.92	QTJA	Innovator ETFs Trust	Pair Corr
0.92	QTOC	Innovator ETFs Trust	Pair Corr
0.93	XTOC	Innovator ETFs Trust	Pair Corr
0.92	QTAP	Innovator Growth 100	Pair Corr
0.93	XTJA	Innovator ETFs Trust	Pair Corr
0.93	XTAP	Innovator Equity Acc	Pair Corr
0.79	JPM	JPMorgan Chase	Pair Corr
0.84	BAC	Bank of America Aggressive Push	Pair Corr
0.69	MSFT	Microsoft Sell-off Trend	Pair Corr
0.76	GE	GE Aerospace	Pair Corr
0.81	AXP	American Express	Pair Corr
0.61	HD	Home Depot	Pair Corr
0.86	CAT	Caterpillar	Pair Corr
0.66	T	ATT Inc	Pair Corr
0.64	INTC	Intel	Pair Corr
0.76	IBM	International Business	Pair Corr
0.87	DD	Dupont De Nemours	Pair Corr
0.84	CSCO	Cisco Systems	Pair Corr

Related Correlations Analysis

	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL
MDEV		0.84	0.69	0.64	0.86	0.84	0.83	-0.87	0.74	MDEV
MDST	0.84		0.76	0.62	0.83	0.88	0.8	-0.91	0.85	MDST
MEDX	0.69	0.76		0.84	0.64	0.72	0.63	-0.68	0.71	MEDX
MEDI	0.64	0.62	0.84		0.74	0.66	0.43	-0.59	0.56	MEDI
MGNR	0.86	0.83	0.64	0.74		0.88	0.65	-0.89	0.77	MGNR
MISL	0.84	0.88	0.72	0.66	0.88		0.84	-0.92	0.8	MISL
DPST	0.83	0.8	0.63	0.43	0.65	0.84		-0.84	0.74	DPST
DRIP	-0.87	-0.91	-0.68	-0.59	-0.89	-0.92	-0.84		-0.93	DRIP
DRLL	0.74	0.85	0.71	0.56	0.77	0.8	0.74	-0.93		DRLL
	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL

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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

MISL	+ 0.88	MDST
MISL	+ 0.88	MGNR
MGNR	+ 0.86	MDEV
DRLL	+ 0.85	MDST
MDST	+ 0.84	MDEV
MISL	+ 0.84	MDEV

High negative correlations

DRLL	- 0.93	DRIP
DRIP	- 0.92	MISL
DRIP	- 0.91	MDST
DRIP	- 0.89	MGNR
DRIP	- 0.87	MDEV
DRIP	- 0.84	DPST

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MDEV	1.00	(0.05)	(0.03)	0.05	1.49	(1.00)	2.04	(2.56)	11.39
MDST	1.02	(0.10)	0.00	(0.02)	0.00	0.00	2.08	(2.04)	10.68
MEDX	1.30	(0.09)	(0.05)	(0.01)	2.09	(1.19)	2.86	(3.25)	7.98
MEDI	1.37	(0.03)	(0.03)	0.06	1.96	(1.32)	2.36	(2.99)	10.35
MGNR	1.24	0.07	0.03	0.17	2.12	(1.26)	2.25	(2.42)	14.26
MISL	0.98	0.27	0.13	0.44	1.45	(1.10)	2.08	(1.85)	10.79
DPST	4.31	0.70	0.17	0.34	4.78	(5.40)	9.48	(8.09)	41.06
DRIP	3.60	(0.08)	0.00	0.14	0.00	0.00	7.03	(6.39)	43.81
DRLL	1.48	(0.05)	(0.02)	0.06	2.39	(1.54)	2.76	(2.66)	15.51

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