Invesco Select Correlations

Mutual Funds . USA . 
Fund . Invesco Select Risk
PXMSX Fund  USD 11.80  0.04  0.34%   
The current 90-days correlation between Invesco Select Risk and Voya High Yield is 0.71 (i.e., Poor diversification). The correlation of Invesco Select 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 Select Correlation With Market

Almost no diversification

The correlation between Invesco Select Risk and DJI is 0.96 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Select Risk and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco Select Risk. 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 state.

Moving together with Invesco Mutual Fund

  0.95OARDX Oppenheimer RisingPairCorr
  0.92AMHYX Invesco High YieldPairCorr
  0.87OSICX Oppenheimer StrategicPairCorr
  0.94OSMAX Oppenheimer InternationalPairCorr
  0.96OSMCX Oppenheimer InternationalPairCorr
  0.92HYIFX Invesco High YieldPairCorr
  0.96HYINX Invesco High YieldPairCorr
  0.99ILAAX Invesco Income AllocationPairCorr
  0.97PXCCX Invesco Select RiskPairCorr
  0.64BRCRX Invesco Balanced RiskPairCorr
  0.91PXCIX Invesco Select RiskPairCorr
  0.63BRCCX Invesco Balanced RiskPairCorr
  0.65BRCYX Invesco Balanced RiskPairCorr
  0.96PXGGX Invesco Select RiskPairCorr
  0.96OTFCX Oppenheimer TargetPairCorr
  0.84EMLDX Invesco Emerging MarketsPairCorr
  0.96PXMQX Invesco Select RiskPairCorr
  0.96DIGGX Invesco DiscoveryPairCorr
  1.0PXMMX Invesco Select RiskPairCorr
  0.96PXQIX Invesco Select RiskPairCorr
  1.0OCAIX Oppenheimer AggrssvPairCorr
  0.91OCCIX Oppenheimer CnsrvtvPairCorr
  0.79STBAX Invesco Short TermPairCorr
  0.78STBCX Invesco Short TermPairCorr
  0.81STBYX Invesco Short TermPairCorr
  0.8STBRX Invesco Short TermPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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