Invesco QQQ Correlations

Etfs . USA . 
Etf . Invesco QQQ Trust
QQQ Etf  USD 605.16  15.09  2.56%   
The current 90-days correlation between Invesco QQQ Trust and iShares Russell 1000 is 0.98 (i.e., Almost no diversification). The correlation of Invesco QQQ 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 QQQ Correlation With Market

Poor diversification

The correlation between Invesco QQQ Trust and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco QQQ Trust and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco QQQ Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Invesco Etf

  0.99VUG Vanguard Growth IndexPairCorr
  0.99IWF iShares Russell 1000PairCorr
  0.98IVW iShares SP 500PairCorr
  0.98SPYG SPDR Portfolio SPPairCorr
  0.98IUSG iShares Core SPPairCorr
  0.99VONG Vanguard Russell 1000PairCorr
  0.99MGK Vanguard Mega CapPairCorr
  0.98VRGWX Vanguard Russell 1000PairCorr
  1.0QQQM Invesco NASDAQ 100PairCorr
  0.99IWY iShares Russell TopPairCorr
  0.97BUFF Innovator LadderedPairCorr
  0.65GENT Spinnaker ETF SeriesPairCorr
  0.96EMES Harbor ETF TrustPairCorr
  0.79WTRE WisdomTree New EconomyPairCorr
  0.92TCAI Tortoise Capital SeriesPairCorr
  0.74AXP American ExpressPairCorr
  0.88INTC Intel Aggressive PushPairCorr
  0.67BAC Bank of AmericaPairCorr
  0.94GE GE AerospacePairCorr

Moving against Invesco Etf

  0.38CRED Columbia ETF TrustPairCorr
  0.77T ATT IncPairCorr
  0.52MCD McDonaldsPairCorr
  0.46BA BoeingPairCorr
  0.45HD Home DepotPairCorr
  0.4DIS Walt DisneyPairCorr

Related Correlations Analysis


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

IWY
+ 1.0
IWF
MGK
+ 0.99
IWF
QQQ
+ 0.99
IWF
SPYG
+ 0.99
IWF
MGK
+ 0.99
IWY
QQQ
+ 0.99
IWY
  

High negative correlations

Z
- 0.69
DHDG
Z
- 0.6
QQQ
Z
- 0.57
MGK
Z
- 0.57
IWY
Z
- 0.52
SPYG
Z
- 0.52
IWF

Invesco QQQ Constituents Risk-Adjusted Indicators

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