Invesco Steelpath Correlations

SPMPX Fund

USD 5.78 0.04 0.70%

The current 90-days correlation between Invesco Steelpath Mlp and Massmutual Premier Diversified is -0.13 (i.e., Good diversification). The correlation of Invesco Steelpath 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 Steelpath Correlation With Market

Good diversification

The correlation between Invesco Steelpath Mlp and DJI is -0.14 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Steelpath Mlp and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Invesco Steelpath Mlp. 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 metropolitan statistical area.

Moving together with Invesco Mutual Fund

0.94	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.88	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.82	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPEX	Steelpath Select	Pair Corr
0.88	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.66	PXCIX	Invesco Select Risk	Pair Corr
0.61	VMICX	Invesco Municipal Income	Pair Corr
0.61	VMINX	Invesco Municipal Income	Pair Corr
0.61	VMIIX	Invesco Municipal Income	Pair Corr
0.6	BRCCX	Invesco Balanced Risk	Pair Corr
0.6	BRCYX	Invesco Balanced Risk	Pair Corr
0.59	BRCRX	Invesco Balanced Risk	Pair Corr
0.58	OARDX	Oppenheimer Rising	Pair Corr
0.57	PXCCX	Invesco Select Risk	Pair Corr
0.54	ILAAX	Invesco Income Allocation	Pair Corr
0.52	BRCAX	Invesco Balanced Risk	Pair Corr
0.48	HYIFX	Invesco High Yield	Pair Corr
0.48	PXGGX	Invesco Select Risk	Pair Corr
0.43	OTFCX	Oppenheimer Target	Pair Corr
0.42	AMHYX	Invesco High Yield	Pair Corr
0.39	OSICX	Oppenheimer Strategic	Pair Corr
0.67	STBAX	Invesco Short Term	Pair Corr
0.67	STBCX	Invesco Short Term	Pair Corr
0.65	STBRX	Invesco Short Term	Pair Corr
0.62	PXMQX	Invesco Select Risk	Pair Corr
0.62	PXMMX	Invesco Select Risk	Pair Corr
0.61	OCACX	Oppenheimer Roc Ca	Pair Corr
0.6	DIGGX	Invesco Discovery	Pair Corr
0.59	PXQIX	Invesco Select Risk	Pair Corr
0.59	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.57	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.53	EMLDX	Invesco Emerging Markets	Pair Corr
0.52	PXMSX	Invesco Select Risk	Pair Corr
0.61	OCMIX	Oppenheimer Moderate	Pair Corr
0.6	SCAYX	Invesco Low Volatility	Pair Corr
0.6	SCAUX	Invesco Low Volatility	Pair Corr
0.6	SCIUX	Invesco Low Volatility	Pair Corr
0.6	ODICX	Oppenheimer Discovery	Pair Corr
0.55	OCRDX	Oppenheimer Rising	Pair Corr

Related Correlations Analysis

	MDBRX	PGBAX	PLZTX	DIFIX	QDARX	LIGFX	JPDVX
MDBRX		0.97	0.95	0.95	0.83	0.97	0.91	MDBRX
PGBAX	0.97		0.96	0.95	0.78	0.97	0.93	PGBAX
PLZTX	0.95	0.96		0.96	0.84	0.99	0.96	PLZTX
DIFIX	0.95	0.95	0.96		0.76	0.97	0.91	DIFIX
QDARX	0.83	0.78	0.84	0.76		0.81	0.83	QDARX
LIGFX	0.97	0.97	0.99	0.97	0.81		0.95	LIGFX
JPDVX	0.91	0.93	0.96	0.91	0.83	0.95		JPDVX
	MDBRX	PGBAX	PLZTX	DIFIX	QDARX	LIGFX	JPDVX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Steelpath 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 Steelpath'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
MDBRX	0.15	0.05	(0.22)	2.34	0.00	(0.22)	0.37	(0.24)	0.85
PGBAX	0.12	0.04	(0.34)	(5.58)	0.00	(0.18)	0.25	(0.17)	0.67
PLZTX	0.30	0.03	(0.02)	0.15	0.18	(0.37)	0.78	(0.42)	2.61
DIFIX	0.22	0.02	(0.14)	0.19	0.04	(0.27)	0.49	(0.40)	1.30
QDARX	0.06	0.02	(0.80)	2.02	0.00	(0.10)	0.16	(0.08)	0.24
LIGFX	0.21	0.04	(0.09)	0.20	0.00	(0.27)	0.48	(0.29)	1.47
JPDVX	0.32	0.07	(0.06)	(0.83)	0.28	(0.37)	0.76	(0.47)	2.68

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