Invesco Income Correlations

ALAYX Fund

USD 11.40 0.01 0.09%

The current 90-days correlation between Invesco Income Allocation and Global Technology Portfolio is 0.6 (i.e., Poor diversification). The correlation of Invesco Income 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 Income Correlation With Market

Poor diversification

The correlation between Invesco Income Allocation and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Income Allocation and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Invesco Income Allocation. 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 manufacturing.

Moving together with Invesco Mutual Fund

0.62	OARDX	Oppenheimer Rising	Pair Corr
0.78	AMHYX	Invesco High Yield	Pair Corr
0.75	OSMAX	Oppenheimer International	Pair Corr
0.83	OSMCX	Oppenheimer International	Pair Corr
0.86	HYIFX	Invesco High Yield	Pair Corr
0.88	HYINX	Invesco High Yield	Pair Corr
0.96	ILAAX	Invesco Income Allocation	Pair Corr
0.86	BRCRX	Invesco Balanced Risk	Pair Corr
0.86	BRCNX	Invesco Balanced Risk	Pair Corr
0.86	BRCCX	Invesco Balanced Risk	Pair Corr
0.76	BRCAX	Invesco Balanced Risk	Pair Corr
0.86	BRCYX	Invesco Balanced Risk	Pair Corr
0.72	OTFCX	Oppenheimer Target	Pair Corr
0.84	EMLDX	Invesco Emerging Markets	Pair Corr
0.86	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.95	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.76	STBAX	Invesco Short Term	Pair Corr
0.84	STBCX	Invesco Short Term	Pair Corr
0.77	STBYX	Invesco Short Term	Pair Corr
0.8	STBRX	Invesco Short Term	Pair Corr
0.62	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.61	MLPEX	Steelpath Select	Pair Corr
0.64	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.53	PXCCX	Invesco Select Risk	Pair Corr
0.51	VMICX	Invesco Municipal Income	Pair Corr
0.49	PXCIX	Invesco Select Risk	Pair Corr
0.32	DIGGX	Invesco Discovery	Pair Corr
0.7	INDFX	Invesco International	Pair Corr
0.68	INGFX	Invesco Oppenheimer	Pair Corr

Related Correlations Analysis

	JGLTX	TEFQX	TEPIX	VITAX	DTEYX	BIPIX	FRBRX
JGLTX		0.7	0.91	0.91	0.44	-0.03	-0.41	JGLTX
TEFQX	0.7		0.6	0.72	0.06	-0.54	-0.69	TEFQX
TEPIX	0.91	0.6		0.9	0.65	0.21	-0.26	TEPIX
VITAX	0.91	0.72	0.9		0.36	-0.07	-0.23	VITAX
DTEYX	0.44	0.06	0.65	0.36		0.7	0.11	DTEYX
BIPIX	-0.03	-0.54	0.21	-0.07	0.7		0.63	BIPIX
FRBRX	-0.41	-0.69	-0.26	-0.23	0.11	0.63		FRBRX
	JGLTX	TEFQX	TEPIX	VITAX	DTEYX	BIPIX	FRBRX

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

TEPIX	+ 0.91	JGLTX
VITAX	+ 0.91	JGLTX
VITAX	+ 0.9	TEPIX
VITAX	+ 0.72	TEFQX
TEFQX	+ 0.7	JGLTX
BIPIX	+ 0.7	DTEYX

High negative correlations

FRBRX	- 0.69	TEFQX
BIPIX	- 0.54	TEFQX
FRBRX	- 0.41	JGLTX
FRBRX	- 0.26	TEPIX
FRBRX	- 0.23	VITAX
BIPIX	- 0.07	VITAX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Income 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 Income'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
JGLTX	0.96	(0.04)	(0.03)	0.07	1.33	(0.93)	2.13	(2.26)	5.55
TEFQX	1.49	(0.25)	0.00	(0.03)	0.00	0.00	2.94	(4.32)	8.44
TEPIX	1.48	(0.04)	0.01	0.09	2.26	(1.30)	3.61	(3.82)	9.12
VITAX	0.95	(0.07)	(0.05)	0.04	1.51	(0.83)	2.05	(2.72)	5.57
DTEYX	1.19	0.16	0.10	0.26	1.23	(1.28)	2.32	(2.35)	12.28
BIPIX	1.77	0.31	0.15	0.39	1.69	(1.97)	4.41	(3.08)	10.99
FRBRX	1.18	0.08	(0.02)	(3.94)	1.84	(1.17)	2.32	(2.49)	10.23

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