Invesco Discovery Correlations

DIGGX Fund

USD 106.68 0.60 0.57%

The current 90-days correlation between Invesco Discovery and Vanguard Intermediate Term Tax Exempt is -0.07 (i.e., Good diversification). The correlation of Invesco Discovery 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 Discovery Correlation With Market

Poor diversification

The correlation between Invesco Discovery and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Discovery and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Invesco Discovery. 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 rate.

Moving together with Invesco Mutual Fund

0.9	OARDX	Oppenheimer Rising	Pair Corr
0.84	AMHYX	Invesco High Yield	Pair Corr
0.77	OSICX	Oppenheimer Strategic	Pair Corr
0.89	HYIFX	Invesco High Yield	Pair Corr
0.9	HYINX	Invesco High Yield	Pair Corr
0.94	ILAAX	Invesco Income Allocation	Pair Corr
0.91	PXCCX	Invesco Select Risk	Pair Corr
0.91	PXCIX	Invesco Select Risk	Pair Corr
0.95	PXGGX	Invesco Select Risk	Pair Corr
0.86	OTFCX	Oppenheimer Target	Pair Corr
0.68	EMLDX	Invesco Emerging Markets	Pair Corr
0.95	PXMQX	Invesco Select Risk	Pair Corr
0.95	PXMSX	Invesco Select Risk	Pair Corr
0.9	PXMMX	Invesco Select Risk	Pair Corr
0.89	PXQIX	Invesco Select Risk	Pair Corr
0.94	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.94	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.86	STBAX	Invesco Short Term	Pair Corr
0.9	STBCX	Invesco Short Term	Pair Corr
0.9	STBYX	Invesco Short Term	Pair Corr
0.9	STBRX	Invesco Short Term	Pair Corr

Moving against Invesco Mutual Fund

0.43	VMICX	Invesco Municipal Income	Pair Corr
0.4	VMINX	Invesco Municipal Income	Pair Corr
0.4	VMIIX	Invesco Municipal Income	Pair Corr
0.38	OCACX	Oppenheimer Roc Ca	Pair Corr

Related Correlations Analysis

	VWITX	BMBSX	FZODX	OAKCX	ABNTX	TSDDX	MBSAX
VWITX		0.97	0.92	0.91	0.86	0.93	0.91	VWITX
BMBSX	0.97		0.96	0.96	0.94	0.96	0.96	BMBSX
FZODX	0.92	0.96		0.95	0.94	0.96	0.95	FZODX
OAKCX	0.91	0.96	0.95		0.93	0.95	0.98	OAKCX
ABNTX	0.86	0.94	0.94	0.93		0.95	0.95	ABNTX
TSDDX	0.93	0.96	0.96	0.95	0.95		0.95	TSDDX
MBSAX	0.91	0.96	0.95	0.98	0.95	0.95		MBSAX
	VWITX	BMBSX	FZODX	OAKCX	ABNTX	TSDDX	MBSAX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Discovery 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 Discovery'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VWITX	0.10	0.03	(0.52)	(4.14)	(0.18)	0.37	(0.15)	0.60
BMBSX	0.07	0.02	(0.63)	3.04	(0.12)	0.18	(0.09)	0.36
FZODX	0.21	0.04	(0.18)	0.88	(0.28)	0.49	(0.30)	1.09
OAKCX	0.20	0.04	(0.21)	1.87	(0.28)	0.46	(0.23)	1.03
ABNTX	0.13	0.03	(0.32)	1.72	(0.18)	0.29	(0.19)	0.68
TSDDX	0.08	0.02	(0.52)	(5.40)	(0.15)	0.21	(0.10)	0.62
MBSAX	0.21	0.06	(0.11)	(26.25)	(0.26)	0.51	(0.35)	1.20

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