Invesco Discovery Correlations

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

Average diversification

The correlation between Invesco Discovery and DJI is 0.11 (i.e., Average 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. 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

0.72	VMICX	Invesco Municipal Income	Pair Corr
0.64	VMINX	Invesco Municipal Income	Pair Corr
0.64	VMIIX	Invesco Municipal Income	Pair Corr
0.92	OARDX	Oppenheimer Rising	Pair Corr
0.78	AMHYX	Invesco High Yield	Pair Corr
0.62	OSICX	Oppenheimer Strategic	Pair Corr
0.69	HYIFX	Invesco High Yield	Pair Corr
0.66	ILAAX	Invesco Income Allocation	Pair Corr
0.62	BRCRX	Invesco Balanced Risk	Pair Corr
0.87	PXCIX	Invesco Select Risk	Pair Corr
0.63	BRCAX	Invesco Balanced Risk	Pair Corr
0.83	PXGGX	Invesco Select Risk	Pair Corr
0.77	OTFCX	Oppenheimer Target	Pair Corr
0.92	PXMSX	Invesco Select Risk	Pair Corr
0.93	PXMMX	Invesco Select Risk	Pair Corr
0.79	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.65	STBAX	Invesco Short Term	Pair Corr
0.93	OCMIX	Oppenheimer Moderate	Pair Corr
0.78	OCRDX	Oppenheimer Rising	Pair Corr
0.68	SCAUX	Invesco Low Volatility	Pair Corr
0.8	INGFX	Invesco Oppenheimer	Pair Corr
0.72	ODIIX	Oppenheimer Discovery	Pair Corr
0.73	ODMAX	Oppenheimer Developing	Pair Corr
0.84	GFDDX	Aim International Mutual	Pair Corr

Moving against Invesco Mutual Fund

0.53	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.35	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.32	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.54	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.54	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.53	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.44	MLPEX	Steelpath Select	Pair Corr
0.42	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr

Related Correlations Analysis

	RRRZX	NMMRF	FIKMX	RRSCX	MXREX	PJEAX	TIREX
RRRZX		-0.07	0.59	0.94	0.69	0.69	0.91	RRRZX
NMMRF	-0.07		-0.14	0.09	-0.15	0.02	-0.05	NMMRF
FIKMX	0.59	-0.14		0.68	0.86	0.87	0.7	FIKMX
RRSCX	0.94	0.09	0.68		0.72	0.78	0.86	RRSCX
MXREX	0.69	-0.15	0.86	0.72		0.94	0.68	MXREX
PJEAX	0.69	0.02	0.87	0.78	0.94		0.69	PJEAX
TIREX	0.91	-0.05	0.7	0.86	0.68	0.69		TIREX
	RRRZX	NMMRF	FIKMX	RRSCX	MXREX	PJEAX	TIREX

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

RRSCX	+ 0.94	RRRZX
PJEAX	+ 0.94	MXREX
TIREX	+ 0.91	RRRZX
PJEAX	+ 0.87	FIKMX
MXREX	+ 0.86	FIKMX
TIREX	+ 0.86	RRSCX

High negative correlations

MXREX	- 0.15	NMMRF
FIKMX	- 0.14	NMMRF
NMMRF	- 0.07	RRRZX
TIREX	- 0.05	NMMRF

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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RRRZX	0.58	(0.03)	(0.07)	(0.01)	0.75	(0.65)	1.23	(1.15)	3.67
NMMRF	0.07	0.02	0.00	3.40	0.00	0.00	0.00	0.00	2.32
FIKMX	0.17	0.00	(0.17)	0.06	0.17	(0.23)	0.41	(0.41)	1.23
RRSCX	0.49	(0.02)	(0.06)	0.01	0.67	(0.50)	1.02	(1.04)	3.16
MXREX	0.63	0.00	(0.05)	0.08	0.77	(0.70)	1.46	(1.39)	3.86
PJEAX	0.63	(0.01)	(0.06)	0.02	0.83	(0.64)	1.36	(1.42)	3.75
TIREX	0.58	(0.01)	(0.05)	0.02	0.78	(0.56)	1.12	(1.32)	3.98

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