Invesco Technology Correlations

Mutual Funds . USA . 
Fund . Invesco Technology Fund
FTPIX Fund  USD 90.66  1.21  1.35%   
The current 90-days correlation between Invesco Technology and Fidelity California Municipal is -0.03 (i.e., Good diversification). The correlation of Invesco Technology 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 Technology Correlation With Market

Weak diversification

The correlation between Invesco Technology Fund and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Technology Fund 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 Technology Fund. 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 gross domestic product.

Moving together with Invesco Mutual Fund

  0.83OARDX Oppenheimer RisingPairCorr
  0.64AMHYX Invesco High YieldPairCorr
  0.67OSICX Oppenheimer StrategicPairCorr
  0.81OSMAX Oppenheimer InternationalPairCorr
  0.81OSMCX Oppenheimer InternationalPairCorr
  0.65HYIFX Invesco High YieldPairCorr
  0.67HYINX Invesco High YieldPairCorr
  0.78ILAAX Invesco Income AllocationPairCorr
  0.89BRCRX Invesco Balanced RiskPairCorr
  0.88BRCNX Invesco Balanced RiskPairCorr
  0.89BRCCX Invesco Balanced RiskPairCorr
  0.88BRCAX Invesco Balanced RiskPairCorr
  0.88BRCYX Invesco Balanced RiskPairCorr
  0.99OTFCX Oppenheimer TargetPairCorr
  0.66EMLDX Invesco Emerging MarketsPairCorr
  0.96OCAIX Oppenheimer AggrssvPairCorr
  0.75OCCIX Oppenheimer CnsrvtvPairCorr
  0.64STBAX Invesco Short TermPairCorr
  0.68STBCX Invesco Short TermPairCorr
  0.64STBYX Invesco Short TermPairCorr
  0.64STBRX Invesco Short TermPairCorr

Moving against Invesco Mutual Fund

  0.84PXCCX Invesco Select RiskPairCorr
  0.84PXCIX Invesco Select RiskPairCorr
  0.64DIGGX Invesco DiscoveryPairCorr
  0.58PXMQX Invesco Select RiskPairCorr
  0.58PXMMX Invesco Select RiskPairCorr
  0.55PXMSX Invesco Select RiskPairCorr
  0.48PXGGX Invesco Select RiskPairCorr
  0.48PXQIX Invesco Select RiskPairCorr
  0.94INDFX Invesco InternationalPairCorr
  0.67INGFX Invesco OppenheimerPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco Technology 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 Technology'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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