Invesco Steelpath Correlations

SPMJX Fund

USD 5.82 0.01 0.17%

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

Modest diversification

The correlation between Invesco Steelpath Mlp and DJI is 0.26 (i.e., Modest 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 board of governors.

Moving together with Invesco Mutual Fund

0.65	EMLDX	Invesco Emerging Markets	Pair Corr
0.96	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPEX	Steelpath Select	Pair Corr
1.0	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Invesco Mutual Fund

0.41

OTFCX

Oppenheimer Target

Pair Corr

Related Correlations Analysis

	NMMRF	CREYX	SRPIX	BREUX	FIKMX	MXREX	PJEAX
NMMRF		0.0	0.0	0.0	0.0	0.0	0.0	NMMRF
CREYX	0.0		-0.73	0.55	0.79	0.71	0.73	CREYX
SRPIX	0.0	-0.73		-0.62	-0.32	-0.36	-0.53	SRPIX
BREUX	0.0	0.55	-0.62		0.49	0.43	0.47	BREUX
FIKMX	0.0	0.79	-0.32	0.49		0.73	0.63	FIKMX
MXREX	0.0	0.71	-0.36	0.43	0.73		0.92	MXREX
PJEAX	0.0	0.73	-0.53	0.47	0.63	0.92		PJEAX
	NMMRF	CREYX	SRPIX	BREUX	FIKMX	MXREX	PJEAX

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

PJEAX	+ 0.92	MXREX
FIKMX	+ 0.79	CREYX
PJEAX	+ 0.73	CREYX
MXREX	+ 0.73	FIKMX
MXREX	+ 0.71	CREYX
PJEAX	+ 0.63	FIKMX

High negative correlations

SRPIX	- 0.73	CREYX
BREUX	- 0.62	SRPIX
PJEAX	- 0.53	SRPIX
MXREX	- 0.36	SRPIX
FIKMX	- 0.32	SRPIX
PJEAX	- 0.0	NMMRF

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
NMMRF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CREYX	0.62	(0.06)	0.00	(0.07)	0.00	0.00	1.12	(1.29)	3.83
SRPIX	0.56	0.10	0.00	(0.14)	0.56	(0.67)	1.38	(1.12)	4.15
BREUX	0.73	(0.09)	0.00	(0.03)	0.00	0.00	1.84	(1.65)	4.16
FIKMX	0.16	(0.02)	(0.29)	(0.04)	0.19	(0.20)	0.33	(0.33)	1.06
MXREX	0.60	(0.01)	(0.08)	(0.01)	0.76	(0.65)	1.46	(1.12)	3.86
PJEAX	0.61	(0.03)	0.00	(0.11)	0.00	0.00	1.36	(1.27)	3.75

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2025 Macroaxis LLC