Invesco Technology Correlations

ITYAX Fund  USD 66.16  0.52  0.79%   
The current 90-days correlation between Invesco Technology and Schwab Small Cap Index is -0.19 (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

Good diversification

The correlation between Invesco Technology Fund and DJI is -0.16 (i.e., Good 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 Risk vs Return Analysis 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 nation.

Moving together with Invesco Mutual Fund

  0.73YB Yuanbao American Dep Tech BoostPairCorr
  0.65DBD Diebold Nixdorf,PairCorr
  0.64JNPR Juniper Networks Earnings Call This WeekPairCorr
  0.73DAICW CID HoldCo, WarrantsPairCorr

Moving against Invesco Mutual Fund

  0.66VSTE Vast RenewablesPairCorr
  0.62VISL Vislink Technologies Tech BoostPairCorr
  0.55APCXW AppTech Payments CorpPairCorr
  0.54DVLT Datavault AI Symbol ChangePairCorr
  0.46BULLZ Webull IncentivePairCorr
  0.43EXOD Exodus Movement,PairCorr
  0.36VBIX Viewbix Common StockPairCorr
  0.7VMICX Invesco Municipal IncomePairCorr
  0.62SMTK SmartKem, Common StockPairCorr
  0.56APCX Apptech CorpPairCorr
  0.5HPAIW Helport AI LimitedPairCorr
  0.5ODYS Odysightai Common StockPairCorr
  0.47NOVA Sunnova Energy InterPairCorr
  0.46AXIL AXIL Brands, TrendingPairCorr
  0.65VMINX Invesco Municipal IncomePairCorr
  0.65VMIIX Invesco Municipal IncomePairCorr

Related Correlations Analysis

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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.