Invesco Steelpath Correlations

Mutual Funds . USA . 
Fund . Invesco Steelpath Mlp
SPMJX Fund  USD 5.74  0.01  0.17%   
The current 90-days correlation between Invesco Steelpath Mlp and Profunds Large Cap Growth is -0.05 (i.e., Good diversification). 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

Very weak diversification

The correlation between Invesco Steelpath Mlp and DJI is 0.42 (i.e., Very weak 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 inflation.

Moving together with Invesco Mutual Fund

  0.61OSMAX Oppenheimer InternationalPairCorr
  0.63OSMCX Oppenheimer InternationalPairCorr
  0.63ILAAX Invesco Income AllocationPairCorr
  0.64PXGGX Invesco Select RiskPairCorr
  0.63PXMSX Invesco Select RiskPairCorr
  0.64OCAIX Oppenheimer AggrssvPairCorr
  0.61OCCIX Oppenheimer CnsrvtvPairCorr
  0.94MLPRX Oppenheimer Steelpath MlpPairCorr
  0.95MLPDX Oppenheimer Steelpath MlpPairCorr
  0.81MLPAX Oppenheimer Steelpath MlpPairCorr
  0.97MLPGX Oppenheimer Steelpath MlpPairCorr
  0.75MLPFX Oppenheimer Steelpath MlpPairCorr
  0.75MLPEX Steelpath SelectPairCorr
  0.99MLPMX Oppenheimer Steelpath MlpPairCorr

Related Correlations Analysis

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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.

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