Invesco Discovery Correlations

Mutual Funds . USA . 
Fund . Invesco Discovery
DIGGX Fund  USD 113.55  1.35  1.17%   
The current 90-days correlation between Invesco Discovery and Blackrock Inflation Protected is 0.04 (i.e., Significant diversification). 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

Very poor diversification

The correlation between Invesco Discovery and DJI is 0.85 (i.e., Very poor 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, which includes a position in Invesco Discovery. 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 price.

Moving together with Invesco Mutual Fund

  0.97OARDX Oppenheimer RisingPairCorr
  0.8AMHYX Invesco High YieldPairCorr
  0.8HYIFX Invesco High YieldPairCorr
  0.81HYINX Invesco High YieldPairCorr
  0.66ILAAX Invesco Income AllocationPairCorr
  0.97PXGGX Invesco Select RiskPairCorr
  0.95OTFCX Oppenheimer TargetPairCorr
  0.91PXMQX Invesco Select RiskPairCorr
  0.9PXMSX Invesco Select RiskPairCorr
  0.91PXMMX Invesco Select RiskPairCorr
  0.96PXQIX Invesco Select RiskPairCorr
  0.96OCAIX Oppenheimer AggrssvPairCorr
  0.83MLPRX Oppenheimer Steelpath MlpPairCorr
  0.84MLPDX Oppenheimer Steelpath MlpPairCorr
  0.9MLPAX Oppenheimer Steelpath MlpPairCorr
  0.9MLPGX Oppenheimer Steelpath MlpPairCorr
  0.92MLPFX Oppenheimer Steelpath MlpPairCorr
  0.92MLPEX Steelpath SelectPairCorr
  0.89MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Invesco Mutual Fund

  0.66OSMCX Oppenheimer InternationalPairCorr
  0.65OSMAX Oppenheimer InternationalPairCorr
  0.5OSICX Oppenheimer StrategicPairCorr
  0.57EMLDX Invesco Emerging MarketsPairCorr
  0.55INGFX Invesco OppenheimerPairCorr
  0.5INDFX Invesco InternationalPairCorr
  0.4INBQX Aim Investment FundsPairCorr

Related Correlations Analysis

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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   
WAFAX
+ 0.99
BPRIX
QCILIX
+ 0.98
BPRIX
WAFAX
+ 0.97
QCILIX
WAFAX
+ 0.72
MFTFX
QCILIX
+ 0.7
MFTFX
MFTFX
+ 0.66
BPRIX
  
High negative correlations   
LIFAX
- 0.1
MFTFX

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.

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