Invesco European Correlations

ESMCX Fund

USD 14.37 0.03 0.21%

The current 90-days correlation between Invesco European Small and Fidelity Sai Inflationfocused is 0.09 (i.e., Significant diversification). The correlation of Invesco European 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 European Correlation With Market

Modest diversification

The correlation between Invesco European Small and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco European Small 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 European Small. 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 main economic indicators.

Moving together with Invesco Mutual Fund

0.84	OSICX	Oppenheimer Strategic	Pair Corr
0.95	OSMAX	Oppenheimer International	Pair Corr
0.95	OSMCX	Oppenheimer International	Pair Corr
0.9	EMLDX	Invesco Emerging Markets	Pair Corr
0.61	STBAX	Invesco Short Term	Pair Corr

Moving against Invesco Mutual Fund

0.69	OARDX	Oppenheimer Rising	Pair Corr
0.68	OTFCX	Oppenheimer Target	Pair Corr
0.68	DIGGX	Invesco Discovery	Pair Corr
0.52	PXGGX	Invesco Select Risk	Pair Corr
0.52	PXQIX	Invesco Select Risk	Pair Corr
0.5	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.49	HYIFX	Invesco High Yield	Pair Corr
0.47	AMHYX	Invesco High Yield	Pair Corr
0.47	HYINX	Invesco High Yield	Pair Corr
0.39	PXMQX	Invesco Select Risk	Pair Corr
0.39	PXMMX	Invesco Select Risk	Pair Corr
0.38	PXMSX	Invesco Select Risk	Pair Corr
0.85	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.83	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.81	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.81	MLPEX	Steelpath Select	Pair Corr
0.7	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.7	ODIIX	Oppenheimer Discovery	Pair Corr
0.69	SCAYX	Invesco Low Volatility	Pair Corr

Related Correlations Analysis

	FIFGX	ABNCX	FIBLX	QMHIX	SLFYX	FIPRX	SWRSX
FIFGX		0.04	0.07	-0.07	0.65	-0.01	0.02	FIFGX
ABNCX	0.04		0.95	0.07	0.62	0.96	0.95	ABNCX
FIBLX	0.07	0.95		0.1	0.64	0.99	0.99	FIBLX
QMHIX	-0.07	0.07	0.1		0.0	0.06	0.1	QMHIX
SLFYX	0.65	0.62	0.64	0.0		0.59	0.61	SLFYX
FIPRX	-0.01	0.96	0.99	0.06	0.59		1.0	FIPRX
SWRSX	0.02	0.95	0.99	0.1	0.61	1.0		SWRSX
	FIFGX	ABNCX	FIBLX	QMHIX	SLFYX	FIPRX	SWRSX

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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

SWRSX	+ 1.0	FIPRX
FIPRX	+ 0.99	FIBLX
SWRSX	+ 0.99	FIBLX
FIPRX	+ 0.96	ABNCX
FIBLX	+ 0.95	ABNCX
SWRSX	+ 0.95	ABNCX

High negative correlations

QMHIX	- 0.07	FIFGX
FIPRX	- 0.01	FIFGX
SLFYX	- 0.0	QMHIX

Risk-Adjusted Indicators

There is a big difference between Invesco Mutual Fund performing well and Invesco European 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 European'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
FIFGX	0.86	0.10	(0.04)	(0.24)	1.03	(0.93)	1.72	(1.55)	4.96
ABNCX	0.14	(0.02)	0.00	(0.50)	0.00	0.00	0.20	(0.30)	0.89
FIBLX	0.21	(0.02)	0.00	(0.42)	0.00	0.00	0.32	(0.43)	1.26
QMHIX	0.61	0.07	(0.04)	1.48	0.78	(0.62)	1.25	(1.11)	3.83
SLFYX	0.20	(0.01)	(0.38)	(0.16)	0.23	(0.25)	0.38	(0.50)	1.12
FIPRX	0.22	(0.03)	0.00	(0.48)	0.00	0.00	0.40	(0.51)	1.20
SWRSX	0.20	(0.02)	0.00	(0.42)	0.00	0.00	0.29	(0.49)	1.07

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