Invesco DWA Correlations

PXI Etf

USD 41.17 0.20 0.49%

The current 90-days correlation between Invesco DWA Energy and Global X Wind is 0.34 (i.e., Weak diversification). The correlation of Invesco DWA 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.

Invesco DWA Correlation With Market

Poor diversification

The correlation between Invesco DWA Energy and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Invesco DWA Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Invesco DWA Energy. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Invesco Etf

0.87	XLE	Energy Select Sector	Pair Corr
0.91	VDE	Vanguard Energy Index	Pair Corr
0.94	XOP	SPDR SP Oil Sell-off Trend	Pair Corr
0.95	OIH	VanEck Oil Services Sell-off Trend	Pair Corr
0.89	IYE	iShares Energy ETF	Pair Corr
0.76	IXC	iShares Global Energy	Pair Corr
0.94	FXN	First Trust Energy	Pair Corr
0.91	FENY	Fidelity MSCI Energy	Pair Corr
0.92	FTXN	First Trust Nasdaq	Pair Corr
0.94	IEO	iShares Oil Gas	Pair Corr
0.64	TECL	Direxion Daily Technology Buyout Trend	Pair Corr
0.62	ROM	ProShares Ultra Tech	Pair Corr
0.61	QLD	ProShares Ultra QQQ	Pair Corr
0.64	SMH	VanEck Semiconductor ETF	Pair Corr
0.68	SOXX	iShares Semiconductor ETF	Pair Corr
0.68	PSI	Invesco Dynamic Semi	Pair Corr
0.83	INTC	Intel Aggressive Push	Pair Corr
0.63	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.7	HPQ	HP Inc Fiscal Year End 19th of November 2024	Pair Corr

Moving against Invesco Etf

0.84	FBGX	UBS	Pair Corr
0.78	PG	Procter Gamble	Pair Corr
0.66	KO	Coca Cola Fiscal Year End 11th of February 2025	Pair Corr
0.64	LQDW	iShares Trust	Pair Corr
0.62	MMM	3M Company Fiscal Year End 28th of January 2025	Pair Corr
0.62	T	ATT Inc Aggressive Push	Pair Corr
0.59	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.54	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.38	VZ	Verizon Communications Aggressive Push	Pair Corr

Related Correlations Analysis

	WNDY	GDOC	GBUY	FRNW	GREI
WNDY		-0.55	0.28	0.7	-0.72	WNDY
GDOC	-0.55		0.3	0.01	0.76	GDOC
GBUY	0.28	0.3		0.39	-0.29	GBUY
FRNW	0.7	0.01	0.39		-0.23	FRNW
GREI	-0.72	0.76	-0.29	-0.23		GREI
	WNDY	GDOC	GBUY	FRNW	GREI

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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

GREI	+ 0.76	GDOC
FRNW	+ 0.7	WNDY
FRNW	+ 0.39	GBUY
GBUY	+ 0.3	GDOC
GBUY	+ 0.28	WNDY
FRNW	+ 0.01	GDOC

High negative correlations

GREI	- 0.72	WNDY
GDOC	- 0.55	WNDY
GREI	- 0.29	GBUY
GREI	- 0.23	FRNW

Invesco DWA Constituents Risk-Adjusted Indicators

There is a big difference between Invesco Etf performing well and Invesco DWA ETF 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 DWA'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
WNDY	1.01	(0.15)	0.00	(0.21)	0.00	0.00	1.89	(2.49)	5.51
GDOC	0.67	0.02	0.00	0.10	0.90	(0.69)	1.11	(1.58)	4.81
GBUY	0.86	(0.08)	0.00	(0.01)	0.00	0.00	1.57	(2.54)	5.79
FRNW	1.23	(0.14)	0.00	(0.06)	0.00	0.00	2.62	(2.71)	6.62
GREI	0.58	0.16	0.16	0.35	0.46	(0.68)	1.31	(0.79)	5.21

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