Correlation Analysis Between Invesco Municipal and Fidelity Advisor

This module allows you to analyze existing cross correlation between Invesco Municipal Income Fd Cl and Fidelity Advisor Municipal Inco. You can compare the effects of market volatilities on Invesco Municipal and Fidelity Advisor and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Invesco Municipal with a short position of Fidelity Advisor. See also your portfolio center. Please also check ongoing floating volatility patterns of Invesco Municipal and Fidelity Advisor.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Invesco Municipal  
66

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Invesco Municipal Income Fd Cl are ranked lower than 6 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly strong basic indicators, Invesco Municipal is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Fidelity Advisor Mun  
00

Risk-Adjusted Fund Performance

Over the last 30 days Fidelity Advisor Municipal Inco has generated negative risk-adjusted returns adding no value to fund investors. Inspite fairly strong basic indicators, Fidelity Advisor is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

Invesco Municipal and Fidelity Advisor Volatility Contrast

Invesco Municipal Income Fd Cl  vs.  Fidelity Advisor Municipal Inc

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  1,325  in Invesco Municipal Income Fd Cl on August 20, 2019 and sell it today you would earn a total of  12.00  from holding Invesco Municipal Income Fd Cl or generate 0.91% return on investment over 30 days.

Pair Corralation between Invesco Municipal and Fidelity Advisor

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Diversification Opportunities for Invesco Municipal and Fidelity Advisor

Invesco Municipal Income Fd Cl diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Invesco Municipal Income Fd Cl and Fidelity Advisor Municipal Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Advisor Mun and Invesco Municipal is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Invesco Municipal Income Fd Cl are associated (or correlated) with Fidelity Advisor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Advisor Mun has no effect on the direction of Invesco Municipal i.e. Invesco Municipal and Fidelity Advisor go up and down completely randomly.
See also your portfolio center. Please also try Equity Valuation module to check real value of public entities based on technical and fundamental data.


 
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