Oppenheimer Steelpath Correlations

MLPAX Fund

USD 8.32 0.03 0.36%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Alpine Ultra Short is -0.03 (i.e., Good diversification). The correlation of Oppenheimer 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.

Check out Correlation Analysis to better understand how to build diversified portfolios. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Oppenheimer Mutual Fund

0.79	TORCX	Tortoise Mlp Pipeline	Pair Corr
0.97	MLPTX	Oppenheimer Steelpath Mlp	Pair Corr
0.97	OSPSX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPZX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	OSPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	GMLPX	Goldman Sachs Mlp	Pair Corr
0.97	GLPIX	Goldman Sachs Mlp	Pair Corr
0.98	GLPRX	Goldman Sachs Mlp	Pair Corr
0.64	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.68	VZ	Verizon Communications	Pair Corr

Moving against Oppenheimer Mutual Fund

0.61	FPXIX	Fidelity Advisor 529	Pair Corr
0.5	MSFT	Microsoft	Pair Corr
0.49	AA	Alcoa Corp	Pair Corr
0.46	WMT	Walmart	Pair Corr
0.39	GPICX	Guidepath Conservative	Pair Corr
0.36	IBM	International Business	Pair Corr

Related Correlations Analysis

	ATOAX	CMGUX	OWSBX	QNZIX	TSDCX	DULTX
ATOAX		0.95	0.88	0.85	0.96	0.97	ATOAX
CMGUX	0.95		0.86	0.85	0.98	0.98	CMGUX
OWSBX	0.88	0.86		0.76	0.87	0.88	OWSBX
QNZIX	0.85	0.85	0.76		0.83	0.84	QNZIX
TSDCX	0.96	0.98	0.87	0.83		0.98	TSDCX
DULTX	0.97	0.98	0.88	0.84	0.98		DULTX
	ATOAX	CMGUX	OWSBX	QNZIX	TSDCX	DULTX

Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer 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 Oppenheimer 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ATOAX	0.03	0.01	0.00	(1.21)	0.00	0.00	0.20	0.00	0.30
CMGUX	0.05	0.01	0.00	2.28	0.00	0.00	0.11	(0.11)	0.54
OWSBX	0.06	0.01	(0.11)	(0.86)	0.00	(0.11)	0.10	(0.10)	0.39
QNZIX	0.59	0.08	0.08	0.14	0.76	(0.61)	1.12	(1.11)	4.01
TSDCX	0.04	0.01	0.00	(1.43)	0.00	0.00	0.11	(0.11)	0.44
DULTX	0.05	0.01	(0.12)	(2.00)	0.00	(0.20)	0.10	(0.10)	0.51

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Oppenheimer Steelpath Correlations

Moving together with Oppenheimer Mutual Fund

Moving against Oppenheimer Mutual Fund

Related Correlations Analysis

Risk-Adjusted Indicators

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