Oppenheimer Steelpath Correlations

Mutual Funds . USA . 
Fund . Oppenheimer Steelpath Mlp
MLPFX Fund  USD 8.86  0.04  0.45%   
The current 90-days correlation between Oppenheimer Steelpath Mlp and Deutsche Health And is -0.2 (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.

Oppenheimer Steelpath Correlation With Market

Good diversification

The correlation between Oppenheimer Steelpath Mlp and DJI is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Steelpath Mlp and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Oppenheimer Steelpath Mlp. 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 Oppenheimer Mutual Fund

  0.92MLPRX Oppenheimer Steelpath MlpPairCorr
  0.91MLPDX Oppenheimer Steelpath MlpPairCorr
  0.98MLPAX Oppenheimer Steelpath MlpPairCorr
  0.97MLPGX Oppenheimer Steelpath MlpPairCorr
  1.0MLPEX Steelpath SelectPairCorr
  0.97MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Oppenheimer Mutual Fund

  0.47PXCCX Invesco Select RiskPairCorr
  0.47PXCIX Invesco Select RiskPairCorr
  0.37VMICX Invesco Municipal IncomePairCorr
  0.37VMIIX Invesco Municipal IncomePairCorr
  0.37ILAAX Invesco Income AllocationPairCorr
  0.34VMINX Invesco Municipal IncomePairCorr
  0.48OCCIX Oppenheimer CnsrvtvPairCorr
  0.46DIGGX Invesco DiscoveryPairCorr
  0.44OTFCX Oppenheimer TargetPairCorr
  0.44PXMQX Invesco Select RiskPairCorr
  0.44PXMMX Invesco Select RiskPairCorr
  0.41PXGGX Invesco Select RiskPairCorr
  0.41PXMSX Invesco Select RiskPairCorr
  0.41PXQIX Invesco Select RiskPairCorr
  0.4STBYX Invesco Short TermPairCorr
  0.38STBAX Invesco Short TermPairCorr
  0.37OCACX Oppenheimer Roc CaPairCorr
  0.36OCAIX Oppenheimer AggrssvPairCorr
  0.35STBRX Invesco Short TermPairCorr
  0.34STBCX Invesco Short TermPairCorr
  0.4OCMIX Oppenheimer ModeratePairCorr
  0.38SCCUX Invesco Low VolatilityPairCorr
  0.37SCAYX Invesco Low VolatilityPairCorr
  0.37SCAUX Invesco Low VolatilityPairCorr
  0.37SCIUX Invesco Low VolatilityPairCorr
  0.37INGFX Invesco OppenheimerPairCorr

Related Correlations Analysis


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.

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