Oppenheimer Steelpath Correlations

MLPGX Fund

USD 6.96 0.06 0.87%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Siit Large Cap is 0.27 (i.e., Modest 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

Modest diversification

The correlation between Oppenheimer Steelpath Mlp and DJI is 0.28 (i.e., Modest 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 rate.

Moving together with Oppenheimer Mutual Fund

0.93	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.65	IEFCX	Invesco Energy	Pair Corr
0.63	IENIX	Invesco Energy	Pair Corr
1.0	SPMJX	Invesco Steelpath Mlp	Pair Corr
1.0	SPMPX	Invesco Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.46	INGFX	Invesco Oppenheimer	Pair Corr
0.46	OIGAX	Oppenheimer International	Pair Corr
0.39	AADRX	Invesco Growth Allocation	Pair Corr
0.36	ODMAX	Oppenheimer Developing	Pair Corr
0.34	STBAX	Invesco Short Term	Pair Corr
0.31	OGICX	Oppenheimer Global Growth	Pair Corr
0.56	ITYYX	Invesco Technology	Pair Corr
0.53	OPTFX	Oppenheimer Capital	Pair Corr
0.43	SMEAX	Invesco Small Cap	Pair Corr
0.43	ONYCX	Oppenheimer Rochester	Pair Corr
0.43	OPOCX	Oppenheimer Discovery	Pair Corr
0.41	GLVAX	Oppenheimer Global Val	Pair Corr
0.39	OAAAX	Oppenheimer Active Allctn	Pair Corr
0.32	MIGCX	Oppenheimer Main Street	Pair Corr

Related Correlations Analysis

	LCIAX	WILCX	DLCIX	ALCEX	KCGSX	TALCX	LMTIX	RCLIX
LCIAX		0.85	0.96	0.85	0.99	0.85	0.97	0.95	LCIAX
WILCX	0.85		0.88	0.83	0.81	0.86	0.87	0.75	WILCX
DLCIX	0.96	0.88		0.86	0.95	0.92	0.95	0.87	DLCIX
ALCEX	0.85	0.83	0.86		0.79	0.93	0.87	0.88	ALCEX
KCGSX	0.99	0.81	0.95	0.79		0.81	0.97	0.92	KCGSX
TALCX	0.85	0.86	0.92	0.93	0.81		0.88	0.82	TALCX
LMTIX	0.97	0.87	0.95	0.87	0.97	0.88		0.94	LMTIX
RCLIX	0.95	0.75	0.87	0.88	0.92	0.82	0.94		RCLIX
	LCIAX	WILCX	DLCIX	ALCEX	KCGSX	TALCX	LMTIX	RCLIX

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
LCIAX	0.57	0.02	0.01	0.08	0.82	(0.54)	1.19	(1.20)	3.59
WILCX	0.40	0.04	0.02	0.13	0.31	(0.49)	0.83	(0.63)	2.22
DLCIX	0.58	0.03	0.03	0.09	0.80	(0.58)	1.26	(1.18)	3.59
ALCEX	0.58	0.01	0.01	0.07	0.77	(0.57)	1.18	(1.33)	3.91
KCGSX	0.69	0.04	0.04	0.10	0.92	(0.69)	1.60	(1.46)	3.99
TALCX	0.50	0.03	0.04	0.10	0.52	(0.56)	1.24	(0.94)	3.20
LMTIX	0.56	0.03	0.03	0.10	0.76	(0.52)	1.26	(1.35)	3.64
RCLIX	0.48	0.00	(0.01)	0.06	0.65	(0.49)	1.07	(0.98)	3.19

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