Oppenheimer Steelpath Correlations

MLPLX Fund  USD 5.93  0.06  1.00%   
The current 90-days correlation between Oppenheimer Steelpath Mlp and Elfun Government Money is -0.02 (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 -0.07 (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 bureau of economic analysis.

Moving together with Oppenheimer Mutual Fund

  0.65AMHYX Invesco High YieldPairCorr
  0.62PXMMX Invesco Select RiskPairCorr
  0.63OCCIX Oppenheimer CnsrvtvPairCorr
  0.96MLPDX Oppenheimer Steelpath MlpPairCorr
  0.93MLPEX Steelpath SelectPairCorr
  0.67SCAUX Invesco Low VolatilityPairCorr
  0.67SCCUX Invesco Low VolatilityPairCorr
  0.61VAFCX Invesco American FraPairCorr
  0.62CNSDX Invesco Vertible SecPairCorr
  0.61IEFCX Invesco EnergyPairCorr

Related Correlations Analysis

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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.