Oppenheimer Steelpath Correlations

MLPRX Fund

USD 4.64 0.01 0.22%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Summit Global Investments is 0.3 (i.e., Weak 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 0.23 (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 real.

Moving together with Oppenheimer Mutual Fund

1.0	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.91	MLPEX	Steelpath Select	Pair Corr
0.93	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.82	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.47	PXCCX	Invesco Select Risk	Pair Corr
0.47	PXCIX	Invesco Select Risk	Pair Corr
0.39	ILAAX	Invesco Income Allocation	Pair Corr
0.49	OTFCX	Oppenheimer Target	Pair Corr
0.47	PXMSX	Invesco Select Risk	Pair Corr
0.43	PXQIX	Invesco Select Risk	Pair Corr
0.42	PXMQX	Invesco Select Risk	Pair Corr
0.42	PXMMX	Invesco Select Risk	Pair Corr
0.42	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.41	DIGGX	Invesco Discovery	Pair Corr
0.39	PXGGX	Invesco Select Risk	Pair Corr
0.35	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.32	STBYX	Invesco Short Term	Pair Corr
0.31	OCACX	Oppenheimer Roc Ca	Pair Corr
0.48	INGFX	Invesco Oppenheimer	Pair Corr
0.38	OCMIX	Oppenheimer Moderate	Pair Corr
0.33	SCAYX	Invesco Low Volatility	Pair Corr
0.33	SCIUX	Invesco Low Volatility	Pair Corr

Related Correlations Analysis

	SGICX	DHGCX	GLOIX	HRLAX	KGGAX	ZGFIX	MFIRX
SGICX		0.61	0.62	0.77	0.64	0.73	0.65	SGICX
DHGCX	0.61		0.8	0.78	0.77	0.72	0.94	DHGCX
GLOIX	0.62	0.8		0.71	0.79	0.91	0.68	GLOIX
HRLAX	0.77	0.78	0.71		0.89	0.71	0.85	HRLAX
KGGAX	0.64	0.77	0.79	0.89		0.76	0.8	KGGAX
ZGFIX	0.73	0.72	0.91	0.71	0.76		0.65	ZGFIX
MFIRX	0.65	0.94	0.68	0.85	0.8	0.65		MFIRX
	SGICX	DHGCX	GLOIX	HRLAX	KGGAX	ZGFIX	MFIRX

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
SGICX	0.39	(0.01)	(0.05)	0.02	0.51	(0.41)	0.87	(0.92)	2.54
DHGCX	0.12	0.01	(0.20)	0.38	0.00	(0.15)	0.26	(0.20)	0.77
GLOIX	0.67	0.02	0.01	0.07	0.81	(0.68)	1.67	(1.36)	3.49
HRLAX	0.29	0.03	(0.01)	0.44	0.29	(0.32)	0.62	(0.61)	1.99
KGGAX	0.58	0.14	0.09	(15.83)	0.91	(0.59)	1.05	(1.47)	4.13
ZGFIX	0.49	(0.01)	(0.04)	0.03	0.60	(0.49)	1.04	(0.99)	2.49
MFIRX	0.11	0.03	(0.07)	1.12	0.00	(0.23)	0.37	(0.19)	0.57

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