Oil Equipment Correlations

Mutual Funds . USA . 
Fund . Oil Equipment Services
OEPIX Fund  USD 60.95  0.58  0.96%   
The current 90-days correlation between Oil Equipment Services and City National Rochdale is 0.09 (i.e., Significant diversification). The correlation of Oil Equipment 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.

Oil Equipment Correlation With Market

Good diversification

The correlation between Oil Equipment Services and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oil Equipment Services and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Oil Equipment Services. 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 gross domestic product.

Moving together with Oil Mutual Fund

  0.82TEPIX Technology UltrasectorPairCorr
  0.81LGPSX Profunds Large CapPairCorr
  0.8OTPIX Nasdaq 100 ProfundPairCorr
  0.79MLPIX Mid Cap ValuePairCorr
  0.9ENPSX Oil Gas UltrasectorPairCorr
  0.79INPIX Internet UltrasectorPairCorr
  0.8INPSX Internet UltrasectorPairCorr
  0.72CYPSX Consumer ServicesPairCorr
  0.8SVPIX Small Cap ValuePairCorr
  0.8UOPIX Ultra Nasdaq 100PairCorr
  0.8UOPSX Ultranasdaq 100 ProfundPairCorr
  0.78SGPIX Small Cap GrowthPairCorr
  0.8FYAIX Access Flex HighPairCorr
  0.64REPIX Real Estate UltrasectorPairCorr
  0.65BIPIX Biotechnology UltrasectorPairCorr
  0.81UAPIX Ultrasmall Cap ProfundPairCorr
  0.8MDPIX Mid Cap ProfundPairCorr
  0.62UTPIX Utilities UltrasectorPairCorr
  0.81SLPIX Small Cap ProfundPairCorr
  0.82UUPIX Ultraemerging Markets Steady GrowthPairCorr
  0.81SMPIX Semiconductor Ultrasector Steady GrowthPairCorr
  0.81SMPSX Semiconductor Ultrasector Steady GrowthPairCorr
  0.79BMPIX Basic Materials UltrPairCorr
  0.78MGPIX Mid Cap GrowthPairCorr
  0.69FNPIX Financials UltrasectorPairCorr
  0.8RYVYX Nasdaq 100 2xPairCorr
  0.81RYVLX Nasdaq 100 2xPairCorr
  0.8RYCCX Nasdaq 100 2xPairCorr
  0.8RMQHX Monthly RebalancePairCorr
  0.8RMQAX Monthly RebalancePairCorr
  0.8RMQCX Monthly RebalancePairCorr
  0.8DXQLX Direxion Monthly NasdaqPairCorr
  0.7FSMMX Fs Multi StrategyPairCorr

Moving against Oil Mutual Fund

  0.59SRPIX Short Real EstatePairCorr
  0.9SNPIX Short Oil GasPairCorr
  0.56SPPIX Short Precious MetalsPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Oil Mutual Fund performing well and Oil Equipment 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 Oil Equipment'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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