Oppenheimer Gold Correlations

OGMCX Fund

USD 32.38 0.07 0.22%

The current 90-days correlation between Oppenheimer Gold Special and Elfun Diversified Fund is 0.46 (i.e., Very weak diversification). The correlation of Oppenheimer Gold 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 Gold Correlation With Market

Weak diversification

The correlation between Oppenheimer Gold Special and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Special 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 Oppenheimer Gold Special. 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 main economic indicators.

Moving together with Oppenheimer Mutual Fund

0.95	IOGYX	Invesco Gold Special	Pair Corr
0.66	OEMCX	Ophmr Eml Dbt	Pair Corr

Moving against Oppenheimer Mutual Fund

0.82	VMICX	Invesco Municipal Income	Pair Corr
0.81	VMINX	Invesco Municipal Income	Pair Corr
0.75	VMIIX	Invesco Municipal Income	Pair Corr
0.41	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.35	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.31	AMHYX	Invesco High Yield	Pair Corr
0.78	ONYCX	Oppenheimer Rochester	Pair Corr
0.74	ACTFX	Invesco High Yield	Pair Corr
0.4	IEFCX	Invesco Energy	Pair Corr
0.39	IENYX	Invesco Energy	Pair Corr
0.82	ORNCX	Oppenheimer Roc High	Pair Corr
0.53	GTHCX	Invesco Global Health	Pair Corr
0.42	SPMJX	Invesco Steelpath Mlp	Pair Corr
0.42	SPMPX	Invesco Steelpath Mlp	Pair Corr
0.42	LIIAX	Columbia Porate Income	Pair Corr
0.42	SRINX	Columbia Porate Income	Pair Corr

Related Correlations Analysis

	ELDFX	VDSCX	PDINX	IAXIX	HIIDX	TSMMX	TSVPX	QDARX
ELDFX		0.9	0.67	0.94	0.92	0.88	0.87	0.48	ELDFX
VDSCX	0.9		0.61	0.86	0.79	0.95	0.98	0.39	VDSCX
PDINX	0.67	0.61		0.73	0.75	0.52	0.51	0.87	PDINX
IAXIX	0.94	0.86	0.73		0.9	0.8	0.79	0.62	IAXIX
HIIDX	0.92	0.79	0.75	0.9		0.72	0.71	0.71	HIIDX
TSMMX	0.88	0.95	0.52	0.8	0.72		0.97	0.23	TSMMX
TSVPX	0.87	0.98	0.51	0.79	0.71	0.97		0.24	TSVPX
QDARX	0.48	0.39	0.87	0.62	0.71	0.23	0.24		QDARX
	ELDFX	VDSCX	PDINX	IAXIX	HIIDX	TSMMX	TSVPX	QDARX

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Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Gold 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 Gold'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
ELDFX	0.65	0.04	0.06	0.03	1.00	(0.63)	1.19	(1.31)	6.50
VDSCX	1.31	0.01	0.03	(0.19)	1.99	(1.23)	2.19	(2.85)	12.86
PDINX	0.17	0.02	0.21	2.14	0.09	(0.25)	0.41	(0.21)	1.22
IAXIX	1.68	0.14	0.05	0.06	2.42	(1.67)	3.12	(3.74)	14.55
HIIDX	0.87	0.16	0.09	0.18	1.50	(0.87)	1.78	(2.16)	8.61
TSMMX	1.30	(0.03)	0.00	(0.42)	0.00	0.00	2.62	(2.51)	9.17
TSVPX	1.18	(0.01)	0.02	0.10	1.80	(1.18)	2.15	(2.42)	12.09
QDARX	0.09	0.03	0.52	(7.76)	0.00	(0.13)	0.24	(0.08)	0.65

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