Oppenheimer Gold Correlations

OPGSX Fund

USD 36.46 0.36 0.98%

The current 90-days correlation between Oppenheimer Gold Spec and Hennessy Nerstone Mid is -0.35 (i.e., Very good 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

Significant diversification

The correlation between Oppenheimer Gold Spec and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Spec 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 Spec. 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 state.

Moving together with Oppenheimer Mutual Fund

0.63	OSICX	Oppenheimer Strategic	Pair Corr
0.61	BRCRX	Invesco Balanced Risk	Pair Corr
0.62	BRCNX	Invesco Balanced Risk	Pair Corr
0.61	BRCCX	Invesco Balanced Risk	Pair Corr
0.62	BRCYX	Invesco Balanced Risk	Pair Corr
0.64	EMLDX	Invesco Emerging Markets	Pair Corr

Moving against Oppenheimer Mutual Fund

0.42	VMICX	Invesco Municipal Income	Pair Corr
0.33	VMIIX	Invesco Municipal Income	Pair Corr
0.43	OCACX	Oppenheimer Roc Ca	Pair Corr

Related Correlations Analysis

	HFMDX	BPSCX	VVSCX	MXLSX	ABYSX	VISVX
HFMDX		0.95	0.94	0.97	0.95	0.95	HFMDX
BPSCX	0.95		0.96	0.97	1.0	1.0	BPSCX
VVSCX	0.94	0.96		0.98	0.96	0.96	VVSCX
MXLSX	0.97	0.97	0.98		0.97	0.97	MXLSX
ABYSX	0.95	1.0	0.96	0.97		1.0	ABYSX
VISVX	0.95	1.0	0.96	0.97	1.0		VISVX
	HFMDX	BPSCX	VVSCX	MXLSX	ABYSX	VISVX

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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
HFMDX	0.90	0.25	0.08	(1.26)	0.97	(0.94)	2.11	(1.90)	5.71
BPSCX	0.80	0.09	0.08	0.22	0.79	(0.89)	2.33	(1.80)	5.24
VVSCX	0.91	0.28	0.12	(1.50)	0.88	(1.10)	2.26	(1.77)	5.89
MXLSX	0.89	0.26	0.10	(1.28)	0.86	(1.06)	2.29	(1.79)	6.13
ABYSX	0.85	0.09	0.09	0.21	0.79	(0.99)	2.06	(1.68)	6.34
VISVX	0.84	0.09	0.09	0.21	0.78	(0.94)	2.09	(1.59)	6.43

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