Oppenheimer Discovery Correlations

Mutual Funds . USA . 
Fund . Oppenheimer Discovery Fd
OPOCX Fund  USD 100.18  0.21  0.21%   
The current 90-days correlation between Oppenheimer Discovery and Nuveen Strategic Municipal is 0.01 (i.e., Significant diversification). The correlation of Oppenheimer Discovery 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 Discovery Correlation With Market

Significant diversification

The correlation between Oppenheimer Discovery Fd 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 Discovery Fd 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 Discovery Fd. 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

  0.67OARDX Oppenheimer RisingPairCorr
  0.63AMHYX Invesco High YieldPairCorr
  0.64HYIFX Invesco High YieldPairCorr
  0.65HYINX Invesco High YieldPairCorr
  0.97ILAAX Invesco Income AllocationPairCorr
  0.64PXCCX Invesco Select RiskPairCorr
  0.63BRCRX Invesco Balanced RiskPairCorr
  0.64BRCNX Invesco Balanced RiskPairCorr
  0.64PXCIX Invesco Select RiskPairCorr
  0.62BRCCX Invesco Balanced RiskPairCorr
  0.64BRCAX Invesco Balanced RiskPairCorr
  0.99PXGGX Invesco Select RiskPairCorr
  0.99OTFCX Oppenheimer TargetPairCorr
  0.99PXMQX Invesco Select RiskPairCorr
  0.99PXMSX Invesco Select RiskPairCorr
  1.0DIGGX Invesco DiscoveryPairCorr
  0.99PXMMX Invesco Select RiskPairCorr
  0.63PXQIX Invesco Select RiskPairCorr
  0.63OCAIX Oppenheimer AggrssvPairCorr
  0.63OCCIX Oppenheimer CnsrvtvPairCorr
  0.87STBAX Invesco Short TermPairCorr
  0.86STBCX Invesco Short TermPairCorr
  0.61STBYX Invesco Short TermPairCorr
  0.86STBRX Invesco Short TermPairCorr
  0.73MLPEX Steelpath SelectPairCorr

Moving against Oppenheimer Mutual Fund

  0.38OCACX Oppenheimer Roc CaPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Discovery 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 Discovery'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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