Short Oil Correlations

Mutual Funds USA . 
Fund . Short Oil Gas
SNPSX Fund  USD 12.81  0.09  0.71%   
The current 90-days correlation between Short Oil Gas and World Energy Fund is 0.16 (i.e., Average diversification). The correlation of Short Oil 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.

Short Oil Correlation With Market

Very good diversification

The correlation between Short Oil Gas and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Short Oil Gas and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Short Oil Gas. 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 Short Mutual Fund

  0.79UIPIX Ultrashort Mid CapPairCorr
  0.77UIPSX Ultrashort Mid CapPairCorr
  0.78BRPIX Bear Profund BearPairCorr
  0.78BRPSX Bear Profund BearPairCorr
  0.8UKPSX Ultrashort Japan ProfundPairCorr
  0.79UKPIX Ultrashort Japan ProfundPairCorr

Moving against Short Mutual Fund

  1.0ENPSX Oil Gas UltrasectorPairCorr
  1.0ENPIX Oil Gas UltrasectorPairCorr
  0.85MLPIX Mid Cap ValuePairCorr
  0.84TEPIX Technology UltrasectorPairCorr
  0.84TEPSX Technology UltrasectorPairCorr
  0.84MLPSX Mid Cap ValuePairCorr
  0.81OTPIX Nasdaq 100 ProfundPairCorr
  0.81UJPIX Ultrajapan ProfundPairCorr
  0.81OTPSX Nasdaq 100 ProfundPairCorr
  0.8UJPSX Ultrajapan ProfundPairCorr
  0.78LGPIX Large Cap GrowthPairCorr
  0.78LGPSX Profunds Large CapPairCorr
  0.7BTCFX Bitcoin Strategy ProfundPairCorr
  0.92OEPSX Oil Equipment ServicesPairCorr
  0.9OEPIX Oil Equipment ServicesPairCorr
  0.85SVPIX Small Cap ValuePairCorr
  0.85SVPSX Small Cap ValuePairCorr
  0.82ULPSX Ultrabull ProfundPairCorr
  0.81UMPSX Ultramid Cap ProfundPairCorr
  0.81UMPIX Ultramid Cap ProfundPairCorr
  0.81UOPIX Ultra Nasdaq 100PairCorr
  0.8ULPIX Ultrabull ProfundPairCorr
  0.79WCPIX Mobile TelecommunicatioPairCorr
  0.79WCPSX Mobile TelecommunicatioPairCorr
  0.78INPIX Internet UltrasectorPairCorr
  0.77INPSX Internet UltrasectorPairCorr
  0.74CYPSX Consumer ServicesPairCorr
  0.71UNPIX UltrainternationalPairCorr
  0.71UNPSX UltrainternationalPairCorr
  0.7CYPIX Consumer ServicesPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

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