Steelpath Select Correlations

MLPEX Fund

USD 7.88 0.12 1.55%

The current 90-days correlation between Steelpath Select and Saat Moderate Strategy is 0.32 (i.e., Weak diversification). The correlation of Steelpath Select 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.

Steelpath Select Correlation With Market

Very weak diversification

The correlation between Steelpath Select 40 and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steelpath Select 40 and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Steelpath Select 40. 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 income.

Moving together with Steelpath Mutual Fund

0.89	OARDX	Oppenheimer Rising	Pair Corr
0.74	AMHYX	Invesco High Yield	Pair Corr
0.75	HYIFX	Invesco High Yield	Pair Corr
0.73	HYINX	Invesco High Yield	Pair Corr
0.83	PXGGX	Invesco Select Risk	Pair Corr
0.85	OTFCX	Oppenheimer Target	Pair Corr
0.76	PXMQX	Invesco Select Risk	Pair Corr
0.76	PXMSX	Invesco Select Risk	Pair Corr
0.92	DIGGX	Invesco Discovery	Pair Corr
0.76	PXMMX	Invesco Select Risk	Pair Corr
0.83	PXQIX	Invesco Select Risk	Pair Corr
0.82	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.95	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.95	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Steelpath Mutual Fund

0.78	OSMCX	Oppenheimer International	Pair Corr
0.77	OSMAX	Oppenheimer International	Pair Corr
0.65	EMLDX	Invesco Emerging Markets	Pair Corr
0.55	OSICX	Oppenheimer Strategic	Pair Corr
0.31	OCCIX	Oppenheimer Cnsrvtv	Pair Corr
0.77	INSLX	Aim International Mutual	Pair Corr
0.7	INGFX	Invesco Oppenheimer	Pair Corr
0.68	INDFX	Invesco International	Pair Corr
0.47	INBQX	Aim Investment Funds	Pair Corr

Related Correlations Analysis

	SMOAX	SCGCX	ASAMX	SAMAX	TCTZX	JALMX	TDIFX	TSMLX
SMOAX		0.36	0.52	0.26	0.87	0.89	0.95	0.79	SMOAX
SCGCX	0.36		0.96	0.98	0.73	0.71	0.56	0.83	SCGCX
ASAMX	0.52	0.96		0.95	0.85	0.84	0.7	0.89	ASAMX
SAMAX	0.26	0.98	0.95		0.66	0.64	0.48	0.76	SAMAX
TCTZX	0.87	0.73	0.85	0.66		1.0	0.95	0.95	TCTZX
JALMX	0.89	0.71	0.84	0.64	1.0		0.96	0.95	JALMX
TDIFX	0.95	0.56	0.7	0.48	0.95	0.96		0.9	TDIFX
TSMLX	0.79	0.83	0.89	0.76	0.95	0.95	0.9		TSMLX
	SMOAX	SCGCX	ASAMX	SAMAX	TCTZX	JALMX	TDIFX	TSMLX

Click cells to compare fundamentals

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Risk-Adjusted Indicators

There is a big difference between Steelpath Mutual Fund performing well and Steelpath Select 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 Steelpath Select'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
SMOAX	0.20	(0.02)	(0.44)	0.05	0.18	(0.23)	0.34	(0.42)	1.10
SCGCX	0.42	(0.02)	(0.11)	0.09	0.46	(0.47)	0.87	(0.71)	2.67
ASAMX	0.37	(0.01)	(0.14)	0.11	0.35	(0.45)	0.74	(0.74)	1.95
SAMAX	0.41	0.00	(0.09)	0.12	0.39	(0.47)	0.85	(0.83)	2.62
TCTZX	0.26	(0.01)	(0.28)	0.08	0.27	(0.27)	0.60	(0.60)	1.33
JALMX	0.25	(0.01)	(0.31)	0.08	0.24	(0.27)	0.48	(0.55)	1.28
TDIFX	0.16	(0.01)	(0.51)	0.05	0.12	(0.19)	0.35	(0.26)	0.95
TSMLX	0.33	(0.03)	(0.21)	0.06	0.39	(0.37)	0.74	(0.66)	2.00

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