Oppenheimer Steelpath Correlations

MLPGX Fund

USD 7.47 0.03 0.40%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Msift High Yield is 0.37 (i.e., Weak diversification). The correlation of Oppenheimer Steelpath 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 Steelpath Correlation With Market

Weak diversification

The correlation between Oppenheimer Steelpath Mlp and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Steelpath Mlp 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 Oppenheimer Steelpath Mlp. 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 price.

Moving together with Oppenheimer Mutual Fund

0.82	BRCYX	Invesco Balanced Risk	Pair Corr
0.72	STBAX	Invesco Short Term	Pair Corr
0.93	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.88	FSTEX	Invesco Energy	Pair Corr
0.65	IOGYX	Invesco Gold Special	Pair Corr
0.72	OGMCX	Oppenheimer Gold Special	Pair Corr
0.61	VSLAX	Invesco Senior Loan	Pair Corr

Moving against Oppenheimer Mutual Fund

0.34	ASIYX	Invesco Asia Pacific	Pair Corr
0.34	ASISX	Invesco Asia Pacific	Pair Corr

Related Correlations Analysis

	MRHYX	PYRLX	LSYFX	MHCAX	IPIMX	DNHYX	FPIOX	PHDTX
MRHYX		0.96	0.93	0.97	0.96	0.96	0.96	0.98	MRHYX
PYRLX	0.96		0.9	0.99	0.94	0.99	0.94	0.96	PYRLX
LSYFX	0.93	0.9		0.92	0.98	0.89	0.98	0.92	LSYFX
MHCAX	0.97	0.99	0.92		0.95	0.98	0.95	0.97	MHCAX
IPIMX	0.96	0.94	0.98	0.95		0.92	0.98	0.95	IPIMX
DNHYX	0.96	0.99	0.89	0.98	0.92		0.92	0.95	DNHYX
FPIOX	0.96	0.94	0.98	0.95	0.98	0.92		0.93	FPIOX
PHDTX	0.98	0.96	0.92	0.97	0.95	0.95	0.93		PHDTX
	MRHYX	PYRLX	LSYFX	MHCAX	IPIMX	DNHYX	FPIOX	PHDTX

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Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Steelpath 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 Steelpath'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MRHYX	0.12	0.02	0.13	0.32	(0.16)	0.24	(0.24)	0.59
PYRLX	0.12	0.02	0.10	5.30	(0.20)	0.31	(0.16)	0.79
LSYFX	0.13	0.02	0.11	0.23	(0.20)	0.41	(0.31)	1.33
MHCAX	0.11	0.02	0.10	2.40	(0.21)	0.19	(0.19)	0.58
IPIMX	0.14	0.02	0.11	0.52	(0.20)	0.46	(0.23)	1.04
DNHYX	0.13	0.02	0.12	4.41	(0.18)	0.23	(0.23)	0.93
FPIOX	0.15	0.01	0.09	0.22	(0.22)	0.46	(0.23)	1.04
PHDTX	0.11	0.03	0.15	0.54	(0.15)	0.23	(0.23)	0.79

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