Oppenheimer Steelpath Correlations

MLPLX Fund

USD 6.12 0.06 0.99%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Americafirst Large Cap is -0.01 (i.e., Good 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 0.34 (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 bureau of economic analysis.

Moving together with Oppenheimer Mutual Fund

0.89	OARDX	Oppenheimer Rising	Pair Corr
0.75	AMHYX	Invesco High Yield	Pair Corr
0.74	HYINX	Invesco High Yield	Pair Corr
0.84	PXGGX	Invesco Select Risk	Pair Corr
0.83	OTFCX	Oppenheimer Target	Pair Corr
0.93	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.96	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.87	OCRDX	Oppenheimer Rising	Pair Corr
0.88	SCAYX	Invesco Low Volatility	Pair Corr
0.88	SCNUX	Invesco Low Volatility	Pair Corr
0.79	FSTEX	Invesco Energy	Pair Corr
0.91	FTCHX	Invesco Technology	Pair Corr
0.94	OEGAX	Oppenheimer Discovery Mid	Pair Corr
0.88	CHRRX	Invesco Charter	Pair Corr
0.89	FDATX	Aim Investment Securities	Pair Corr
0.89	VADAX	Invesco Equally Weig	Pair Corr
0.89	VADFX	Invesco Equally Weig	Pair Corr
0.87	VAFFX	Invesco American Fra	Pair Corr

Moving against Oppenheimer Mutual Fund

0.35	STBAX	Invesco Short Term	Pair Corr
0.77	GGHYX	Invesco Global Health	Pair Corr
0.77	GGHCX	Invesco Global Health	Pair Corr
0.74	OEMCX	Ophmr Eml Dbt	Pair Corr
0.74	OEMAX	Ophmr Eml Dbt	Pair Corr
0.62	ODVCX	Oppenheimer Developing	Pair Corr
0.61	ODVIX	Oppenheimer Developing	Pair Corr
0.36	IOGYX	Invesco Gold Special Steady Growth	Pair Corr
0.85	ESMAX	Invesco European Small	Pair Corr
0.84	ESMCX	Invesco European Small	Pair Corr
0.75	ASRAX	Invesco Global Real	Pair Corr
0.54	OIBAX	Oppenheimer International	Pair Corr

Related Correlations Analysis

	SBQAX	ALCEX	TWQZX	AMFFX	GMLVX	DLCIX
SBQAX		0.98	0.93	0.8	-0.17	0.95	SBQAX
ALCEX	0.98		0.97	0.86	-0.14	0.95	ALCEX
TWQZX	0.93	0.97		0.91	-0.04	0.93	TWQZX
AMFFX	0.8	0.86	0.91		0.17	0.82	AMFFX
GMLVX	-0.17	-0.14	-0.04	0.17		-0.1	GMLVX
DLCIX	0.95	0.95	0.93	0.82	-0.1		DLCIX
	SBQAX	ALCEX	TWQZX	AMFFX	GMLVX	DLCIX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ALCEX	+ 0.98	SBQAX
TWQZX	+ 0.97	ALCEX
DLCIX	+ 0.95	SBQAX
DLCIX	+ 0.95	ALCEX
TWQZX	+ 0.93	SBQAX
DLCIX	+ 0.93	TWQZX

High negative correlations

GMLVX	- 0.17	SBQAX
GMLVX	- 0.14	ALCEX
DLCIX	- 0.1	GMLVX
GMLVX	- 0.04	TWQZX

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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SBQAX	0.59	0.15	0.07	1.82	0.43	(0.74)	1.41	(1.11)	5.13
ALCEX	0.58	0.11	0.02	0.92	0.36	(0.75)	1.28	(0.84)	5.99
TWQZX	0.45	0.06	(0.10)	0.62	0.27	(0.56)	1.16	(0.66)	3.48
AMFFX	0.42	0.03	(0.17)	0.45	0.33	(0.51)	0.83	(0.69)	2.68
GMLVX	0.67	0.04	(0.05)	0.26	0.75	(0.75)	1.50	(1.56)	4.86
DLCIX	0.50	0.06	0.06	0.19	0.44	(0.56)	1.23	(0.95)	4.24

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