Oppenheimer Discovery Correlations

ODINX Fund

USD 76.07 2.54 3.45%

The current 90-days correlation between Oppenheimer Discovery and Cb Large Cap is 0.62 (i.e., Poor 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

Poor diversification

The correlation between Oppenheimer Discovery Fd and DJI is 0.64 (i.e., Poor 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 board of governors.

Moving together with Oppenheimer Mutual Fund

0.95	OSCNX	Oppenheimer Main Street	Pair Corr
0.88	OSCYX	Oppenheimer Main Street	Pair Corr
0.94	OSSIX	Oppenheimer Main Street	Pair Corr
0.96	OTCNX	Oppenheimer Cap Apprec	Pair Corr
0.96	OTCYX	Oppenheimer Capital	Pair Corr
1.0	ODIYX	Oppenheimer Discovery	Pair Corr
0.99	OEGYX	Oppenhmr Discovery Mid	Pair Corr
0.99	OEGIX	Oppenhmr Discovery Mid	Pair Corr
0.99	OEGNX	Oppenhmr Discovery Mid	Pair Corr

Moving against Oppenheimer Mutual Fund

0.69	OSIIX	Oppenheimer Global Strtgc	Pair Corr
0.66	OSIYX	Oppenheimer Strategic	Pair Corr
0.65	OSINX	Oppenheimer Strat Incm	Pair Corr
0.38	OSCIX	Oppenheimer Intl Small	Pair Corr
0.38	OSMNX	Oppenheimer Intl Small	Pair Corr
0.38	OSMYX	Oppenheimer Intl Small	Pair Corr
0.73	QMGIX	Oppenheimer Global	Pair Corr
0.73	QMGRX	Oppenheimer Global	Pair Corr
0.73	QMGYX	Oppenheimer Global	Pair Corr
0.73	QMGAX	Oppenheimer Global	Pair Corr
0.73	QMGCX	Oppenheimer Global	Pair Corr
0.71	OEMNX	Ophmr Eml Dbt	Pair Corr
0.68	OEMIX	Ophmr Eml Dbt	Pair Corr
0.68	OEMYX	Ophmr Eml Dbt	Pair Corr
0.43	ODVNX	Oppenheimer Developing	Pair Corr
0.43	ODVYX	Oppenheimer Developing	Pair Corr
0.36	QOPIX	Oppenheimer Flexible	Pair Corr
0.35	QOPYX	Oppenheimer Flexible	Pair Corr
0.33	QOPNX	Oppenheimer Flexible	Pair Corr

Related Correlations Analysis

	CBLSX	FCLKX	PCPAX	AMFFX	GMLVX	SMVLX
CBLSX		0.7	0.9	0.79	0.47	0.51	CBLSX
FCLKX	0.7		0.43	0.5	0.06	0.9	FCLKX
PCPAX	0.9	0.43		0.76	0.71	0.17	PCPAX
AMFFX	0.79	0.5	0.76		0.54	0.26	AMFFX
GMLVX	0.47	0.06	0.71	0.54		-0.29	GMLVX
SMVLX	0.51	0.9	0.17	0.26	-0.29		SMVLX
	CBLSX	FCLKX	PCPAX	AMFFX	GMLVX	SMVLX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

PCPAX	+ 0.9	CBLSX
SMVLX	+ 0.9	FCLKX
AMFFX	+ 0.79	CBLSX
AMFFX	+ 0.76	PCPAX
GMLVX	+ 0.71	PCPAX
FCLKX	+ 0.7	CBLSX

High negative correlations

SMVLX

- 0.29

GMLVX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CBLSX	0.64	0.01	0.01	0.01	0.81	(0.66)	1.25	(1.25)	3.20
FCLKX	0.82	(0.03)	0.00	(0.03)	0.00	0.00	1.58	(2.15)	5.00
PCPAX	0.61	0.05	0.06	0.07	0.72	(0.69)	1.23	(1.32)	3.20
AMFFX	0.64	(0.06)	0.00	0.30	0.00	0.00	1.09	(1.46)	4.69
GMLVX	0.70	0.03	0.03	0.07	0.90	(0.76)	1.57	(1.62)	5.51
SMVLX	0.80	(0.07)	0.00	(0.07)	0.00	0.00	1.42	(1.85)	3.48

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC