Oil Equipment Correlations

OEPIX Fund  USD 71.06  7.52  9.57%   
The current 90-days correlation between Oil Equipment Services and Live Oak Health is 0.08 (i.e., Significant diversification). The correlation of Oil Equipment 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.

Oil Equipment Correlation With Market

Average diversification

The correlation between Oil Equipment Services and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oil Equipment Services 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 Oil Equipment Services. 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 gross domestic product.

Moving against Oil Mutual Fund

  0.56GVPIX Us Government PlusPairCorr
  0.53REPIX Real Estate UltrasectorPairCorr
  0.39BIPIX Biotechnology UltrasectorPairCorr
  0.4LIIAX Columbia Porate IncomePairCorr
  0.39SRINX Columbia Porate IncomePairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

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