Oil Equipment Correlations

OEPSX Fund

USD 63.11 1.22 1.90%

The current 90-days correlation between Oil Equipment Services and Putnam Global Financials is -0.25 (i.e., Very good 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

Very good diversification

The correlation between Oil Equipment Services and DJI is -0.23 (i.e., Very good 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 state.

Moving together with Oil Mutual Fund

0.65	TEPSX	Technology Ultrasector	Pair Corr
0.71	UMPIX	Ultramid Cap Profund	Pair Corr
0.72	MDPSX	Mid Cap Profund	Pair Corr
0.7	MGPIX	Mid Cap Growth	Pair Corr
0.77	UOPIX	Ultra Nasdaq 100	Pair Corr
0.65	GCAVX	Gmo Small Cap	Pair Corr
0.65	GMCQX	Gmo Equity Allocation	Pair Corr

Moving against Oil Mutual Fund

0.85	GVPIX	Us Government Plus	Pair Corr
0.85	GVPSX	Us Government Plus	Pair Corr
0.7	UCPIX	Ultrashort Small Cap	Pair Corr
0.66	SHPSX	Short Small Cap	Pair Corr
0.46	UUPIX	Ultraemerging Markets	Pair Corr
0.45	REPIX	Real Estate Ultrasector	Pair Corr
0.37	SNPIX	Short Oil Gas	Pair Corr
0.84	GABFX	Gmo Asset Allocation	Pair Corr
0.79	VICSX	Vanguard Intermediate-ter	Pair Corr
0.68	GIOIX	Guggenheim Macro Opp	Pair Corr
0.67	GAAVX	Gmo Alternative Allo	Pair Corr
0.67	JNJ	Johnson Johnson	Pair Corr
0.64	ABNOX	Ab Bond Inflation	Pair Corr
0.53	TIMUX	Transamerica Intermediate	Pair Corr
0.37	DBIWX	Dws Global Macro	Pair Corr

Related Correlations Analysis

	PGFMX	DVFYX	IAAEX	MSVIX	ICFAX	GCFSX	RMBKX	XFINX
PGFMX		0.92	0.35	0.29	0.46	0.9	0.54	0.55	PGFMX
DVFYX	0.92		0.19	0.31	0.58	0.86	0.58	0.63	DVFYX
IAAEX	0.35	0.19		0.58	0.38	0.13	0.51	0.14	IAAEX
MSVIX	0.29	0.31	0.58		0.79	-0.05	0.86	0.44	MSVIX
ICFAX	0.46	0.58	0.38	0.79		0.15	0.88	0.51	ICFAX
GCFSX	0.9	0.86	0.13	-0.05	0.15		0.23	0.45	GCFSX
RMBKX	0.54	0.58	0.51	0.86	0.88	0.23		0.62	RMBKX
XFINX	0.55	0.63	0.14	0.44	0.51	0.45	0.62		XFINX
	PGFMX	DVFYX	IAAEX	MSVIX	ICFAX	GCFSX	RMBKX	XFINX

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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

DVFYX	+ 0.92	PGFMX
GCFSX	+ 0.9	PGFMX
RMBKX	+ 0.88	ICFAX
GCFSX	+ 0.86	DVFYX
RMBKX	+ 0.86	MSVIX
ICFAX	+ 0.79	MSVIX

High negative correlations

GCFSX

- 0.05

MSVIX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PGFMX	0.39	0.01	0.00	(0.05)	0.00	0.00	0.85	(0.86)	2.21
DVFYX	0.83	0.07	0.06	0.01	1.31	(0.78)	1.65	(2.39)	6.47
IAAEX	0.80	(0.12)	0.00	(0.32)	0.00	0.00	1.41	(1.48)	9.17
MSVIX	0.96	(0.18)	0.00	(0.27)	0.00	0.00	1.40	(2.19)	10.85
ICFAX	0.81	(0.06)	0.00	(0.13)	0.00	0.00	1.28	(2.10)	3.93
GCFSX	0.75	0.10	0.10	0.06	1.04	(0.76)	1.80	(2.41)	4.68
RMBKX	1.12	(0.13)	0.00	(0.20)	0.00	0.00	2.19	(3.08)	6.79
XFINX	0.14	(0.01)	0.00	(0.14)	0.00	0.00	0.28	(0.64)	1.27

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