Oppenheimer Gold Correlations

OPGSX Fund

USD 31.93 0.07 0.22%

The current 90-days correlation between Oppenheimer Gold Spec and Fidelity Advisor Financial is 0.33 (i.e., Weak diversification). The correlation of Oppenheimer Gold 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 Gold Correlation With Market

Weak diversification

The correlation between Oppenheimer Gold Spec and DJI is 0.3 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Spec 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 Gold Spec. 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 Oppenheimer Mutual Fund

0.65	AMHYX	Invesco High Yield	Pair Corr
0.86	OSICX	Oppenheimer Strategic	Pair Corr
0.8	OSMAX	Oppenheimer International	Pair Corr
0.79	OSMCX	Oppenheimer International	Pair Corr
0.67	HYIFX	Invesco High Yield	Pair Corr
0.67	HYINX	Invesco High Yield	Pair Corr
0.66	ILAAX	Invesco Income Allocation	Pair Corr
0.65	PXCCX	Invesco Select Risk	Pair Corr
0.85	BRCRX	Invesco Balanced Risk	Pair Corr
0.85	BRCNX	Invesco Balanced Risk	Pair Corr
0.66	PXCIX	Invesco Select Risk	Pair Corr
0.85	BRCCX	Invesco Balanced Risk	Pair Corr
0.85	BRCAX	Invesco Balanced Risk	Pair Corr
0.85	BRCYX	Invesco Balanced Risk	Pair Corr
0.86	EMLDX	Invesco Emerging Markets	Pair Corr
0.78	STBAX	Invesco Short Term	Pair Corr
0.78	STBCX	Invesco Short Term	Pair Corr
0.82	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.78	STBYX	Invesco Short Term	Pair Corr
0.78	STBRX	Invesco Short Term	Pair Corr
0.82	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.66	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.67	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.74	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.74	MLPEX	Steelpath Select	Pair Corr
0.65	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.52	DIGGX	Invesco Discovery	Pair Corr
0.45	OTFCX	Oppenheimer Target	Pair Corr

Related Correlations Analysis

	FAFSX	IVMXX	DVFYX	JRSXX	SWGXX	FMFXX	AEYXX	HUCXX
FAFSX		0.0	0.78	0.0	0.04	0.0	0.0	0.0	FAFSX
IVMXX	0.0		0.0	0.0	0.0	0.0	0.0	0.0	IVMXX
DVFYX	0.78	0.0		0.0	0.46	0.0	0.0	0.0	DVFYX
JRSXX	0.0	0.0	0.0		0.0	0.0	0.0	0.0	JRSXX
SWGXX	0.04	0.0	0.46	0.0		0.0	0.0	0.0	SWGXX
FMFXX	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FMFXX
AEYXX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	AEYXX
HUCXX	0.0	0.0	0.0	0.0	0.0	0.0	0.0		HUCXX
	FAFSX	IVMXX	DVFYX	JRSXX	SWGXX	FMFXX	AEYXX	HUCXX

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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	+ 0.78	FAFSX
SWGXX	+ 0.46	DVFYX
SWGXX	+ 0.04	FAFSX
IVMXX	+ 0.0	FAFSX
JRSXX	+ 0.0	FAFSX
FMFXX	+ 0.0	FAFSX

High negative correlations

HUCXX	- 0.0	AEYXX
HUCXX	- 0.0	FMFXX
AEYXX	- 0.0	FMFXX
HUCXX	- 0.0	SWGXX
AEYXX	- 0.0	SWGXX
FMFXX	- 0.0	SWGXX

Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Gold 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 Gold'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
FAFSX	0.91	(0.04)	0.00	(0.07)	0.00	0.00	1.71	(2.71)	6.26
IVMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DVFYX	0.85	0.07	0.05	0.03	1.27	(0.82)	1.65	(2.39)	6.47
JRSXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SWGXX	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.01
FMFXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AEYXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HUCXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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