Oppenheimer Capital Correlations

OPTFX Fund

USD 85.07 1.08 1.29%

The current 90-days correlation between Oppenheimer Capital and Aqr Long Short Equity is 0.39 (i.e., Weak diversification). The correlation of Oppenheimer Capital 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 Capital Correlation With Market

Poor diversification

The correlation between Oppenheimer Capital Appreciati and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Capital Appreciati 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 Capital Appreciation. 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 census.

Moving together with Oppenheimer Mutual Fund

0.69	AMHYX	Invesco High Yield	Pair Corr
0.68	HYIFX	Invesco High Yield	Pair Corr
0.66	HYINX	Invesco High Yield	Pair Corr
0.75	PXGGX	Invesco Select Risk	Pair Corr
0.94	OTFCX	Oppenheimer Target	Pair Corr
0.66	PXMQX	Invesco Select Risk	Pair Corr
0.68	PXMSX	Invesco Select Risk	Pair Corr
0.8	DIGGX	Invesco Discovery	Pair Corr
0.66	PXMMX	Invesco Select Risk	Pair Corr
0.75	PXQIX	Invesco Select Risk	Pair Corr
0.76	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.8	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.79	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	MLPEX	Steelpath Select	Pair Corr
0.85	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.58	OSMAX	Oppenheimer International	Pair Corr
0.58	OSMCX	Oppenheimer International	Pair Corr
0.55	OSICX	Oppenheimer Strategic	Pair Corr
0.34	BRCCX	Invesco Balanced Risk	Pair Corr
0.32	BRCRX	Invesco Balanced Risk	Pair Corr
0.31	BRCAX	Invesco Balanced Risk	Pair Corr
0.74	EMLDX	Invesco Emerging Markets	Pair Corr
0.57	INDFX	Invesco International	Pair Corr
0.53	INBQX	Aim Investment Funds	Pair Corr
0.5	INGFX	Invesco Oppenheimer	Pair Corr

Related Correlations Analysis

	QLENX	BIIPX	AOUNX	RSDIX	FZOMX	CMGUX	ATOAX
QLENX		-0.14	0.66	0.34	-0.08	0.68	0.68	QLENX
BIIPX	-0.14		-0.29	0.34	0.77	-0.44	-0.5	BIIPX
AOUNX	0.66	-0.29		0.31	-0.14	0.96	0.94	AOUNX
RSDIX	0.34	0.34	0.31		0.69	0.2	0.09	RSDIX
FZOMX	-0.08	0.77	-0.14	0.69		-0.31	-0.39	FZOMX
CMGUX	0.68	-0.44	0.96	0.2	-0.31		0.99	CMGUX
ATOAX	0.68	-0.5	0.94	0.09	-0.39	0.99		ATOAX
	QLENX	BIIPX	AOUNX	RSDIX	FZOMX	CMGUX	ATOAX

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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

ATOAX	+ 0.99	CMGUX
CMGUX	+ 0.96	AOUNX
ATOAX	+ 0.94	AOUNX
FZOMX	+ 0.77	BIIPX
FZOMX	+ 0.69	RSDIX
CMGUX	+ 0.68	QLENX

High negative correlations

ATOAX	- 0.5	BIIPX
CMGUX	- 0.44	BIIPX
ATOAX	- 0.39	FZOMX
CMGUX	- 0.31	FZOMX
AOUNX	- 0.29	BIIPX
FZOMX	- 0.14	AOUNX

Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Capital 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 Capital'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
QLENX	0.50	(0.01)	(0.02)	(0.01)	1.41	(0.47)	0.84	(1.08)	8.74
BIIPX	0.10	(0.02)	0.00	(0.70)	0.00	0.00	0.21	(0.21)	0.62
AOUNX	0.04	0.00	(0.21)	(0.14)	0.00	(0.19)	0.10	(0.10)	0.61
RSDIX	0.08	(0.01)	(0.22)	(1.44)	0.09	(0.15)	0.21	(0.10)	0.72
FZOMX	0.07	(0.02)	0.00	(1.29)	0.00	0.00	0.21	(0.10)	0.72
CMGUX	0.04	0.00	0.00	2.30	0.00	0.00	0.11	0.00	0.65
ATOAX	0.02	0.00	0.00	(0.32)	0.00	0.00	0.00	0.00	0.40

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