Oppenheimer Steelpath Correlations

Mutual Funds . USA . 
Fund . Oppenheimer Steelpath Mlp
OSPAX Fund  USD 9.66  0.06  0.63%   
The current 90-days correlation between Oppenheimer Steelpath Mlp and Oppenheimer Main Street is 0.13 (i.e., Average diversification). The correlation of Oppenheimer Steelpath 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 Steelpath Correlation With Market

Weak diversification

The correlation between Oppenheimer Steelpath Mlp and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Steelpath Mlp 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 Steelpath Mlp. 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 nation.

Moving together with Oppenheimer Mutual Fund

  0.86OSCNX Oppenheimer Main StreetPairCorr
  0.86OSCYX Oppenheimer Main StreetPairCorr
  0.95OSPMX Oppenheimer Steelpath MlpPairCorr
  1.0OSPPX Oppenheimer Steelpath MlpPairCorr
  0.99OSPSX Oppenheimer Steelpath MlpPairCorr
  0.69OSSIX Oppenheimer Main StreetPairCorr
  0.71OTCNX Oppenheimer Cap ApprecPairCorr
  0.82OTCYX Oppenheimer CapitalPairCorr
  0.83MLPOX Oppenheimer Steelpath MlpPairCorr
  1.0MLPNX Oppenheimer Steelpath MlpPairCorr
  0.99MLPTX Oppenheimer Steelpath MlpPairCorr
  0.95MLPZX Oppenheimer Steelpath MlpPairCorr
  0.87ODIYX Oppenheimer DiscoveryPairCorr
  0.72CGRNX Oppenheimer ValuePairCorr
  0.87CGRYX Oppenheimer DisciplinedPairCorr
  0.92OEGYX Oppenhmr Discovery MidPairCorr
  0.81OEGIX Oppenhmr Discovery MidPairCorr
  0.75OEGNX Oppenhmr Discovery MidPairCorr
  0.83QOPIX Oppenheimer FlexiblePairCorr
  0.81QOPNX Oppenheimer FlexiblePairCorr
  0.74QOPYX Oppenheimer FlexiblePairCorr

Moving against Oppenheimer Mutual Fund

  0.82OSCIX Oppenheimer Intl SmallPairCorr
  0.82OSMNX Oppenheimer Intl SmallPairCorr
  0.82OSMYX Oppenheimer Intl SmallPairCorr
  0.6OSIYX Oppenheimer StrategicPairCorr
  0.58OSINX Oppenheimer Strat IncmPairCorr
  0.54OSIIX Oppenheimer Global StrtgcPairCorr
  0.7OFIIX Oppenheimer CorporatePairCorr
  0.69OEMNX Ophmr Eml DbtPairCorr
  0.68OEMYX Ophmr Eml DbtPairCorr
  0.65OFINX Oppenheimer CorporatePairCorr
  0.65OFIYX Oppenheimer CorporatePairCorr
  0.6OEMIX Ophmr Eml DbtPairCorr
  0.47QMGCX Oppenheimer GlobalPairCorr
  0.45QMGRX Oppenheimer GlobalPairCorr
  0.45QMGAX Oppenheimer GlobalPairCorr
  0.36QMGIX Oppenheimer GlobalPairCorr
  0.36QMGYX Oppenheimer GlobalPairCorr
  0.35ODVYX Oppenheimer DevelopingPairCorr
  0.34ODVNX Oppenheimer DevelopingPairCorr

Related Correlations Analysis

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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   
OSCYX
+ 1.0
OSCNX
OSMNX
+ 1.0
OSCIX
OSMYX
+ 1.0
OSCIX
OSMYX
+ 1.0
OSMNX
OSIYX
+ 0.99
OSINX
OSIYX
+ 0.95
OSIIX
  
High negative correlations   
OSPAX
- 0.82
OSMYX
OSPAX
- 0.82
OSMNX
OSPAX
- 0.82
OSCIX
OSPMX
- 0.63
OSMYX
OSPMX
- 0.63
OSMNX
OSMYX
- 0.63
OSCYX

Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Steelpath 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 Steelpath'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
OSCNX  0.88  0.12  0.02  1.29  0.88 
(1.00)
 1.82 
(1.54)
 6.86 
OSCIX  0.62 (0.19) 0.00 (0.24) 0.00 
 0.00 
 1.12 
(1.21)
 3.86 
OSCYX  0.88  0.13  0.02  1.31  0.87 
(1.00)
 1.83 
(1.52)
 6.82 
OSIIX  0.23 (0.04) 0.00 (0.28) 0.00 
 0.00 
 0.33 
(0.64)
 1.63 
OSINX  0.20 (0.03) 0.00 (0.35) 0.00 
 0.00 
 0.32 
(0.64)
 1.30 
OSIYX  0.23 (0.03) 0.00 (0.38) 0.00 
 0.00 
 0.33 
(0.63)
 1.62 
OSMNX  0.62 (0.19) 0.00 (0.25) 0.00 
 0.00 
 1.14 
(1.23)
 3.85 
OSMYX  0.62 (0.19) 0.00 (0.25) 0.00 
 0.00 
 1.13 
(1.21)
 3.86 
OSPAX  0.65  0.18  0.13  0.51  0.48 
(0.80)
 1.58 
(0.93)
 4.29 
OSPMX  0.51  0.10  0.05  0.38  0.30 
(0.65)
 1.48 
(0.95)
 2.83 

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