Oppenheimer Steelpath Correlations

MLPTX Fund

USD 9.94 0.14 1.43%

The current 90-days correlation between Oppenheimer Steelpath Mlp and Franklin Lifesmart 2060 is 0.34 (i.e., Weak 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 0.31 (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 Correlation Analysis 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 manufacturing.

Moving together with Oppenheimer Mutual Fund

0.98	OSPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.93	OSPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	OSPSX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	MLPOX	Oppenheimer Steelpath Mlp	Pair Corr
0.98	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPZX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.37	OTCNX	Oppenheimer Cap Apprec	Pair Corr
0.33	OTCYX	Oppenheimer Capital	Pair Corr
0.37	QOPNX	Oppenheimer Flexible	Pair Corr
0.35	QOPYX	Oppenheimer Flexible	Pair Corr
0.34	QOPIX	Oppenheimer Flexible	Pair Corr

Related Correlations Analysis

	FLJSX	VLSMX	TBLKX	TRRGX	TBLLX	TBLSX	FHRVX
FLJSX		0.97	0.98	0.97	0.98	0.98	0.91	FLJSX
VLSMX	0.97		0.99	1.0	0.98	1.0	0.91	VLSMX
TBLKX	0.98	0.99		0.99	1.0	0.99	0.89	TBLKX
TRRGX	0.97	1.0	0.99		0.99	1.0	0.9	TRRGX
TBLLX	0.98	0.98	1.0	0.99		0.99	0.88	TBLLX
TBLSX	0.98	1.0	0.99	1.0	0.99		0.91	TBLSX
FHRVX	0.91	0.91	0.89	0.9	0.88	0.91		FHRVX
	FLJSX	VLSMX	TBLKX	TRRGX	TBLLX	TBLSX	FHRVX

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
FLJSX	0.50	0.02	0.01	0.11	0.69	(0.52)	1.09	(1.15)	3.40
VLSMX	0.31	0.02	(0.04)	0.11	0.29	(0.33)	0.72	(0.57)	1.98
TBLKX	0.50	0.02	0.01	0.10	0.65	(0.48)	1.12	(1.17)	3.32
TRRGX	0.25	0.01	(0.08)	0.10	0.29	(0.27)	0.58	(0.50)	1.66
TBLLX	0.51	0.02	0.01	0.10	0.68	(0.50)	1.11	(1.15)	3.52
TBLSX	0.26	0.01	(0.07)	0.10	0.30	(0.29)	0.56	(0.64)	1.67
FHRVX	0.22	0.04	(0.11)	0.52	0.10	(0.22)	0.46	(0.42)	1.31

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