Oppenheimer Discovery Correlations

Mutual Funds USA . 
Fund . Oppenheimer Discovery
ODIYX Fund  USD 129.73  1.99  1.51%   
The current 90-days correlation between Oppenheimer Discovery and World Energy Fund is 0.5 (i.e., Very weak diversification). The correlation of Oppenheimer Discovery 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 Discovery Correlation With Market

Poor diversification

The correlation between Oppenheimer Discovery and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Discovery 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 Discovery. 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 services.

Moving together with Oppenheimer Mutual Fund

  0.86OSCNX Oppenheimer Main StreetPairCorr
  0.79OSCIX Oppenheimer Intl SmallPairCorr
  0.87OSCYX Oppenheimer Main StreetPairCorr
  0.83OSIIX Oppenheimer Global StrtgcPairCorr
  0.79OSINX Oppenheimer Strat IncmPairCorr
  0.81OSIYX Oppenheimer StrategicPairCorr
  0.73OSMNX Oppenheimer Intl SmallPairCorr
  0.78OSMYX Oppenheimer Intl SmallPairCorr
  0.87OSSIX Oppenheimer Main StreetPairCorr
  0.93OTCNX Oppenheimer Cap ApprecPairCorr
  0.93OTCYX Oppenheimer CapitalPairCorr
  1.0ODINX Oppenheimer DiscoveryPairCorr
  0.89ODVNX Oppenheimer DevelopingPairCorr
  0.89ODVYX Oppenheimer DevelopingPairCorr
  0.86QMGIX Oppenheimer GlobalPairCorr
  0.86QMGRX Oppenheimer GlobalPairCorr
  0.86QMGYX Oppenheimer GlobalPairCorr
  0.82QMGAX Oppenheimer GlobalPairCorr
  0.85QMGCX Oppenheimer GlobalPairCorr
  0.85CGRNX Oppenheimer ValuePairCorr
  0.85CGRYX Oppenheimer DisciplinedPairCorr
  0.88OEGYX Oppenhmr Discovery MidPairCorr
  0.93OEGIX Oppenhmr Discovery MidPairCorr
  0.93OEGNX Oppenhmr Discovery MidPairCorr
  0.8OEMIX Ophmr Eml DbtPairCorr
  0.79OEMNX Ophmr Eml DbtPairCorr
  0.8OEMYX Ophmr Eml DbtPairCorr

Moving against Oppenheimer Mutual Fund

  0.46OCAYX Oppenheimer Roc CaPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Discovery 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 Discovery'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.

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