Correlation Between Oppenheimer Gold and Altegris Futures
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Gold and Altegris Futures at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Oppenheimer Gold and Altegris Futures into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Gold Special and Altegris Futures Evolution, you can compare the effects of market volatilities on Oppenheimer Gold and Altegris Futures and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Oppenheimer Gold with a short position of Altegris Futures. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Gold and Altegris Futures.
Diversification Opportunities for Oppenheimer Gold and Altegris Futures
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppenheimer and Altegris is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Special and Altegris Futures Evolution in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altegris Futures Evo and Oppenheimer Gold is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Oppenheimer Gold Special are associated (or correlated) with Altegris Futures. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altegris Futures Evo has no effect on the direction of Oppenheimer Gold i.e., Oppenheimer Gold and Altegris Futures go up and down completely randomly.
Pair Corralation between Oppenheimer Gold and Altegris Futures
Assuming the 90 days horizon Oppenheimer Gold Special is expected to generate 3.72 times more return on investment than Altegris Futures. However, Oppenheimer Gold is 3.72 times more volatile than Altegris Futures Evolution. It trades about 0.13 of its potential returns per unit of risk. Altegris Futures Evolution is currently generating about 0.14 per unit of risk. If you would invest 4,090 in Oppenheimer Gold Special on September 5, 2025 and sell it today you would earn a total of 800.00 from holding Oppenheimer Gold Special or generate 19.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Gold Special vs. Altegris Futures Evolution
Performance |
| Timeline |
| Oppenheimer Gold Special |
| Altegris Futures Evo |
Oppenheimer Gold and Altegris Futures Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Gold and Altegris Futures
The main advantage of trading using opposite Oppenheimer Gold and Altegris Futures positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Gold position performs unexpectedly, Altegris Futures can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Altegris Futures will offset losses from the drop in Altegris Futures' long position.| Oppenheimer Gold vs. Jpmorgan Government Bond | Oppenheimer Gold vs. Ridgeworth Seix Government | Oppenheimer Gold vs. Federated Government Income | Oppenheimer Gold vs. Long Term Government Fund |
| Altegris Futures vs. Qs Large Cap | Altegris Futures vs. Balanced Fund Retail | Altegris Futures vs. Fkhemx | Altegris Futures vs. Arrow Managed Futures |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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