Steelpath Select Correlations

MLPEX Fund

USD 7.94 0.07 0.87%

The current 90-days correlation between Steelpath Select and Morningstar Global Income is -0.05 (i.e., Good diversification). The correlation of Steelpath Select 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.

Steelpath Select Correlation With Market

Poor diversification

The correlation between Steelpath Select 40 and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steelpath Select 40 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 Steelpath Select 40. 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 Steelpath Mutual Fund

0.66	OARDX	Oppenheimer Rising	Pair Corr
0.81	AMHYX	Invesco High Yield	Pair Corr
0.82	OSICX	Oppenheimer Strategic	Pair Corr
0.67	OSMAX	Oppenheimer International	Pair Corr
0.66	OSMCX	Oppenheimer International	Pair Corr
0.84	BRCRX	Invesco Balanced Risk	Pair Corr
0.61	OTFCX	Oppenheimer Target	Pair Corr
0.75	PXQIX	Invesco Select Risk	Pair Corr
0.74	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.96	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.97	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.97	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPLX	Oppenheimer Steelpath Mlp	Pair Corr
0.76	OCMIX	Oppenheimer Moderate	Pair Corr
0.67	SCRUX	Invesco Low Volatility	Pair Corr
0.81	PIFFX	Invesco Multi Asset	Pair Corr
0.7	CGRWX	Oppenheimer Value	Pair Corr
0.69	CGRCX	Oppenheimer Value	Pair Corr
0.87	IOGYX	Invesco Gold Special	Pair Corr
0.7	IOVVX	Invesco Comstock Select	Pair Corr
0.62	CHTVX	Invesco Charter	Pair Corr
0.72	VADDX	Invesco Equally-weighted	Pair Corr
0.72	VADRX	Invesco Equally-weighted	Pair Corr
0.87	OGMCX	Oppenheimer Gold Special	Pair Corr
0.82	ASISX	Invesco Asia Pacific	Pair Corr
0.75	ABRIX	Invesco Balanced Risk	Pair Corr
0.8	LMTAX	Invesco Short Duration	Pair Corr
0.68	OIDAX	Oppenheimer International	Pair Corr

Moving against Steelpath Mutual Fund

0.8	VSLCX	Invesco Senior Loan Upward Rally	Pair Corr
0.77	VSLAX	Invesco Senior Loan Upward Rally	Pair Corr
0.59	OIGAX	Oppenheimer International	Pair Corr

Related Correlations Analysis

	TEDIX	CABIX	DBLGX	APDPX	SMYIX	AWF	MSTGX
TEDIX		0.95	0.8	0.93	0.94	0.08	0.92	TEDIX
CABIX	0.95		0.82	0.92	0.96	0.07	0.92	CABIX
DBLGX	0.8	0.82		0.85	0.78	0.08	0.89	DBLGX
APDPX	0.93	0.92	0.85		0.9	-0.15	0.96	APDPX
SMYIX	0.94	0.96	0.78	0.9		0.1	0.88	SMYIX
AWF	0.08	0.07	0.08	-0.15	0.1		-0.02	AWF
MSTGX	0.92	0.92	0.89	0.96	0.88	-0.02		MSTGX
	TEDIX	CABIX	DBLGX	APDPX	SMYIX	AWF	MSTGX

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

SMYIX	+ 0.96	CABIX
MSTGX	+ 0.96	APDPX
CABIX	+ 0.95	TEDIX
SMYIX	+ 0.94	TEDIX
APDPX	+ 0.93	TEDIX
MSTGX	+ 0.92	TEDIX

High negative correlations

AWF	- 0.15	APDPX
MSTGX	- 0.02	AWF

Risk-Adjusted Indicators

There is a big difference between Steelpath Mutual Fund performing well and Steelpath Select 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 Steelpath Select'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
TEDIX	0.55	0.07	0.05	0.43	0.58	(0.56)	1.20	(1.10)	3.62
CABIX	0.44	0.06	0.07	0.14	0.41	(0.48)	0.83	(0.89)	5.68
DBLGX	0.18	0.01	(0.11)	0.24	0.13	(0.23)	0.34	(0.23)	1.45
APDPX	0.10	0.07	0.11	(3.34)	0.00	(0.15)	0.28	(0.10)	0.82
SMYIX	0.63	0.12	0.13	0.24	0.62	(0.69)	1.16	(1.16)	7.76
AWF	0.25	(0.04)	0.00	(0.12)	0.00	0.00	0.57	(0.57)	1.59
MSTGX	0.25	0.08	0.14	0.30	0.00	(0.30)	0.58	(0.41)	1.41

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